Recently we called up some of our customers in the food and beverage industry to ask them why they chose ezyCollect as their accounts receivable management solution. There were lots of common reasons that broadly fall into two main categories: to get paid faster and improve process efficiency (which both improve cash flow!).
Here are their top 15 reasons for choosing ezyCollect for accounts receivable management:
1. “Manage a large number of customers on terms”
Accruing a large number of customers is great, but when you have hundreds to thousands of customer trade credit accounts to oversee, it can quickly become time consuming and overwhelming.
ezyCollect organises all your customers into a single debtor database which stores all customer contact details, tracks open and outstanding invoices, and keeps the history of system-generated payment reminders and manual communications to debtors.
2. “Let staff do more meaningful tasks, not chasing”
Sending reminder emails is a laborious and repetitive task. In most companies, accounts receivable staff are expected to complete a variety of credit control tasks each month and sending reminders to customers is described as “boring” and “tedious”.
ezyCollect’s workflow lets you set-and-forget a series of personalised payment reminders to every customer by email, SMS, even post. With the power of automation, it permits personalisation at scale. The system can auto-attach invoice copies and compile and include a table of all overdue invoices.
3. “Avoid having to increase headcount”
“We needed to get our money in the door quicker but didn’t have the resources to get another person in specifically as a credit controller.”
ezyCollect’s automated workflow saves hours per day by preparing and sending debtor communications. It creates call tasks for staff to complete so their time is organised and prioritised on jobs that require their personal attention.
4. “Automate monthly statements”
While accounting software might include monthly statements, their preparation and issue can still be a heavily manual and time-consuming process which repeats each month.
ezyCollect collates all relevant information from your accounting software to prepare the monthly statement then sends to your customers (by email or post) on schedule.
5. “Ability to exclude some customers”
Some customers will reliably pay on time; others are always late. Food and beverage companies want to choose which customers enter the automated payment reminder schedule.
ezyCollect gives you the flexibility to choose to include all or some of your customers in the automated payment reminder workflow. You can also temporarily pause customers from the automation schedule which is a good idea if an invoice is disputed.
6. “To get some sort of audit trail around receivables”
The financial controller is often looking for an audit trail of activities completed by the accounts receivable team. It can be hard to get good visibility when there’s a small team of people managing their individual notes and entries.
The ezyCollect application keeps a history of the automated communications it has sent to each customer. It also provides a place to log manual notes, for example, a summary of a phone call conversation with an overdue customer. The next steps are known and users are updated with a daily list of tasks for them and the system to complete.
7. “Avoid going to debt collection”
“We wanted to ramp up the style of conversations our team has with people…we’re avoiding going to debt collection which is good.”
ezyCollect includes payment reminder templates you can customise with your tone and language. The workflow of communications provides a persistent and polite approach which supports your internal efforts to collect before you need to consider outsourcing to a debt collector.
8. “Economical to try”
“There was no upfront cost to try and no fixed term contract. It was economical to try it out.”
ezyCollect offers a 14-day trial period and a 60-day money-back guarantee with no lock-in contracts.
9. “In case sales aren’t great and cash flow gets worse”
Seasonal uplifts and downturns in trade can mean that cash flow in food and beverage companies is critical and at times, unstable. Taking control of receivables is one way to safeguard cash flow from unpredictable cash flow gaps or an economic slowdown.
ezyCollect is proven to reduce days sales outstanding and bad debt so that cash recovery is more predictable.
10. “Support growth”
A growth business relies on good cash flow to fund its plans for expansion. With growth comes extra staff, customers and complexity.
Technology-enabled accounts receivable is designed to simplify a growing collections and payments function in a business. More data, more insights and a clear plan of action helps to direct decisive action in a critical function within the business.
11. “Go digital”
It’s not just food and beverage companies that want to go paperless—their customers do,too. “Lots of our customers were asking for emailed statements and our accounting software wasn’t coping well with that.”
The digital payment reminders and monthly statements sent from ezyCollect support the paperless environment and are easily tracked. ezyCollect’s payments solution allows customers to click and pay online from their digital invoice, reminder or statement.
12. “Improve cash flow quickly”
Cash flow is always critical in a high volume, low margin business. Businesses should be able to rely on the returns from sales orders to become the working capital that fuels day-to-day business.
13. “Separate the chasing from the sales”
Many businesses often experience a relationship management challenge when the salesperson is also the person calling to collect payment. “It would be better to remind them [customers] in a way that’s not attached to the sales person.”
Suppliers using ezyCollect set up reminders to go from an email address from within the business,often choosing a generic accounts email so as to separate the sales and collections functions.
14. “Bolt on to existing software”
Midsized food and beverage companies are likely to have invested significant time and money in an ERP system to manage their accounts and other functions. To maximise their ERP resource, food and beverage companies are looking for “a nice solution that allows us to bolt onto our existing one and improve our debt collection with a degree of automation.”
ezyCollect integrates with accounting software to use its data to map and track accounts receivable and draw invoices into its reminder workflow..
15. “Doesn’t clog up a user’s machine”
“When we sent out statements manually, we found it clogged up a user’s machine and time.”
Communications sent via ezyCollect are independent of users’ data capacity and users do not require any extra internal capacity to run ezyCollect.