Sheffield Group Case Study

by | Oct 31, 2019 | Case Studies | 0 comments

Sheffield Group has stood the test of time, delivering an extensive range of cutting tools and accessories to large and small businesses for over 40 years. The Australian company is continually working on improving processes and technology, while retaining customer satisfaction as their top priority. Finding ways to do things better is ingrained in how they do business.

The debtor management challenge

When Kimberley Allbut joined the company five years ago, her main task was following up the hundreds of  customers with small-value invoices that became overdue each month. While regular customers would eventually pay, she often needed to phone them first with a polite reminder.  “I would spend at least an hour each day on debt chasing,” says Kimberley. “I could see that if we could automate that process of contacting the smaller accounts that needed a reminder each month, then we could save the company a lot of time.”

“I would spend at least an hour each day on debt chasing.”

What Sheffield Group looked for in a solution

During her free trial period, Kimberley was keen to test out the personalisation features on the automated payment reminders. It was vital to Sheffield Group that they maintain the close personal touch they’ve built with their customers over the past four decades.
Being a goal-driven company, Kimberley also had some accounts receivables goals she was hoping to achieve with the aid of ezyCollect.

The results with ezyCollect

  • Overdue customers still receive a friendly reminder from the company; it’s now in the form of email reminders, saving Kimberley the time she used to spend on phone calls.

    “We can contact a lot more customers than we ever could previously.”

  • Sheffield Group achieved the 2016 goal they set for their business of reducing debtor days by 10%.  The business maintained the improvement throughout 2017.

“Achieving fewer debtor days has improved our cash flow a lot.”

  • The most valuable improvements have been in accounts in the danger zone i.e. 60 days overdue. These aged debtors have been reduced by 36%.

“We learned that a lot of our customers actually rely on us to remind them; now we help them by being the reminder system they need.”

Who do you recommend can use ezyCollect?

“Any business with a high volume of  invoices and accounts can benefit from a program like this,” says Kimberley. 

Kimberley’s top tip for using ezyCollect

Use the ‘Exclude Customers’ feature to remove good payers from the automated reminder schedule. While they may be late to pay sometimes, they generally won’t need to receive  invoice reminders.

ezyCollect is an integral tool in Sheffield Group’s management of accounts receivables. It’s hard to think about doing business without the automation now, ” says Kimberley.

To see how ezyCollect can reverse your late payments problem, book a 1:1 consultation today.

Screen Shot 2019 11 01 at 2.14.45 pm

Download the 

Sheffield Group Case Study

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Explore our other posts

What is a business credit score and other FAQs

The business credit score is a numeric indicator of the financial health of a business. The credit score is an indicator of the business’s likelihood of repaying its bills on time.

Days Sales Outstanding (DSO) and how to halve it

DSO, or Days Sales Outstanding, is the average number of days it takes for a company to collect cash payment from a credit sale. When a company sells on credit, it allows its customers to pay in cash at a later date. The average time to pay for a given...

What Is Net 30 and What Are Net 30 Payment Terms?

In the world of finance and accounting, Net 30 is a term you’ll hear often. It’s a popular payment term used in business transactions, requiring buyers to pay the net amount in full within 30 days of the invoice date. In this article, we’ll explore what Net 30 means, its pros and cons, and provide practical tips to ensure timely payments from your customers who are on net days payment terms.

The payment trends and tech to help you eliminate late payments this 2023

As economic headwinds continue to slow the global economy this year, businesses are looking to strengthen their cash flow to weather the storms. On our recent fireside chat, we discussed the latest trends that will change how businesses like yours are getting paid and how upcoming technologies will help you overcome the hurdle of late payments effectively. Here are the key takeaways from the session.

What is accounts receivable? The ultimate guide to AR

Accounts receivable is a critical part of any business’s financial management, representing the money that a business is owed by its customers for products or services that have been provided but have yet to be paid for. In this article, we’ll explore accounts receivable, how it is managed, and why it is important for businesses of all sizes.

How digital payments can eliminate late payments for construction businesses

Payments can be complex for construction businesses, especially when contractors, suppliers, and subcontractors are involved. These parties often have different payment terms and schedules, which can cause confusion and delays in payment processing. This is why the industry needs to prioritise digital payment solutions to eliminate payment friction.