In 2011, Chicago-based Cultural Media Inc. launched as a publishing house catering to museum institutions. While working with leading establishments including the Art Institute of Chicago; the Museum of Fine Arts, Boston; the High Museum of Art, Atlanta; and the Huntington Library in Los Angeles, Cultural Media enhances the brand outreach of museum institutions by connecting them more deeply to their members through multi-platform communications. From providing effective, beautiful print publication and digital magazines, to creating cultural apps that better connect museum visitors to media and advertising design, the team at Cultural Media brings stellar editorial understanding to their clients. Unfortunately, their accounts receivable process was not always as stellar.
Refining Their Accounts Receivable Process
When Dana Simpson joined Cultural Media’s small team in September of 2015, she became the lone member of their accounting department. “I realized right away that we didn’t have a good way to track our contacts to ensure that our accounts receivable were coming in. Quickbooks doesn’t have an easy method for doing that,” Ms. Simpson reflected. After extensive research, she and the Cultural Media team decided to incorporate Funding Gates Receivables manager into their accounts receivable process.
Although Ms. Simpson wasn’t overburdened by the quantity of invoices that she was handling—roughly 20-25 per month—she nonetheless found Funding Gates’ software was especially helpful when following up with advertising agencies and media buyers as clients.
“A lot of advertising agencies tend to have fairly long lag times in payment, because quite often, they’re waiting on payment from their clients,” Ms. Simpson noted. “The software is especially useful when working with larger agencies, so that after I track down the right person to contact, I can store that info, record the names of other people who I’m referred to, and note when I should call back, and when I should expect payment. Everything is stored and available with one click.”
Improved Daily Operations
Since incorporating Funding Gates Receivables Manager into their accounts receivable process, Ms. Simpson estimates that she saves 3-4 hours each week.
“We definitely got more efficient at collecting. Before there really wasn’t a system, so it was very difficult to prioritize.”
The Receivables Manager conveniently categorizes clients into those who are “most delinquent,” taking the guess-work out of the follow up process, and providing a snapshot of the clients’ paying history, which proves invaluable when faced with making follow up calls, or sending final notice.
“I’m logging into Funding Gates’ software at least every other day,” noted Ms. Simpson. “Between making follow up calls, and creating reports that show how much cash flow we have, what is coming in this week, how much is due the following month, it’s made my life much easier.”
Learn More About the Funding Gates AR Platform