Here at Funding Gates, we love seeing how every day the FG Receivables Manager helps businesses seriously reduce their delinquent accounts. The conversations we have with our customers on a daily basis are inspiring as we learn how these companies have truly transformed the way that they manage their receivables.
One of our favorites stories is that of CMIT Solutions of Hollywood. Prior to using FG Receivables Manager, CMIT was using Bill.com to manage their entire receivables process. However, President of CMIT Solutions, Barbara Vaigauskaite, knew there were some inefficiencies in that process. It was a lengthy process, that involved attempting to find invoices by dates, and then entering collections notes. But Vaigauskaite “didn’t like it because we couldn’t see everything in one place.”
“To compliment this, every week we were taking contact notes in Excel sheets, trying to match invoices with what happened the previous week,” said Vaigauskaite. “I thought to myself ‘there has to be an easier way’.” Vaigauskaite was determined to find a better way, which led to her discovery of the FG Receivables Manager.
Continuing to use Bill.com, but also adding FG Receivables Manager to it’s software solutions lineup, CMIT Solutions discovered the perfect getting paid equation.
Right out of the gate, Vaigauskaite quickly noticed what a difference the customized payment reminder letters in FG were making. “With the pre-written letters, I saved time right there. The letters are also great because you can start with friendly language, and keep upgrading to harsher and harsher language.”
Since starting with FG Receivables Manager, and taking into consideration how the system allows you to create a consistent payment follow up that works, CMIT Solutions has only had to send one or two harsh letters. The system’s goal is to help prevent you from going to that level. However, if you do find yourself stuck with a severely late paying customer, the app allows you handle that customer with a breeze. CMIT Solutions sent one account to collections, and appreciated how “open the collections process was and how easy it was for the agency to accept accounts.”
With FG Receivables Manager as the backbone of their AR operation, Vaigauskaite was inspired to create a customized workflow for her team. Depending on the “age” of the account, as well as the number of contacts made with that particular customer, Vaigauskaite has a different member of her team assigned to those accounts. Using multiple people in the AR process has allowed the overall collections strategy to be more effective, as customers tend to react more quickly when they start hearing from a new person within a company (it indicates a certain sort of seriousness). FG Receivables Manager makes this possible, though, as it allows everyone working on CMIT Solutions’ open accounts to be on one page. They can easily see the status of the account, as well as the history and details of all the previous actions taken.
Cash flow is considered a major struggle for small businesses, but that is no longer the case for CMIT Solutions. “80% of our monthly revenue is collected in less than 30 days,” says Vaigauskaite. “We were able to reduce our days sales outstanding by over 50%.”
“When it comes to your AR, if you don’t have the time or know where to start, FG Receivables Manager is a great place to start. It gives you a system and with the unique knowledge you have of your customers, you can build your own system on top of this, allowing you to create an AR process that works.”
For more customer success stories, please visit our testimonials page.