Ultimate Security Solutions: Protecting Their Cash Flow

by | Nov 20, 2023 | Case Studies | 0 comments

Ultimate Security - B2B Services

The business

Ultimate Security,  a provider of various security services, including static guards, alarm monitoring, and mobile patrol alarm responses. They focus on protecting sites through 24/7 monitoring centers and offer comprehensive security solutions.

Challenges in the previous AR process

The business confronted escalating challenges in its accounts receivable (AR) management. The intricate web of transactions and the high volume of invoices were not just administrative burdens but also a significant drain on resources. Delays in payments and the time-consuming process of tracking and managing overdue accounts led to substantial cash flow bottlenecks. This complexity hindered Ultimate Security’s growth ambitions, threatening its operational efficiency and financial health.

Complex transactions & high volumes:

The intricate web of transactions and the high volume of invoices were not just administrative burdens but also a significant drain on resources.

Cashflow constraints due to slow payments:

Delays in payments and the time-consuming process of tracking and managing overdue accounts led to substantial cash flow bottlenecks. This complexity hindered Ultimate Security’s growth ambitions, threatening its operational efficiency and financial health.

Shiraz Akhtar, the Accounts Receivables Supervisor at Ultimate Security, realised the need for a solution to help transform their AR operations and cash flow.

Ultimate Security - Average Overdues Improvement

Overdue improved by over 93% within a few months

Shiraz introduced a new era of AR efficiency for Ultimate Security with the implementation of ezyCollect. With its advanced integration capabilities – connecting directly with their existing accounting software – MYOB AR Live, ezyCollect automated the once cumbersome invoice management process.

“We were skeptical at first, but ever since we got ezyCollect, we got a lot of benefit out of it… it’s all automated, which has saved us a lot of time. I would say our processes have a drastic, drastic improvement after ezyCollect. I would highly, highly recommend for other companies, especially if they’re on our size, to implement it.”

– Shiraz Akhtar, Accounts Receivables Supervisor at Ultimate Security

ezyCollect automated the once cumbersome invoice management process. The fully integrated system offered unparalleled real-time insights into the AR process and streamlined communication channels. It brought about a centralised and efficient management approach, giving Shiraz an eye on the receivables situation and eliminating the need for manual chasing through customised automation.

The branded payment portal made it easier for Ultimate Security customers to view and download their invoices and make payments – partial or complete payments or even pay multiple invoices at once.

  • 91.01% balance chased and collected 
  • 93.35% average days overdue improvement: from 328.84 to 21.68
  • Reminder automation alone saved 8.5 working days.

    Financial Resilience

    The implementation of ezyCollect led to the remarkable closure of $18.8MN from a total balance of $20.7, marking a 91.01% closure rate.

    Operational Turnaround

    The average days overdue saw a drastic reduction, plummeting from 325.84 to just 21.68 days in six months, achieving a 93.35% improvement in outstanding invoices.

    Resource Optimisation

    The automation of communications (814 in total communications sent) translated into a time saving of 68 hours. This automation saved 8.5 full workdays or $2,295 in 12 months, purely from the impact of email automation alone.

    Conclusion: Beyond Efficiency to Strategic Growth

    Shiraz became the cash flow hero at Ultimate Security as ezyCollect didn’t just resolve the pain points in Ultimate Security’s AR process; it transformed these challenges into strategic growth opportunities. By streamlining financial operations, ezyCollect empowered Ultimate Security to focus on its core competency – delivering exceptional security services. This partnership showcases the transformative power of technology in redefining business operations for sustainable growth and success.

 

See how AR automation works to reduce your overdue invoices

Calculate the value of AR Automation for your business

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...

Introducing Risk Portfolio in ezyCollect

Risk Portfolio is a powerful tool that gives you the ability to pinpoint customers with the highest risk balances swiftly and efficiently, and streamline debt escalation and debt recovery.

What is Net 45?

Are you a growing business looking to revamp your payment terms? How about a new business trying to navigate invoicing customers for the first time? Wherever you’re at on the business experience spectrum, it’s important to understand the basic terms...

ezyCollect Payments New Zealand is here

Introducing ezyCollect’s latest update: Now you can accept payments from your customers in New Zealand and provide a convenient payment option that also lets you streamline your payment management and allocation process.

Collect US payments easily: B2B Automatic Payments in ezyCollect

Introducing ezyCollect’s latest feature for US businesses : Automatic Payments – allows you to seamlessly collect payments from your clients’ credit cards or savings or checking accounts, ensuring a consistent and predictable cash inflow to your business.