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How Can You Streamline Your Accounts Payable and Receivable With NetSuite?

Last updated: 26 Feb, 2020 By | 6 Minutes Read

Account receivable & payable are both vital factors to business cash flow. Streamlining these processes would lead to business efficiency enhancement & NetSuite software is the right one to streamline these processes. Explore more on the same, through this blog topic.

Account payable and receivable is extremely important for a business enterprise. Accounts receivable refers to the payments which clients are under legal obligation to pay for the goods supplied or services received, but have not been yet paid. These are mostly sent as invoices to the clients by the businesses. The timely delivery of accounts receivable is essential for ensuring the proper flow of cash for conducting the operations of the organization. It is among the most important assets of the organization.

Accounts payable is the exact opposite. It is the money which has to be paid by a business to its suppliers and is an outstanding liability of the business. While making these payments, the business owners have to follow the terms set by the creditors.

Streamline accounts receivable and payable can aid in enhancing efficiency and reducing costs of the organization. NetSuite is the best accounting software for improving accounts payable and receivable process. It can help in eliminating redundancies, reduce errors, improve efficiencies, cut costs, and make payment prompt. Reporting, billing, and collection are excellent tools offered by NetSuite.

The unique advantages of using NetSuite for Account Payable and Receivable are:

  • NetSuite accounts payable and NetSuite accounts receivable allow you to create a variety of reports based on different parameters like date, categorization, department etc. With its detailed reporting facility, NetSuite allows easy access to data for performing the desired jobs. Standardized and customized reporting makes the entire accounts payable process extremely flexible for users.
  • Bills can be generated on the same day as soon as the order is made, leading to quicker payments.
  • NetSuite is the only software which can adjust to the specific accounting rules of different companies. With regards to adjustability, NetSuite is among the best.
  • This software offers the unique feature of displaying reports from the earliest possible periods, whereas other software can only display reports which are up to three months old maximum.
  • The amazing cash collection potential enables easy billing of clients with multiple locations where goods have been supplied.
  • The credit card or ACH payments online can be processed in a prompt manner.

The above-mentioned points have been offered for making the business enterprises realize the importance of NetSuite accounts payable and receivable. But it is up to the higher management to make the final call.

Also Read: Netsuite Accounting Services: The Ideal Business Management Solution

Cogneesol is among the best providers of outsourcing accounting services to commercial enterprises around the globe. The services offered can help in reducing the operational costs and maximizing the revenue earning potential. For more information, you can visit us at info@cogneesol.com or call us at +1 646 688 2821.

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