INDUSTRIES

Bryant Park Consulting is the go-to partner in the NetSuite consulting space for Factoring companies. Consultants and leadership have taken three different Transportation Factoring live on NetSuite, each with different scope and priorities.

For example, one of our clients decided to stick with their existing, home-built factoring system for details about schedules and transactions, but decided to move from the unreliable and antiquated Quickbooks instance to NetSuite for financials, invoice and payment application, and schedule payables. We also led them through utilizing a custom “Schedule” record to serve as the umbrella document that links all transactions: Invoices, payments, Escrow application when applicable, and payables are now all linked. Add on standard Accounts Payable processes and NetSuite becomes a veritable and powerful all-in-one ERP system.

Another one of our clients is fully replacing their factoring system as well as their legacy accounting system. In the future they will be relying completely on NetSuite for factoring operations, financials, schedules, invoicing, payment applications, schedule payout, as well as utilizing a custom record named “Contract” to store and track contractual terms. The contract stores key data such as factoring fee and Escrow minimum to calculate the fees the factoring company charges per invoice. A custom Advanced PDF was also designed entirely in NetSuite to provide a printable document that they can provide to the client.

Our technical services team has also created multiple Suitescripts to automate key factoring business processes, for example the creation of a vendor Bill (the Schedule payable) to the carrier after the A/R invoice has been submitted and approved by the accounting team. This automation relieves time and effort for the accounting team, officially sending manual review and creation of payables to the past. A custom EFT 80 file template was also created to add on to existing Electronic Payments SuiteApp making the entire solution frictionless and simple.

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