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Reduce Costs and Simplify Payment Processes in NetSuite

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For many business managers and C-suite executives, new administrative issues caused by the coronavirus (COVID-19) pandemic have shifted focus away from strategic business goals. Logistical problems and delayed cash flows have only magnified this problem.

The NetSuite Electronic Bank Payments SuiteApp offers organizations the opportunity to simplify their payment processes and resolve a host of related problems. At the same time, it enforces more robust accounting controls.

Here’s how it works:

Resolve Logistical Issues

In line with social distancing protocols, many businesses have shut down office locations and are asking employees to work from home. At the same time, vendors, partners, and customers are also working remotely, which makes a substantial dent in everyday business process efficiency.

With the NetSuite Electronic Bank Payments bundle, organizations can avoid cutting checks in the office and accurate and timely electronic payments. Secondly, by not relying on paper mail and hard copies, you can cut down on payment times.

Secure Cash Outflows

Remote operations can reduce transparency and increase the risk of security breaches—if you don’t have adequate controls in place.

By automating approvals and setting limits, you can ensure large payments go through multiple layers of security in the system. To deter fraud, you can employ Positive Pay with all electronic checks.

Receive On-Time Payments

To ensure payments are made on time, simplify the payment process, and get approvals within the system, rather than getting them manually. Late payments often come at a cost, and you want to avoid expensive clerical errors or manual oversights. During this time, suppliers and vendors are wary of late payments and extending credit.

Ensure timely payments for supplies, fixed costs, and administrative overheads to promote a smooth flow wherever possible. Although workflows are disrupted, you can still give your employees the tools they need to manage remote operations more effectively.

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Save Time and Money

By automating cash flows, your employees can focus on core, value-generating activities instead. Scheduled payments and installment payments can ensure streamlined revenue and expense reports. By minimizing check usage, you can lower expenses as you no longer have to print and mail hard copies.

Work With a Reliable NetSuite Implementation Partner

Choosing the right NetSuite consulting partner is just as critical as implementing and customizing the software. At Ravenstone Solutions, we excel at building long-term partnerships with clients in multiple industries.

Our team of NetSuite experts can help you integrate an online payment process into your business with ease.

Get in touch with us at 1(800) 459-7128 for more information.

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