AR teams have a long list of key metrics that they have to closely monitor. In order to successfully manage and monitor KPIs like cash goals, cash collection, delinquency reduction etc., they often engage in manual activities outside of their ERP system. These manual processes can be error prone, timely, and unproductive - especially during peak volumes of a given industry.
We know your ERP system is a very powerful tool. However, when it comes to your needs of processing invoices, building effective collection workflows, and resolving disputes, it simply is not designed to manage these additional business needs. It does however provide the data you need to manage financial accounting, order processing, project management and more. However, as technology evolves, your customers expect more and you need to search beyond standard accounting tools to deliver the fast, flexible, and automated experience that is expected. To meet these demands, you may want to consider a trusted automation partner that can fundamentally improve your overall order to cash process.
ERP solutions offer a heap of benefits to businesses of all sizes, globally. From storing multiple data points, to being a central repository that provides easy accessibility, they establish a great foundation for multiple business departments to access the information that they need. This reliable accounting management platform is a great way for businesses to have a single source of data retrieval and extraction. As an equal partner to help support the accounting side of the business and elevate order to cash management, an AR automation solution like YayPay seamlessly integrates with your company’s ERP to provide a single source of truth and autonomy to the entire process. Leveraging proprietary algorithms to predict payor behavior and customizable dashboards to track outstanding invoices, payments and open disputes, the partnership between an ERP and an automation solution unlocks unlimited benefits for your most critical finance functions.
As mentioned in our previous blog, the synergies between the two allow businesses like yours to:
- Automatically email invoices. AR professionals no longer have to make time to send emails directly to customers asking for payments. They don’t have to follow up at regular intervals, either. All of that is taken care of by the AR automation solution. This saves accounting teams a ton of time that can then be invested in other revenue-generating areas of operations.
- Manage and track collections efforts. AR teams are automatically notified when payments are late and what escalation steps, if any, are needed. This makes their jobs easier because they don’t have to think as much about late payments or dig through a ton of data. Instead, they’re automatically reminded at the most appropriate times about what the next steps are.
- Centralize all relevant information in one location. An automated AR solution is collaborative by design and provides both accounting and sales teams with a single interface that gives them all the relevant financial data they need. In some instances, ERP systems have per-user licensing costs. Providing visibility to people in sales, for example, might be expensive, so organizations decide to export the data and give it to their sales teams in Excel instead of signing up for additional licenses. Such an approach is inefficient—but it can be avoided by integrating an automated AR platform with your ERP.
Want to learn more?
We’re hosting a webinar in which you can learn how to Unlock NetSuite's Full Potential with YayPay - on Thursday, March 25th at 12pm EST/4:00pm GMT. In this webinar, we will discuss the immense value you can drive when you use your NetSuite ERP in conjunction with YayPay.
You will learn:
- How YayPay seamlessly plugs into NetSuite to unlock your ERP data and provide immediate insights and actions that improve your AR management
- How AR automation increases working capital by making your OTC cycle more effective and efficient, powering an enhanced customer experience and accelerated payment speed
- How these outcomes are achieved through a YayPay demonstration that shows the essential ways YayPay combines with NetSuite to improve the execution of AR tasks
- How the journey from NetSuite user to YayPay partner unfolded for three of our valued customers and the enhanced business outcomes they have achieved
While NetSuite is one of many integration partners we work with, this webinar will provide great insights to get your wheels in motion when thinking about the optimal way to seamlessly integrate your ERP with an automation software and directly impact your bottom line results.