When the employee responsible for Vryian Inc.’s AR management went on medical leave unexpectedly, CEO Sath Sivasothy feared that the process of managing invoices for over 2,000 customers would collapse into chaos. Between distributing electronic components for a multitude of international customers, providing printed circuit board (PCB) design, and offering IC testing, among other services, fretting over overdue invoices was not a desirable pursuit for any member of the Vryian Inc. team. With the AR point person no longer in the office, there was a mounting fear that the entire process would become a house of cards.
A Seamless Transition in AR Management
But Sivasothy counted his blessings that the Vyrian accounting team had transitioned to Funding Gates’ Accounts Receivables Software in December of 2014, shortly before the unexpected leave.
“I was amazed that after our AR person left, another member of our team could pick up right where she left off and pitch in seamlessly,” Sivasothy noted.
Prior to using Funding Gates software, The Vryian Inc. accounting team was strictly using our Accounting System which was not optimized for managing receivables and reducing DSO. “Our AR point person was trying to keep track of all communication with our customers within the notes section and excel spreadsheets, but this was obviously not a great solution. It wasn’t easy to see what’s been done and said.”
FundingGates’ software allows users to view the entire history of contact with individual customers—including payment notices and recordings of phone calls–in a single snapshot. “It’s essentially a customer relationship management system (CRM), Sivasothy noted. “I’ve never encountered any other kind of tool that does that.” The feature allows any AR “pinch hitter” to have a sense of the the full story before reaching out to any customer.
Measuring the Impact of the Follow-Up
No matter who handles the AR management reigns, Sivasothy noted that FundingGates’ software has highlighted the impact of following up with their customers.
“The tool is extremely easy to use and I love the reporting & analytics around it, especially the ability to get insights into which customers are more likely to pay than others. It has helped us prioritize our efforts better and be more pro-active in our follow ups. As a result, our DSO has declined by over 15 days in just a matter of a few months.”