Supercharge Your NetSuite Investment
Guest Post by Chuck Bunting, former Sales Consulting Manager, Hi-Tech Industries @ Oracle NetSuite
Companies of all sizes must be fast on their feet to succeed in today’s highly competitive and ever-changing business environment where cash is always king. I’m talking about the agile ability to scale operations and the unabashed willingness to explore and adopt new technologies that help your business adapt to changing conditions in real-time.
The flexibility of NetSuite’s architecture is designed to help businesses evolve and scale at will. But as desired as company growth is, it typically places a huge burden on the accounting and collections areas. These teams are left to figure out how to manage an exponential increase in invoices and collections from a customer base that covers an ever-widening geographic footprint and often involves multiple foreign currencies.
In such cases, companies need the option to extend NetSuite’s platform with more specialized revenue and collections capability and scalability, which is available through Tesorio Accounts Receivable Automation. As one of the highly vetted partners within our SuiteCloud Developer Network, Tesorio’s platform seamlessly integrates with NetSuite so you can easily supercharge your ERP investment.
Growing Business Needs
Nowadays, I see so many companies that need to quickly pivot to survive and grow. It happens at every size and stage, even in the newest of businesses. For example, to attract more buyers or users and build their customer base, some organizations realize they need to go from SaaS subscription pricing to usage-based pricing. That change alone significantly complicates collections and revenue recognition, which is further compounded when a company introduces additional products.
Like the billing model change, the following examples represent more pivot situations that create significant challenges for finance, especially when it relies on manual-based AR processes:
Entering a new industry
Serving new customer verticals
Creating an up or down-market solution
As companies make these changes, they need all the automation firepower they can get, which is what NetSuite plus Tesorio AR automation gives them.
Benefits of More ERP Power
Some companies are hesitant to invest in their fintech stack to the same degree that they do for sales or other profit centers. Sendoso took the opposite approach. As part of the software company’s NetSuite implementation, they opted to stack Tesorio AR onto their ERP. Sendoso revenue manager, Sara Volk, describes the difference that’s made:
Visibility: An ever-present, real-time, accurate view of billing and collections available inside and outside of AR for more informed decision-making.
Data flow: Systems talk to each other, enabling information to seamlessly flow between them without manual intervention that tends to result in inadvertent omissions or errors.
Central repository: Readily available customer payment history allows new team members to get up to speed quickly without jeopardizing any internal or external customer relationships.
Custom tags: Simplified customer notetaking automatically informs dunning and reconciliation tasks to improve efficiency and back-end customer satisfaction.
Accelerated close: On-demand cash view speeds up the monthly close and helps inform critical business decisions.
Seamless Implementation and Integration
What I really like about our SuiteCloud Developer Network is that it includes only purpose-built systems, which we vet twice a year for continued compatibility. As a result, NetSuite customers can stack Tesorio AR onto their ERP and begin using it within a matter of days to solve some of their most pressing AR challenges from correctly applying payments to significantly decreasing DSO.
Learn more about how easily Tesorio AR integrates with NetSuite by listening to Chuck and Sara on our recent webinar, Supercharge Your NetSuite Investment with Tesorio AR or contact Tesorio for a get a deep dive in extending your ERP functionalities.