In 2017, 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 team in September of 2015, she joined a fast growing accounting department. Despite their growth, Dana mentioned: “I realized right away that we didn’t have a robust receivables process to prioritize accounts, segment our customer portfolio and create targeted outreach campaigns. Our Accounting System 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 software into their accounts receivable process.
“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 most importantly, when I should expect payment. This helps our team prioritize our to-dos and get the highest bang for our buck. Also, FundingGates is extremely easy to use, because everything is stored and available with simple clicks.”
Improved Daily Operations
Since incorporating Funding Gates Receivables Manager into their accounts receivable process, Ms. Simpson estimates that she saves 5-10 hours each week.
“We definitely got more efficient at getting our customers to pay us. Before there really wasn’t a system, so it was very difficult to prioritize.”
The FundingGates tool conveniently categorizes customer accounts 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. Also FundingGates records all the phone calls and transcribes them into helpful notes that I can go back to later and see which call scripts were the most effective in getting customers to make payment promises.”
Learn More About the Funding Gates AR Platform