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How Dunning & Collections Can Help Get Cash Faster | Salesforce Billing - YouTube
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dunning and collections is vital to any
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company's cash flow and customer
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experience
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with the free application package from
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salesforce billing available on the app
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exchange
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you can manage dunning and collections
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activities all from one place
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making the entire process more
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productive and efficient
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let's take a look before we begin it's
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important to understand a few key terms
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collections is when a company tries to
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collect money that customers owe for
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past due invoices
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dunning is communication with customers
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with the goal of collection
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together dunning in collections turns
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accounts receivables into cold hard cash
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with the dunning and collections
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application package collections agents
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will have everything they need to
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maximize efficiency and effectiveness
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the collections plan provides a detailed
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summary for each account
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showing when the collections plan
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started how long it's been open
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your customer contact and all related
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invoices from the past
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present and future you can even set up
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multiple dunning methods and assign them
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to different accounts
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this way you'll maintain positive
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customer relationships by communicating
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in a way that best suits each customer
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for example for customers with little
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credit history you can set up a
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proactive cadence which gives them early
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notification of their upcoming invoices
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to help mitigate the risk of
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non-collections and delayed payments
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here are four steps to set up dunnigan
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collections with salesforce filling
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first download the free dunning and
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collections app from the app exchange
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and set up your account and invoice
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layouts
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from setup find the objects manager and
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select the account object to edit your
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chosen page layouts
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create a new section and move bill to
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contact
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collections agent collections plan date
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collection status and dunning method
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into this section
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then drag in collections plans related
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list and save
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repeat this process for the invoice
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object adding the hold collections field
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onto the page
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if this checkbox is selected on an
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invoice record it won't be included in a
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collections plan
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even if the account goes into
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collections finish up by adding the
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collections plans related list
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onto the page and save
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next create dunning methods and their
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related activities
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in the dunning methods tab click new and
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give your dunning method a name
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and short description next create
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dunning activities that will be
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generated for the collections agent when
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an account enters collections
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we'll make our first activity and email
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to be sent two days after the
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collections plan starts we'll name it
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first notice and select email as the
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activity subject
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let's also set the offset days to two
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for a more proactive approach give the
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offset days a negative value
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negative two will send out the first
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notice two days before the invoice is
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due
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create as many activities as needed for
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each touch point you'd like to make with
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the customer
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customize your approach by creating
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different dunning methods for each type
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of customer
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such as a more forgiving method for vip
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customers only contacting them after the
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invoice is overdue by one month
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then configure the collection sections
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for a chosen account
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selecting the dunning method we just
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made
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we'll set our bill to contact and pick a
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collections agent who will carry out
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dunning activities if the account goes
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into collections
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when the account collection status is
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changed to in collections
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a collections plan record will be
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generated with tasks and activities
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based on the set dunning method
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now that all your collections data is in
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one place you can generate insightful
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dashboards and manage your cache
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proactively
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you can use the provided dunning and
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collections dashboard to keep a close
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eye on your receivables
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identify at-risk accounts and monitor
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collection efforts
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once you've gathered this data you can
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use it to reassess the credit worthiness
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of customers
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or to redefine company-wide credit
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policies helping minimize risk while
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maximizing sales and cash collections
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with the free dunning and collections
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app available from salesforce billing
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your teams can be more proactive and
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help your company get cash faster
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to learn more visit trailhead and earn
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the salesforce billing super badge
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