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.
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.
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.
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.
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.