Juggling Invoices and Customers
From copying to printing to preparing court presentation boards and so much more, sendinginvoices for a wide range of services was a daily chore for the litigation support company, Platinum IDS. With over 200 businesses ranging from large, small, individual law firms, insurance companies and small marketing companies, keeping track of over 400 invoices was time consuming. And without an effective accounts receivable process, the accounting department continuously risked losing track of followups. Without Platinum IDS knowing it, customers were paying on average 56 days past payment terms and a more efficient way of reaching out and organizing the constant flow of invoices became a priority.
Making the Accounts Receivable Process Efficient
“FG Receivables Manager has definitely made an incredible difference in efficiency,” Jane Autrey, Platinum IDS’ Accounting Specialist noted.
Jane joined the Platinum IDS accounting department after they had already set up the FG Receivables Manager in 2012. Jane immediately saw how the platform positively impacts Platinum IDS’ receivables management.
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 the FG Receivables Manager and decided to try it out. After signing up to use the FG Receivables Manager Stacy saw a dramatic improvement.
“FG saves so much time,” Jane noted. “The email tracking feature, to name just one, is such a handy tool and has become a necessity for me… I can’t say enough about the email tracking feature, just awesome…”
The email tracking feature adds transparency to the email follow up process. Once a payment reminder email is sent to a customer through the platform, the customer’s account history displays the email status; the email may be sent successfully, viewed by the customer or bounced. This saves Platinum IDS the headaches of figuring out if their customers received the email, or if they even opened it. Information like this helps Platinum IDS immediately determine if contact information needs to be updated or an alternate communication method should be used.
Getting Paid Faster
Platinum IDS’s efficient communication with the email reminders has paid off, resulting in a faster return on payments. Originally Platinum IDS received payments an average of 56 days past payment terms but have since seen a 75% reduction in average days beyond terms.
Working Together Seamlessly
Like many businesses, Platinum IDS has several team members managing the company’s AR. Having a central hub to track followup is essential for smooth collaborations. Jane says “the ease of use, information all in one place and easy to access by everyone in the department…” decreases communication overlap. All of Platinum IDS users have access to every customer’s account history notes and can see which customer has been contacted, not contacted and by which user. This allows Platinum IDS to focus their efforts and communicate with their customers in an organized way.