Cano Electric, Inc. is a full-service electric company located in Fort Worth, TX. It’s owned and run by Larry and Deborah Cano who oversee 19 employees. It has been servicing about 500 customers from multi-family businesses, commercial properties and non-profit organizations for over 5 years. Recently, they found a way to reduce the time spent on an age-old pain point, Accounts Receivable Management. Not only did Cano Electric reduce their AR efforts, they collected on more of their accounts. “…As of right now we have already more than doubled our income from last year. That being said, I’d say folks are pretty happy!” states Stacy Van Pelt, Billing & Accounts Receivable Manager
The AR Management Problem
Prior to finding the FG Receivables Manager, Cano Electric, Inc. had not established an AR Department. Stacy Van Pelt began working at Cano Electric, Inc. four years ago and eventually took over the AR management process. “I came into the business with zero skillset…with no accounting knowledge.” She relied on Excel. “I used Excel to track AR notations – what a nightmare! It was ridiculous but manageable at that time; however, since business has grown drastically over the past 2 years – it would be absurd to execute AR in that way now.”
Discovering a Better Way to Manage AR
In March 2014, Stacy started researching solutions to the Excel madness when she first learned of the FG Receivables Manager. She was “blown right away” after coming across an article on the FG Receivables Manager and decided to try it out. After signing up to use the FG Receivables Manager Stacy saw a dramatic improvement.
“I immediately noticed a decrease in my time spent on AR,” Ms. Van Pelt noted. I feel safe to say that FG cut my time down to a 1/4 of what I’d previously been spending on AR.”
Life with the FG Receivables Manager
Stacy continues to remain an active user of the FG Receivables Manager and proactively implements all features, including the email reminders and ACH payment feature. She enjoys the “simplicity” of the FG Receivables Manager.
“It‘s easy to view. I have a snapshot of the dollar amount outstanding. A breakdown of their account status…The templates are a huge time saver.” Other features Stacy takes advantage of is the online payments where Cano Electric’s customers can set up ACH Payments and pay directly from the email payment reminder.