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Scheduling a dunning run

Würth Business Services handles the non-core financial operations to support the Finance Teams of companies within the Würth Group. Our Team ensures that companies maintain error-free and detailed accounting records, settle payments on a timely basis, carry out effective vendor management, and speed up the accounting processes. We handle different processes under the Accounts Payable and Accounts Receivable portfolio.

Among different processes we handle under the Accounts Receivable portfolio, Scheduling a Dunning Run is one of them. In this process, we schedule a dunning run on a weekly basis for the customers who have not made the payments for dues or overdue invoices. We use a professional approach in sending the payment reminder emails to customers. We also share the monthly statement of accounts with customers.

Work Flow
Benefits
Transition

Work Flow

WORK FLOW OF THE PROCESS

  • 01. Determine

    Determine the due date of customer invoices

  • 02. Take

    Take follow-ups for overdue invoices

  • 03. Prepare

    Prepare a statement of accounts based on the payments

  • 04. Send

    Send the statement of accounts to customers

Benefits

Value-added

BENEFITS OF OUR CUSTOMERS

☞ Maintain a healthy business relationship with customers

☞ Send the accurate and timely information about the outstanding payments

☞ Send the timely reminders for availing payments on time

Transition

TIME TAKEN FOR TRANSITION

Step 1

Analysis of requirements – 1 Week

Step 2

Documentation – 1-2 Weeks

Step 3

Create framework – 1 Week

Step 4

Step-by-step implementation – 2 Weeks

Step 5

Transfer – 1 Week

For more assistance in understanding the transition process, kindly get in touch with us at contact-wbs@wuerth-industrie.com

Case study:

Scheduling Dunning Run for Improved Payment Collections and Customer Relations


Introduction:

Efficient management of overdue payments and proactive communication with customers are critical for maintaining financial operations and strong customer relationships. Our customer, Würth Industri Danmark A/S, recognized the need to schedule a dunning run for collecting overdue payments. Our team employs a professional approach to send payment reminder emails and shares monthly account statements with customers. This approach promotes transparency and timely payment collections.

Problem:

Our customer encountered challenges in effectively managing overdue payments and proactively communicating with customers manually. There were hindrance in payment tracking, delays in payment collections, and difficulties in maintaining transparent financial records. These inefficiencies hindered the customer's ability to minimize overdue payments, provide timely reminders to customers, and ensure accurate accounting. This impacted cash flow and customer relationships.

Solution:

Recognizing the need to enhance the Scheduling a Dunning Run process, we implemented an approach to improve payment collections and customer satisfaction. Our key solutions included:

1. Weekly Dunning Run Scheduling: We initiated a manual process to schedule weekly dunning runs for customers with overdue payments, ensuring regular follow-ups.

2. Professional Payment Reminder Emails: With manual processing, we employed a professional approach in crafting and sending payment reminder emails to improve customer communication.

3. Monthly Account Statements: We actively shared monthly account statements with customers, providing them with a clear overview of their financial status.

Results:

The changes implemented in the Scheduling a Dunning Run process led to significant improvements in payment collections, customer communication, and customer relations for Würth Industri Danmark A/S. Our results included:

1. Payment Collections Improvement: By implementing weekly dunning runs and professional payment reminder emails, we achieved a considerable reduction in overdue payments. This improved cash flow and financial stability.

2. Enhanced Customer Communication: With manual processes, customer communication improved, recording an increase in the responsiveness of customers to payment reminders.

3. Ease in Tracking Payments: Effective communication and the provision of monthly account statements resulted in an increase in payment tracking abilities and strengthened customer relationships.

4. Time Saving: Our approach led to significant time savings per month. We saved nearly 38 hours for our customer in a month. This saved time can be utilized for executing different core operations.

Conclusion:

By transferring the Scheduling a Dunning Run process, our customer availed proactive payment collection and ensured effective customer communication for maintaining healthy financial practices and strong customer relations. By implementing regular dunning runs, professional communication, and transparent account statements, we successfully improved payment collections and customer satisfaction. The results highlight the value of a well-executed process in maintaining effective financial operations and delivering customer service excellence.

Transfer the Scheduling a Dunning Run process.