Streamline invoicing processes and ensure constant cash flow.
The NetSuite Dunning Letters module is designed to simplify and automate key invoicing and collections processes, helping businesses manage accounts receivable more effectively. This module ensures that collections communication is timely and consistent, which can significantly improve cash flow and reduce overdue receivables.
If your company is looking to automate dunning letters, reduce days sales outstanding (DSO), or ensure consistent messaging in collections communications, the NetSuite Dunning Letters module could be the right fit.
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Key Benefits of the NetSuite Dunning Letters Module
The NetSuite Dunning Letters module provides essential tools for managing outstanding invoices and streamlining accounts receivable workflows.
Centralized Dashboard for Dunning Status Overview
With a centralized dashboard, your team can easily view the current dunning status of all accounts. This overview helps you prioritize and manage collections effectively, reducing the risk of accounts slipping through the cracks.
Benefit: The dashboard simplifies account monitoring, providing a clear picture of overdue accounts and dunning progress, so your team can maintain efficient collections.
Automation of Time-Consuming Tasks
Manual processes are often error-prone and resource-intensive. The Dunning Letters module automates common dunning tasks, removing the need for manual follow-ups and repetitive data entry.
Benefit: This automation streamlines your workflows, reducing time and effort while improving accuracy and reliability across collections. Teams can focus on value-adding tasks rather than manual tracking.
Advanced Billing Schedules for Complex Invoicing
Advanced billing schedules in NetSuite enable businesses to customize billing according to specific schedules. When paired with the Project Management module, it can even automate invoicing based on project milestones.
Benefits: For companies that need scheduled or milestone-based billing, this feature ensures timely, accurate invoices, reducing the time spent on follow-ups. Accurate billing schedules support better cash flow management and reduce missed payments.
Reduced Days Sales Outstanding (DSO)
By automating dunning letters, companies can speed up the collections cycle and reduce DSO, helping maintain a steady cash flow. The module’s access to best practices also helps companies benchmark their processes against industry standards.
Benefit: Reduced DSO means a faster turnaround from invoicing to cash in hand, improving cash flow and helping finance teams meet financial goals more consistently.
Consistent Collections Communications
The module enables companies to create consistent, professional collections communications through templated messaging. These communications can be localized, ensuring customers receive messages in their preferred language.
Benefit: Consistent messaging in collections builds professional relationships and helps avoid misunderstandings, making it easier to resolve overdue payments.
NetSuite Dunning Letters Solution Highlights
NetSuite’s Dunning Letters module includes advanced features to help you manage collections with more precision and flexibility.
Automated or Manual Dunning Workflows
Dunning workflows can be customized based on business needs, whether automated by predefined rules or managed manually through dashboard reviews. This flexibility is ideal for companies that require specific dunning procedures for different client accounts.
Individualized Dunning for Specific Invoices
The module supports unique dunning processes for individual invoices. Companies can apply different dunning procedures to specific invoices, ensuring that the approach aligns with client needs and business practices.
Dunning Levels and Criteria-Based Segmentation
Dunning levels can be set based on various criteria, including the age of debt, minimal invoice amounts, or total overdue balances. The module supports multi-currency transactions, making it suitable for global businesses managing diverse client portfolios.
Localized Dunning Letters in Multiple Languages
NetSuite’s Dunning Letters module enables companies to send dunning letters in a customer’s preferred language. This feature supports a global customer base and ensures that your communications are clear and accessible, regardless of location.
Is the NetSuite Dunning Letters Module Right for Your Business?
This module is an effective solution if your business faces the following challenges:
- Inefficient invoicing and collections processes that lead to long turnaround times on outstanding invoices
- DSO that exceeds industry norms, affecting cash flow and financial stability
- Inconsistent or unclear messaging in collections communications that hinders payment resolution
The NetSuite Dunning Letters module offers a streamlined solution for businesses looking to optimize their accounts receivable processes. Whether your company needs to automate dunning, improve collections communication, or track DSO more effectively, this module can help meet your goals.
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