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40 politely-worded templates to get invoices paid

How to optimize accounts receivables for Oracle NetSuite & Oracle ERP

How to optimize accounts receivables for Oracle NetSuite & Oracle ERP

Accounts receivable management can be a long-winded and costly process. This article will show you how to optimize your accounts receivables, with the help of Chaser and Oracle Netsuite or Oracle ERP software.

The benefits of using this type of software are that it can automate invoicing and cash collection, as well as improve invoice accuracy and customer satisfaction.

Read on for eight simple and effective strategies to improve your accounts receivables process for Oracle Netsuite and Oracle ERP users

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Streamline and automate

Streamline your invoicing process with Chaser's automation software by seamlessly connecting it with Oracle Netsuite or Oracle ERP.

Invoices are an important part of any business, as they document the products or services that have been provided. However, managing invoices can be a time-consuming and costly process, especially if you’re using outdated software or manual processes.

That’s where Chaser comes in – our accounts receivable software add-on for Oracle Netsuite or Oracle ERP users.

With Chaser, you can streamline and automate your invoicing process, saving you time and money in the long run by reducing the need for manual input and eliminating costly mistakes.

Chaser also helps improve invoice accuracy and customer satisfaction, thanks to its many features such as automatic email reminders and flexible online payments.

Don’t lose the personal touch 

Automated does not have to mean robotic. Chaser adds the human touch back into automated reminders by reflecting your company's personal tone of voice and your relationship with your customers.

Our editable templates allow you to add your own logo and branding, ensuring that customers remember who is chasing them for payment. Here are some examples of polite payment follow-up email templates that can be used and automatically personalized to send to your customers in Chaser.

Your invoice reminder emails might be automated, but with Chaser, they look hand-typed, ensuring that customers take notice.

This small but significant detail can make all the difference when it comes to getting paid on time and keeping your customers happy in the process.

By using our personalized automated system, companies like Lovebrands are able to save more than fifteen hours per week on their accounts receivables processes.

Make it easier for customers to pay you

By offering a Payment Portal with multiple payment options, your business can experience a whole host of benefits, such as better payment security, better customer experience, and faster payments.  

Payment Portals like Chaser’s are neatly organized and easily accessible, which means that your customers can make a payment in just a few clicks - without having to go through the hassle of searching for your company's bank details or contact information.

They also give you the ability to offer multiple payment options to your customers. This not only makes it easier for them to make a payment but also helps you to reduce the number of late payments and bad debts by offering them a wide range of payment options.

Offer flexible payment options

Offering flexible payment plans is another way of encouraging your customers to pay on time.

For example, by splitting their payments into smaller installments and offering a longer payment period (up to 60 days), you'll be able to reduce the number of late payments and bad debts - all while helping them manage their cash flow better!

Improving the overall customer experience also increases the chances that your customer will come back to you for repeat business.

If you’re looking to incorporate payment plans in your accounts receivables process get insights into when, how, and why to offer them in this free guide. As part of the invoice chasing process, you can also introduce ‘payment plan suggestion emails’ as part of your payment reminder email follow ups.

Chaser makes it easy to offer flexible payment plans to your customers. With Chaser, you can quickly create custom payment plans that fit the needs of your business and your customers. You can also set up automated reminders to chase installments and help keep your customers on track, so you can focus on running your business.

Make credit checking standard practice

Credit checking should always be part of your onboarding process for new customers. It's your first line of defense in combating bad debt.

There’s a number of reasons that you should conduct a business credit check, but the most important is that you can get a clearer idea of how likely it is that a customer will pay their invoices on time or at all. 

This information can help you make better decisions about whether to extend credit to a particular customer and under what terms.

Credit checks are also useful for new customers, as they can help you set more appropriate payment terms. You can use the information you gather from credit checking to negotiate the most favorable ones based on your customer's ability to pay and their previous payment history.

This will allow you to minimize bad debt while still allowing them access to products and services they need.

However, credit checking shouldn't end once the customer has been onboarded. It should form part of the regular credit review process.

With Chaser, you can perform a credit check at any time to help identify when customers are in need of more support or are struggling financially. Having this information, and keeping it regularly updated, can help you better protect your business against bad debts.

Have a trustworthy debt recovery agency handy

Most small businesses would rather write off bad debt than contract a traditional debt collection agency, for fear of aggressive collections agencies damaging client relationships.

Whilst using debt collection can be a daunting process, by conducting the right research into debt recovery, and selecting a trustworthy, friendly provider - you can recover debts whilst protecting your customer relationships. 

Chaser has been helping businesses with late payments since 2014, and knows the do’s and don’ts of debt collection. Debt recovery agencies like Chaser focus on maintaining the relationships you've built with your customers and getting the money back in a way that doesn't impact your business's reputation. Chaser uses mediation and negotiation instead of bullying tactics when attempting collections on behalf of our clients.

If a client claims that payment cannot be made immediately for any reason (such as cash flow problems), we'll work out an effective repayment plan so everyone can benefit from keeping business relationships intact while also getting paid what is owed to them.

In the instance that more serious action is required, our collections team can take proactive legal action through our legal partner to get your business the money it is owed. 

The friendly and fair approach of Chaser’s debt collectors has helped businesses recover $20,000 USD and receive a 100% response rate from debtors. 

Accurately track your debtors

As a small business owner, it's important to be proactive about managing your accounts receivables. This means not only ensuring that the process of collecting payments from customers is smooth but being able to keep track of your debtors

Keeping an eye on your debtors is especially important now that the economy has recovered. More people are looking to buy products and services, which means more potential customers but also a greater risk of credit problems coming up and being unable to keep up on their invoice payments. 

If you don’t have debtor tracking in place, try this invoice tracker for google sheet and excel.

When you use Oracle ERP or Oracle Netsuite software for small business management, it's easy to monitor debtor accounts within Chaser. The cloud-based credit control platform allows you to track all invoices, customers, and any communications (including customer replies) in one central location.

You can also easily monitor credit limits, overdue amounts, and get in-depth reports on payment behavior.

Having this kind of information to hand allows you to make informed decisions about who to do business with and how much credit or service is appropriate for them. These kinds of insights can help extend your reach as a supplier, improve the quality of customer data, and reduce bad debt levels.

Combine Oracle Netsuite or Oracle ERP with Chaser for excellent accounts receivables management

The combination of Oracle Netsuite or Oracle ERP with Chaser is a powerful one.  Oracle is the global leader in software for managing business operations, with over 100,000 customers around the world.

With Netsuite or Oracle ERP, you are already equipped to deal with all aspects of your business data management needs – from financials and manufacturing through the supply chain and human resources right down to eCommerce integration.

But now there’s Chaser - an add-on that makes it even easier for both users of Oracle Netsuite or Oracle ERP to effectively monitor accounts payable and receivable processes across their entire organization.

Chaser automates invoice reminders without losing the personal touch, reduces labor costs by enabling departments such as Accounts Receivable staff team members to focus on higher value-added tasks, and provides greater visibility by enabling finance staff members to monitor performance against key metrics.

To find out more about how a combination of Oracle Netsuite with Chaser, or Oracle ERP with Chaser, can revolutionize how you approach credit control, take our free 10-day free trial (no card details required).

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