According to Gartner, inefficiency is the number one reason property management companies switch software, with 43% of decision-makers citing it as their primary concern. Limited functionality and the need to seize new business opportunities follow closely behind, at 26% and 9%, respectively.
For property management teams, including community managers, leasing professionals, facility operators, and financial controllers, the message is clear. Adapting to integrated, cloud-based invoicing and financial tools is crucial for remaining competitive, increasing profitability, and enhancing tenant and vendor experiences.
This guide will show how NetSuite Property Invoicing can help your organization streamline billing processes, automate payments, enhance financial reporting, and simplify invoice management.
TL;DR
- Automated Invoicing: NetSuite generates recurring invoices and payment reminders automatically, saving time and ensuring timely payments.
- Customizable Templates: Easily design invoices with your company’s branding and adjust them to your needs.
- Flexible Payment Options: Support various payment methods, including credit cards and ACH transfers, for tenant convenience.
- RIOO Integration: Enhance NetSuite invoicing with RIOO to streamline procure-to-pay processes and increase efficiency.
What is NetSuite Property Invoicing?
NetSuite property invoicing is a key feature in NetSuite’s ERP solution, designed to streamline the billing process for property managers.
It integrates invoicing with core property management tasks, including lease agreements, utilities, and maintenance, providing a unified platform for invoicing and financial management.
This tool automates many routine tasks, including generating recurring invoices, customizing invoice templates, and ensuring accurate calculations.
It also integrates with other financial modules, like accounts payable and accounts receivable, providing seamless data flow across systems.
At its core, NetSuite property invoicing is designed to:
- Automatically generate invoices based on lease terms, utilities, and maintenance services.
- Provide real-time visibility into outstanding payments and aging invoices.
- Offer flexible payment methods and automate reminders for late payments.
- Help property managers ensure regulatory compliance and reduce administrative overhead by providing detailed financial reporting and recordkeeping.
With NetSuite property invoicing, property managers can focus more on managing properties and tenants while the system handles the complexities of billing, tracking payments, and generating reports.
Streamline Your Property Invoicing with RIOO
Simplify your billing and payment process by integrating NetSuite with RIOO. Automate invoicing, track payments, and ensure compliance seamlessly. RIOO enhances your NetSuite experience, increasing efficiency.
Now that the basics are clear, let’s explore the powerful features of NetSuite property invoicing that make it essential for property managers.
Also Read: How Property Management Companies Can Streamline Maintenance with SmartTools
Key Features of NetSuite Property Invoicing
NetSuite property invoicing comes with a wide array of powerful features. These features optimize the invoicing process, improving accuracy, compliance, and efficiency.
1. Customizable Invoices
Fully customize invoices to match your brand with Advanced PDF/HTML Templates, adjusting logos, layouts, and fonts.
2. Automated Billing
Automate the generation and delivery of invoices on schedule, with reminders for upcoming or overdue payments, ensuring timely cash flow.
3. Real-Time Financial Reporting
Gain insights into invoice status, overdue payments, and accounts receivable through customizable dashboards and reports.
4. Multi-Property Invoicing
Easily manage billing across multiple properties, consolidating lease agreements, rent payments, and service charges in a centralized system.
5. Integration with Accounts Payable and Receivable
NetSuite's property invoicing system seamlessly connects with both accounts payable and accounts receivable modules. However, to enhance efficiency further, consider integrating RIOO.
With RIOO, property managers can automate the entire accounts payable process from invoice creation to payment processing, eliminating manual data entry and reducing errors.
6. Support for Multiple Payment Methods
Offer tenants flexibility with various payment options, including credit cards, ACH transfers, and digital wallets, while managing late fees and adjustments automatically.
With a clear understanding of the features, it’s time to look at how to set up and create invoices in NetSuite. Below is a step-by-step guide to help you get started.
Suggested Read: Why Real Estate Agents Are Turning to Property Sales Platforms to Boost Efficiency
Steps to Create Property Invoices in NetSuite
Creating property invoices in NetSuite is a streamlined process that seamlessly integrates with other platform functions.
You can easily bill for rent, utilities, or maintenance services. Here’s a step-by-step guide on how to create property invoices using NetSuite.
Setting Up NetSuite for Property Invoicing
Before you start generating property invoices, it’s essential to configure your NetSuite system for invoicing.
Begin by setting up invoice templates that align with your business needs. You can either use the standard invoice forms or create customized ones.
