Skillinvest is a premium employment and training specialist, working with organisations of all sizes, from a wide range of industry clients including Automotive, Agriculture, Building and Construction, Civil Construction, Manufacturing and Engineering, Business Management, Equine Racing, Hair and Beauty, Food and Hospitality, IT and Communications plus many more.
Skillinvest faced some highly complex issues unique to a combination organisation. Operating within the Not-For-Profit and Education space with close to 5000 customers, they found themselves in a situation where they were unable to move their debt collection forward.
“ezyCollect really fitted in with our model, with our organisation being not-for-profit and education. We have reached a milestone where I believe our organisation cannot move forward without your system. It is a big thing to say, but it is phenomenal!” – Lisa Arnfield, Finance Consultant at Skillinvest
Challenges in the previous AR process
Multiple Systems and customer types
Lack of a system that can link up individual systems and workflows: Disintegrated external packages to onboard their finance system.
Inefficient data handling
Labour-intensive and inefficient data management: Manual data cleanse, entry and migration before invoices are sent.
Uncollected invoices damaging the cashflow
Many smaller overdue debts (<$500) like student resources and material fees went into write-offs, because the existing debt collection agency would allow debt escalation at an invoice lever rather than account level, and wouldn’t chase small invoices.
Using AR automation by ezyCollect to transform cashflow
The ability to manage cash flow and consequently, business productivity and growth, hinges on effective and efficient management of accounts receivable activities
Lisa realised that the business processes would need an upgrade and came up with the idea of investing in accounts receivable (AR) automation to make the collections process efficient, effective, and reliable. She made the business case for investment in technology that could help them get more done with less effort, from streamlining invoicing, automated followups, online payments and overdue receivables management with one-click escalation to a collections agency.
- 90.72% balance chased and collected : In the first 18 days of implementing ezyCollect, they collected close to $700k
- 91.63% average days overdue improvement
- 58.5 full-time days saved from chasing customers
Customers also got a seamless checkout experience with a ‘Pay Now’ button integrated on the invoices.
Debt collection was easy too, with one click escalation to the ARMA group integrated in the workflows – which saw huge jump in collections from that source too, and a significant reduction in the amount of bad debt that used to get written off.
ezyCollect have changd our whole process within our organisation on its head, but I can also say from a customer level, it has even made the customer experience better. – Lisa Arnfield, Finance Consultant