NetSuite is a great tool. But without the proper AR automation software, you aren’t unlocking its full potential. That’s because it wasn’t designed with the specific needs of accounts receivable in mind.
At YayPay, we’ve listened to customer feedback, studied industry reports, and performed our own hands-on research to understand what organizations need to get the most out of their ERP. We’ve used all this information to inform our design of YayPay, creating an automated accounts receivable solution that integrates with and compliments NetSuite. This ensures that you’re able to get the most out of both tools.
Work from a single source of truth
Using YayPay, customers are able to perform all essential AR tasks from a single location. Because the tool communicates directly with the ERP, invoice PDFs and customer notes are automatically synced, as are the appropriate customer and invoice level contacts. This eliminates the need for manual data entry, reducing the possibility of user error. This, in turn, helps teams avoid the delays – such as invoice disputes – that can arise from something as simple as a typo.
According to ShareSpace, incorrect invoices cause 61% of late payments.
Similarly, information from within the AR software, such as payments and customer credit limits, are synchronized from YayPay back to NetSuite. This guarantees that your accounting team can see the latest customer activity, eliminating the possibility of unnecessary holds, and helping quickly identify accounts that are at risk of falling behind.
All of this provides users with an unmatched level of transparency, eliminating data silos. This doesn’t simply help AR teams to function better. It also increases customer satisfaction, leading to an increased lifetime value of accounts.
Track data from a custom AR dashboard
Having a single source of truth from which to operate is fantastic, but it doesn’t mean a lot if you still have to spend an inordinate amount of time searching for and manually analyzing customer information. After all, data without context is just noise.
YayPay provides users with a customizable, user-friendly dashboard that contains all of your accounts receivable information. Reports such as top-rated buyers and past-due invoices can be displayed. Quick access to real-time DSO, current account information, dynamic aging, payment predictions, payor trends, and automated collections data, allow AR teams to monitor the credit-to-cash cycle from end-to-end, quickly identifying bottlenecks and potential problem areas.
“YayPay provided immediate value. Being able to instantly identify outstanding invoices and follow up with customers armed with accurate, real-time information helped quickly reduce our past due invoices.”
Jaime Beadnell, Billing and Collections Manager at CorneaGen, YayPay and NetSuite User
Get total access with unlimited users
Some accounts receivable softwares nickel and dime you with fees and add-ons for things like adding additional licenses. YayPay understands that it takes a team to succeed in accounts receivable. That’s why we provide customers with an unlimited number of users at no additional cost.
Finance, sales, customer success, and senior leadership can be given access to the system so that all eyes are on the same data. This also allows organizations to have a growth mindset, knowing that expanding their team won’t hurt the bank account when it comes to using their AR solution.
Keep customers happy and informed with personalized communications
Automation of accounts receivable processes is key to success in a modern business environment, but companies still need to balance the benefits of technology with customers’ desire for a personal connection.
A survey by PricewaterhouseCoopers found that 75% of consumers believe that businesses are losing the human touch when it comes to service.
YayPay allows you to leverage NetSuite data to craft effective, personalized communications that enhance customer touchpoints and improve payment reliability. Collections communications such as payment reminders, invoicing, and internal escalations can all be automated, and tailored to the specific needs of the company being addressed. In fact, the communications can even be personalized to specific positions within a company, so that the right message gets to the right person every time.
“YayPay instantly enables my team to see our customers’ days payable metrics. This has been invaluable in providing insight into our cash flow, helping us anticipate challenges and make informed decisions when increasing credit limits.”
Eben Paul, Chief Financial Officer at Mammoth Carbon, YayPay and NetSuite User
Take accounts receivable to the next level
Together, YayPay and NetSuite help teams optimize their accounts receivable process, lowering days sales outstanding (DSO) and increasing cash flow, all while improving customer experience. This provides organizations with maximum return on investment (ROI). In fact, a study by Forrester Consulting found that YayPay generates an ROI of over 400% over the course of three years.
To see YayPay in action, sign up to attend our free weekly demo.