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How Dunning & Collections Can Help Get Cash Faster | Salesforce Billing

Dunning & Collections is vital to any company’s cash flow and customer experience. With the free Dunning & Collections App from Salesforce Billing, you can manage dunning and collections activities all from one place, making the entire process more productive and efficient. Want to learn more about Dunning & Collections with Salesforce Billing? Visit Trailhead to earn the Salesforce Billing super badge: https://sfdc.co/bx8zta. Or check out our demo video: https://sfdc.co/ckiy61. Subscribe to Salesforce: http://bit.ly/SalesforceSubscribe Video Transcript: Dunning and collections is vital to any company's cash flow & customer experience. With the free application package from Salesforce Billing available on the AppExchange, you can manage dunning and collections activities all from one place, making the entire process more productive and efficient! Let's take a look! Before we begin, it's important to understand a few key terms. Collections is when a company tries to collect money that customers owe for past-due invoices and Dunning is communication with customers with the goal of collection. Together, dunning and collections turns Accounts Receivables into cold, hard cash. With the Dunning and Collections application package, collections agents will have everything they need to maximize efficiency and effectiveness. The Collections Plan provides a detailed summary for each account, showing when the collections plan started, how long it's been open, your customer contact, and all related invoices from the past, present, and future. You can even set up multiple Dunning Methods and assign them to different accounts. This way, you'll maintain positive customer relationships by communicating in a way that best suits each customer. For example, for customers with little credit history, you can set up a proactive Cadence, which gives them early notification of their upcoming invoices to help mitigate the risk of non-collections and delayed payments. Here are four steps to set up Dunning & Collections with Salesforce Billing. First, download the free Dunning and Collections app from the App Exchange, and set up your account and invoice layouts. From setup, find the Objects Manager and select the Account object to edit your chosen Page Layouts. Create a new section, and move Bill To Contact, Collections Agent, Collections Plan Date, Collections Status, and Dunning Method into this section. Then, drag in Collections Plans Related List and save. Repeat this process for the Invoice object, adding the Hold Collections field onto the page. If this checkbox is selected on an invoice record, it won't be included in a Collections Plan, even if the Account goes into Collections. Finish up by adding the Collections Plans related list onto the page and save. Next, create Dunning Methods and their related activities. In the Dunning Methods tab, click New and give your Dunning Method a name and short description. Next, create Dunning Activities that will be generated for the Collections Agent when an account enters collections. We'll make our first activity an email to be sent two days after the Collections Plan starts. We'll name it First Notice and select Email as the Activity Subject. Let's also set the offset days to two. For a more proactive approach, give the offset days a negative value — negative two will send out the first notice two days before the invoice is due. Create as many activities as needed for each touchpoint you'd like to make with the customer. Customize your approach by creating different Dunning methods for each type of customer, such as a more forgiving method for VIP customers, only contacting them after the invoice is overdue by one month. Then, configure the collection sections for a chosen account. Selecting the Dunning Method we just made, we'll set our "Bill To" Contact and pick a Collections Agent who will carry out Dunning activities if the account goes into Collections. When the Account Collection Status is changed to "In Collections", a Collections Plan record will be generated, with tasks and activities based on the set Dunning Method. Now that all of your Collections data is in one place, you can generate insightful dashboards and manage your cash proactively. From a company-wide perspective, you can use the provided Dunning & Collections Dashboard to keep a close eye on your receivables, identify at-risk accounts, and monitor collection efforts. Once you've gathered this data, you can use it to reassess the credit worthiness of customers or to redefine company-wide credit policies, helping minimize risk while maximizing sales and cash collections. With the free Dunning & Collections app available from Salesforce Billing, your teams can be more proactive and help your company get cash faster. To learn more, visit Trailhead and earn the Salesforce Billing super badge: https://sfdc.co/bx8zta.