Profits are important but cash is king. Running a business requires a positive cash flow to pay its daily operating expenses, creditors, and unforeseen expenditures. One factor to having a positive cash flow is a good receivables turnover ratio. A higher turnover ratio is better, since it means that your customers pay on time and your company is good at collecting. Converting accounts receivables to cash faster allows your company to have cash quicker to use for operations, growth, and expansion.
It sounds simple but collecting payments can be a constant struggle for businesses. Despite credit investigation and being selective with the customers that you work with, some clients just lack punctuality especially with cash payments. Whether they are maximizing the float or having delays due to internal approvals or change in point of contact, sending a payment reminder several days before the due date gives you higher probabilities of collecting the receivables on time.
To be paid on time, being proactive is the key. However, manually sending of payment reminders can be cumbersome especially if you just have one staff and a lot of customers. Automating the collections process comes in handy here.
ScaleNorth’s NetSuite Dunning ScaleApp can help your business collect receivables, streamline collection efforts, and ensure customers don’t lose access to your products or services. It’s the ideal solution for sending payment reminders to your customers.
Here are some of the benefits of ScaleNorth’s NetSuite Dunning ScaleApp:
- It’s customizable. You can edit the verbiage to fit your business and clientele. It allows you to dynamically insert customized fields such as recipient name, company names, past due amounts, days outstanding, number of invoices, number of highlighted invoices, and remaining sum of highlighted invoices. You can control the cadence, tone, and messaging of all subsequent follow up emails.
- It’s Segmentable. You can create different logic and cadence for each customer group type by assigning different dunning strategies to different customer types and segments.
- It’s Informative. You can include pdf copies of the invoices as email attachments and add previews with clickable links to the online invoices making sure your client has all the correct and relevant information.
Don’t let your staff keep writing the same email. It’s time to free your staff from sending out manual payment reminders and dunning letters. Reduce your manual effort, collect your receivables, and improve your customer experience by personalizing your payment reminders. Automate your collections process with the Dunning for NetSuite ScaleApp.
About the Author
With nine years of ERP Consulting experience, Julie has honed her expertise in guiding businesses to efficiency and growth. Additionally, her seven years in Presales have honed Julie’s communication and presentation skills.
As a Multi-Certified Oracle NetSuite Consultant, Julie holds a NetSuite Administrator, SuiteAnalytics, ERP Consultant, Financial, and SuiteFoundation credentials.