Ensure that your billing preferences are set up correctly. For example, you can configure recurring billing cycles for rent payments or service charges, as well as define late fee policies. Once these configurations are in place, you’re ready to start generating invoices.
Step-by-Step Process to Create a Standard Invoice
- Navigate to the Invoice Creation Page:
Go to Billing > Sales > Create Invoices. This is where you will initiate the invoice creation process.
- Enter Primary Information:
In this section, you’ll select the appropriate invoice form (either standard or customized). You’ll then fill in basic details such as:
- Invoice Number: Enter or accept the auto-generated invoice number.
- Customer or Project: Choose the customer or project linked to the invoice.
- Invoice Dates: Specify the invoice date, due date, and, if applicable, the start and end dates for the billing period.
- Purchase Order (PO): Include the customer's PO number if applicable.
- Memo: Add a memo or any other reference information for your internal tracking.
- Sales Information:
- Sales Representative: Select the salesperson responsible for the transaction.
- Opportunity: Link the invoice to a specific sales opportunity if needed.
- Lead Source: Track the source of the lead for sales reporting.
- Classifications: Choose the department, class, or location associated with the invoice.
- Add Items or Services:
Now, you can select the items or services that need to be billed. This could be rent, utility charges, maintenance services, or other property-related expenses.
- Review and Save:
After entering all the necessary details, review the invoice for accuracy. Once everything is correct, click Save to create the invoice.
Creating Invoices from Progress Sales Orders
If you’re handling long-term projects or services that require progress billing, NetSuite allows you to create invoices based on progress sales orders. Here’s how:
- Go to Customers > Sales > Fulfill Orders.
This is where you can view and manage sales orders that are in progress.
- Select the Customer and Sales Order:
Choose the customer and locate the sales order you want to invoice.
- Create the Invoice:
Select the bill option for the progress sales order. Then, choose the Progress Invoice form.
- Enter the Percentage Completed:
In the progress billing section, enter the percentage of the total project that has been completed and is ready to be invoiced.
- Review and Save:
Finally, review the invoice details and click Save. The invoice will reflect the portion of the project that has been completed, with the ability to generate further invoices as additional work progresses.
Bulk Invoicing
NetSuite also offers an efficient way to handle bulk invoicing, which is ideal for managing multiple properties or tenants at once. Here's how you can bulk invoice customers:
- Navigate to Billing > Sales > Invoice Billable Customers.
- Enter the Invoice Date: Set a date for all the invoices being generated.
- Select Invoice Preferences: Choose your accounts receivable account and invoice form.
- Apply Filters: Filter by customer preferences, items, time, or expenses to tailor the bulk invoicing.
- Submit and Review: After reviewing the invoices, submit the batch. NetSuite will generate and list all invoices created through this process.
While standard invoicing is straightforward, there are situations like utility charges or progress billing that require more attention. Let’s discuss how NetSuite handles these complex invoicing scenarios efficiently.
Also Read: The Best Way to Keep Owners in the Loop During Leasing Transitions
Handling Complex Invoicing Scenarios in Property Management
NetSuite property invoicing is designed to handle complex scenarios that property managers commonly face, such as utility charges, maintenance services, progress billing, and bulk invoicing. Below are ways to handle these situations efficiently using NetSuite.
Handling Utilities and Maintenance Charges
Property managers often need to invoice tenants for utilities or maintenance services. NetSuite simplifies this process with the ability to set up recurring billing for utilities and generate one-off invoices for maintenance tasks.
Progress Invoicing for Long-Term Projects
For long-term projects like renovations or construction, progress invoicing allows property managers to bill tenants in stages based on project milestones.
- Track progress: Create progress sales orders for projects and invoices based on percentage completion.
- Partial fulfillment: Generate invoices as each phase of the project is completed.
Bulk Invoicing for Multiple Tenants or Properties
Bulk invoicing is ideal for property managers with multiple tenants or properties. NetSuite allows you to generate invoices in bulk, saving time and effort.
Managing Payment Discrepancies and Adjustments
NetSuite allows for quick corrections of payment discrepancies and invoice adjustments, ensuring accuracy in billing.
Like any system, challenges can arise. Let’s now address common issues you may encounter while using NetSuite property invoicing and how to overcome them effectively.
Also read: 5 Mistakes That Cost Industrial Property Managers Time and Money
Common Challenges and How to Overcome Them
While NetSuite property invoicing offers many benefits, property managers may face challenges, particularly during implementation or with complex billing. Here's how to address common issues.
