Juggling Invoices and Customers
From copying to printing to preparing court presentation boards and so much more, sending invoices 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
“FundingGates Receivables Software has definitely made an incredible difference in efficiency,” Jane Autrey, Platinum IDS’ Accounting Manager noted.
Jane joined the Platinum IDS accounting department after they had already set up FundingGates. 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 FundingGates’ software and decided to try it out. After signing up, Stacy saw a dramatic improvement.
“FundingGates saves so much time,” Jane noted. “The email tracking feature, where you can see which of your customers opened and clicked your emails, to name just one, is such a handy tool and has become a necessity for me to prioritize my follow ups. Also, FundingGates records and tracks phone calls and scores customers based on their willingness and ability to pay… just awesome…”
The email tracking feature and the payment promises tracking feature add transparency to the customer portfolio, and allows team to know exactly where customers are in the “payment funnel” . This saves Platinum IDS the headaches of figuring out where the low hanging fruit is and whom they should reach out to first to get paid.
Getting Paid Faster
Platinum IDS’s efficient and pro-active communication with their customer accounts 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 follow ups 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.
Overall, Platinum IDS has surely seen an improvement in payment returns and efficiency! Through transparent email follow up, faster payments, and seamless teamwork, FundingGates’ receivables software has transformed Platinum IDS’ receivables processes and performance.
Learn more about the Funding Gates AR Platform