How loan management software can revolutionize your accounting processes in NetSuite

Loan management can be time consuming, especially when your loan details live in different systems, like your enterprise resource planning (ERP) software, spreadsheets, and other tools. This can lead to payment errors and long hours spent on the reconciliation process as you switch back and forth between systems.  

But when you bring it all into a single loan management system and automate your processes, you can gain full visibility into your loans and reclaim the hours spent on manual work.  

NetLoan is an innovative loan management software built directly in NetSuite and designed to streamline every aspect of loan management. From creating custom loan types to sophisticated loan servicing and enhanced collections, NetLoan offers a comprehensive, user-friendly, and automated approach to loan management.

NetLoan is not just about creating loans; it’s about removing as much of the burden of servicing your loans as possible.

Let’s explore NetLoan’s key features and how they can help simplify and automate your loan management processes.  

Comprehensive origination

NetLoan transforms the loan origination process into a highly efficient, customizable, and user-friendly experience. It allows you to create custom loan types, each designed to meet specific customer preferences and business requirements.  

These loan types automatically populate your preferences for various loan parameters such as amortization methods, payment methods, and loan terms, allowing you to quickly originate the loans that you make frequently. This feature not only saves time but also ensures that each loan is structured to best suit you and your customers.  

You can also create custom payment types and financing options. Custom payment types allow you to automatically generate frequent payments such as interest or principal-only payments, origination fees, and non-loan payments. Financing options allow you to create templates to automatically populate and originate loans when you create sales orders—saving hours for businesses that frequently sell on credit.

NetLoan even helps you automatically determine what financing option a customer is eligible for based on your business rules and the information stored in NetSuite or submitted by the customer or sales associate.  

Because NetLoan is directly embedded in NetSuite, you can utilize existing customer, subsidiary, and currency data, further streamlining the loan creation process. This ensures real-time updates to your company’s financial records, maintaining accuracy and consistency.

Sophisticated loan servicing and reporting

NetLoan is not just about creating loans; it’s about removing as much of the burden of servicing your loans as possible. NetLoan seamlessly generates detailed amortization and fee schedules for various amortization methods, handling complex calculations for you. This ensures accurate and consistent management of each loan’s schedule, from its initial balance to the final payment.  

Because it’s native to NetSuite, you can streamline your loan accounting processes with NetLoan without leaving your ERP. It automates posting journal entries directly into your NetSuite general ledger based on the schedules it generates for each of your loans, ensuring meticulous financial reporting. This feature embodies the convenience and efficiency at the core of all Netgain products—simplifying complex financial tasks with precision.

The dynamic modification module inside NetLoan allows you to reflect adjustments to your loans at any point in the loan term and automatically updates all relevant schedules, journal entries, and customer invoices so that you can be confident in your financial reporting.  

NetLoan’s powerful reporting tools offer a broad range of reports, providing valuable insights into various aspects of the loan portfolio, including loan maturities, cash flows, waterfalls, and more.  

These reports are essential for strategic decision-making, allowing businesses to analyze loan performance, identify trends, and make informed adjustments to their loan offerings. The integration with NetSuite enhances these capabilities, ensuring a unified and comprehensive view of the company's financial health.

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Enhanced collections

NetLoan goes beyond servicing your loans. The collections module, designed to streamline and automate the collection process, transforms how you manage your loans after you invoice your customers. You can configure rules that align with your company's specific policies and procedures. This intuitive functionality enables the automatic management of post-invoice activities.  

NetLoan generates automated cases for your collection agents, focusing on loans that meet your specified criteria such as being overdue for a set number of days or falling under a particular payment status, helping your agents focus on the highest priority cases. You can also leverage NetSuite’s saved search capabilities to further customize what loans your agents focus on based on your set criteria, which allow you to tailor the collections module to your specific needs.  

NetLoan's functionality extends well beyond case creation. It can help you proactively engage with your customers through automated email follow-ups for timely payment and assistance in the collection of overdue amounts. It can also apply fees and penalties in accordance with your company's established policies, adding a layer of customization and control to the management of your loan portfolio.  

You can access unparalleled customization in managing cases, follow-up actions, and fees, allowing you to tailor these features based on loan types, sizes, customer profile, or any saved search criteria for your company’s loan types.

Simplify loan management with NetLoan

NetLoan streamlines loan management in NetSuite with its comprehensive features. It simplifies loan origination through custom loan and payment types and is directly embedded in NetSuite to give you automated and accurate financial reporting.  

With NetLoan, you can automate loan servicing, create journal entries, generate amortization schedules, run reports, and easily modify loans at any time. Plus, you can stay aligned with company policies to manage collections activities effectively and simplify your loan management.

Most importantly, these features save your team hours each month and provide full visibility into your loan portfolio, helping you make informed strategic decisions.  

Ready to see NetLoan in action? Explore the interactive demo below, then request a personalized demo to discover how it can simplify and automate your ever-changing principal and interest accounting.