Advanced NetSuite Dunning Module
OpenTeQ's Advanced Dunning module features helps businesses automate and streamline the process of following up with customers on overdue invoices, improving cash flow management and reducing the time and effort required for collections. This solution enables you to set up an automated dunning process in NetSuite to help manage the collection of your accounts receivable and send reminder letters before payment is due.
Reach out to us today to help you navigate the dunning process with user friendly automated solutions that are tailored to fit your business needs.
How OpenTeQ module different from NetSuite Dunning SuiteApp
In NetSuite, the Dunning Letters SuiteApp is the standard offering for automation in the dunning process for NetSuite users. It offers dunning over Customer Level, Invoice Level, or Invoice Group Level. However, NetSuite Dunning Letters can be a challenge for companies due to its lack of customization and functional limitations. Companies need a comprehensive dunning solution to overcome these challenges and allow them to streamline their collections.
Managing collections requires proactive communication with customers to ensure timely payment of invoices. NetSuite Dunning Letters simplifies the communications process, sending payment reminders automatically at specified intervals based on account balance, invoice amount, or other criteria. Increase your collections by automatically delivering consistent, professional dunning notices in multiple languages and currencies. Providing businesses with a more flexible, robust, and efficient tool to manage their collections process.
Some of the features our Advanced Dunning Solution offer:
OpenTeQ's Advanced Dunning module features helps businesses automate and streamline the process of following up with customers on overdue invoices, improving cash flow management and reducing the time and effort required for collections.
Configuration
Users can configure Dunning Letters templates within NetSuite according to their business requirements and branding preferences. These templates define the content, formatting, and timing of the dunning letters to be sent to customers.
Dunning Levels
NetSuite allows users to define multiple dunning levels based on the age or status of the overdue invoices. Each dunning level corresponds to a specific set of actions, such as sending reminder emails, making phone calls, or initiating collection procedures.
Automated Scheduling
Users can set up automated schedules for sending dunning letters at predefined intervals, such as weekly or monthly. NetSuite automatically generates and sends dunning letters to customers with overdue invoices based on the configured schedule and dunning levels.
Personalization
Dunning Letters templates in NetSuite support personalization features, allowing users to customize the content of the letters with customer-specific information, such as account details, outstanding balances, and payment history.
Delivery Options
NetSuite provides various delivery options for sending dunning letters to customers, including email, print, and fax. Users can choose the preferred delivery method for each customer based on their communication preferences and contact information stored in NetSuite.
Tracking and Reporting
NetSuite tracks the status of dunning letters sent to customers and provides reporting capabilities to monitor the effectiveness of the dunning process. Users can track the delivery status, open rates, and response rates of dunning letters to evaluate their impact on collection efforts.
Integration with Collections Management
NetSuite's Dunning Letters feature seamlessly integrates with its Collections Management module, allowing users to streamline the collections process and manage overdue invoices more effectively. Users can initiate collection activities directly from dunning letters and track the progress of collection efforts within NetSuite.
Dashboard Reminders
The Collections Suite provides users with a dashboard portlet that contains summary information of all past-due invoices. Collections summaries are categorized based the age of the past-due account and contain links to more detailed reporting.
OpenTeQ Advanced Dunning Solution – Advantages
Our advanced customized solution aims to help businesses solving critical business scenarios and complex customer experience use cases.
- Recipients - Ability to send to multiple recipients, using different fields. This comes with the option to exclude certain customers from dunning.
- Friendly Reminder - Ability to send prior to the Due Date in bulk or automatically.
- Due Date - Ability to send invoices that are due today in bulk or automatically
- Frequency Level - Ability to send notices to open invoices every n day based on transaction or due date.
- Last Level Dunning - Ability to send looping notices after the last defined frequency level.
- Customer Exclusion Option - The Collections Suite allows you to exclude specific customers or individual invoices by simply checking a box.
- Attachment - Ability to attach a pdf file.
- Subsidiary - Ability to set dunning per subsidiary or multiple subsidiaries.
- Past Due Customer Record - Ability to send Dunning to the Parent Company for all its sub-customers’ overdue invoices.
- Consolidated Notifications for Last Level Dunning - Ability to consolidate all overdue invoices in one notification if there are multiple open invoices of the same frequency level. A prerequisite is that all overdue invoices should have the same aging or same template/messaging.
- SMS Reminder - Option to receive text messages for the collection notices.
- Reporting & Forecasting - The reporting and forecasting feature will be launched soon.