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No one knows the money value of time better than finance professionals. By developing a custom solution to automate Premiere Book Group’s invoicing processes in NetSuite, we managed to save their finance team hours of manual work plus $1,000s in implementation fees while unlocking valuable data-driven insights.
Premiere Book Group, a booking service for speaking engagements, was having issues collecting on unpaid invoices. Lacking automated processes, their team had to manually search their system for unpaid invoices and then manually email customers, many of whom failed to pay.
Although NetSuite offers a “dunning” solution as an add-on to help with automating these invoicing processes, this would have cost Premiere Book Group’s team nearly $1,000 per month, which was well beyond their budget.
With budgetary constraints to consider and uncollected invoices piling up, Premiere Book Group was short on options to fix their situation.
After meeting with Premiere Book Group, we were able to create their own dunning solution, fully-customized to their requirements. From their emails’ body content and send frequency to individual interest charges on unpaid invoices, our custom solution was able to replicate every process and outcome NetSuite’s proprietary version could achieve.
In over 18 months, the custom dunning solution we developed has worked without a single issue. Premiere Book Group has managed to cut their AR aging drastically while increasing their cash flow and invoice turnover ratio. Plus, the new automated email workflow has helped the accounting team free up more time to focus on higher-value tasks within the business.
Instead of paying almost $1,000 per month, Premiere Book Group was able to implement the automated solution they needed with a single one-time cost of approximately $5,000.
