Businesses thrive in an environment where cash flow is constant. Regardless of the size of your company, you need to ensure that your financial obligations are met. Having an up to date Chart of Accounts along with an efficient accounts receivable and accounts payable system can help your business manage its cash flow effectively and get a handle on bad debts.
Optimizing your accounts system with the right software
Oftentimes business owners try to juggle the operational side of their business while trying to ensure that invoices go out on time, and that they in turn pay their accounts on time too. Mismanaging this can be detrimental to a business, as not getting paid does not only limit business cash flow, it skews the financial view of a business, encourages bad debts and limits a business from meeting its financial obligations.
Bill.com and Netsuite integration
Gone are the days of having to rely on manual accounts information. If you have reliable accounting software, staying abreast of your billing is a lot easier. Accounting software like Netsuite keeps a detailed record of accounts and payments and feeds the information back to your accounting records, to ensure information consistency. Bill.com can be thought of as the plugin that gets the payments done.
Bill.com offers financial process efficiency by streamlining the accounts payable and accounts receivable management process for small to medium-sized businesses.
Benefits of Bill.com and Netsuite integration
1. Automate payments
If keeping track of purchase orders and what needs to be paid, and by when it has to be done; is the bane of your accounting team’s existence, then the Bill.com-Netsuite integration is going to solve a few of the frustrations for you.
With Bill.com’s three-way matching, businesses have a better view of their finances and can monitor payments from purchase to payment. Chasing your tail to find evidence of settling accounts to update your recon statement when tax filing season comes around, is a thing of the past with this integration. The three-way matching functionality syncs your purchase order with your receipt item details, and keeping record thereof, which saves you time and alleviates the errors that easily creep in with manual processes.
2. Better manage business spending
Get a holistic view of your spending with Bill.com’s latest integration with Divvy, an intelligent spend management feature of the software. By linking Bill.com to your Netsuite accounting software system, you can get an accurate view of where you spend your money as it automatically syncs your credit card transactions to your Netsuite account. Not only can you now account for absolutely everything you’ve ever swiped for (say goodbye to those manual processes), by simply swiping for it; you can also monitor wasteful expenditures within your business – and develop a plan to reign it in.
3. Optimize cash flow
Bill.com also has accounts receivable capabilities. This means that you can create invoices and send them online and then have people pay you using bank transfers, credit cards, or debit cards. These transactions are directly fed into Netsuite and incorporated into your updated chart of accounts and recon statements. This promotes healthy cash flow within your business, and allows you to optimize good paying clients and get a handle on slow incoming revenue.
NetSuite and Bill.com is a powerful accounting partnership between software to make cash flow and payments a lot easier for enterprise businesses. At this level, your business cannot afford massive accounting messes – it could cost you gravely. Working alongside a qualified professional can help your organization stay on track on the accounting side and prevent major messes in accounting. Our experienced team of accounting professionals can help your business set up and integrate NetSuite software with Bill.com integration for optimal functioning within your business.
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