1. Delayed Payments
One of the most common challenges in property management is delayed payments. To mitigate this, automated reminders and late fee calculations within NetSuite ensure that tenants are notified promptly of overdue payments.
2. Managing Multiple Payment Methods
Tenants often have different preferences when it comes to payment methods. NetSuite supports a variety of payment options, including credit cards, ACH transfers, and digital wallets, making it easier to cater to tenants’ preferences.
3. Payment Discrepancies
Handling discrepancies between invoiced amounts and actual payments can be challenging. NetSuite’s automated reconciliation tools can identify and flag discrepancies, making it easier for property managers to address them quickly.
4. Integration Issues
In some cases, property managers may encounter integration challenges with existing systems. To overcome this, NetSuite offers strong integration capabilities with other property management tools (like RIOO) and accounting software, ensuring smooth data flow.
5. Complex Invoicing Requirements
For properties with special needs (utilities, shared costs, progress billing), NetSuite allows customization to handle these unique scenarios without losing track of finances.
To ensure you’re getting the most out of NetSuite property invoicing, here are some best practices that can help streamline your invoicing process and improve overall efficiency.
Best Practices for Efficient NetSuite Property Invoicing
To make the most of NetSuite property invoicing and ensure smooth, accurate billing, property managers should follow some best practices. These practices help streamline the invoicing process, minimize errors, and maintain tenant satisfaction.
1. Review and Update Invoice Templates Regularly
Customize your invoice templates to match your branding and stay updated with any changes in pricing, regulations, or terms. Regular reviews ensure consistency and clarity for tenants.
2. Utilize Automation Features
Use NetSuite’s automated billing and payment reminders to minimize manual efforts. Automating recurring invoices and reminders for overdue payments ensures timely cash flow and reduces errors.
3. Utilize Integrated Platforms like RIOO
Incorporate RIOO’s integration with NetSuite for a streamlined procure-to-pay process. By eliminating manual invoice keying, RIOO simplifies tracking and payment processing, further reducing administrative workload and enhancing efficiency.
4. Communicate Clearly with Tenants
Keep tenants informed about billing cycles, payment methods, and due dates through automated communications. This reduces misunderstandings and improves payment behavior.
5. Monitor and Adjust Payment Policies
Evaluate your payment terms regularly based on real-time financial insights from NetSuite. Adjust policies for late fees or payment plans as needed to maintain healthy cash flow and tenant satisfaction.
6. Ensure Compliance
Stay compliant with local regulations by using NetSuite’s tax calculation and invoicing features, ensuring accurate billing and minimizing legal risks.
Maximize Efficiency with RIOO’s Automation Features
Combine RIOO's automated features with NetSuite for a streamlined invoicing system that saves you time and reduces manual work. Track payments, manage discrepancies, and improve cash flow management all in one platform.
Discover how RIOO’s integration with NetSuite can transform your property invoicing—book your demo today!
Conclusion
NetSuite property invoicing provides property managers with a powerful, automated solution to streamline billing, improve cash flow, and ensure compliance.
With its customizable invoices, automated billing, and seamless integration with other financial modules, NetSuite helps property managers increase tenant satisfaction.
By implementing best practices like utilizing automation, regularly reviewing invoice templates, and using integrated tools like RIOO to simplify the procure-to-pay process, property managers can maximize the efficiency of their invoicing operations.
RIOO is designed for property managers handling a variety of properties. With over 150,000 homes and 400,000 tenants across 52 states already managed, RIOO brings together lease management, maintenance, accounting, vendor management, and up-to-date financial data all in one platform.
Book your personalized RIOO demo now →
Also Read: The Hidden Costs of Skipping the Details in Property Setup
FAQs
- What is NetSuite Property Invoicing?
NetSuite Property Invoicing is a feature within NetSuite’s ERP platform designed to automate and streamline invoicing for property managers. It integrates invoicing with lease agreements, utilities, and maintenance services, providing efficiency in billing and financial management.
- Can I customize invoices in NetSuite?
Yes, NetSuite allows full customization of invoice templates, including logos, fonts, colors, and layout, ensuring your invoices reflect your brand.
- How does automated billing work in NetSuite?
Once configured, NetSuite automatically generates invoices based on predefined billing cycles (e.g., for rent or maintenance services), sends them to tenants, and issues reminders for overdue payments.
- What payment methods are supported by NetSuite?
NetSuite supports a variety of payment methods, including credit cards, ACH transfers, and digital wallets, allowing tenants to choose their preferred payment option.
