How we introduced our comprehensive solution to address accounts receivable challenges and ensure timely payments from clients.
CHALLENGE
- A prominent company faced significant challenges in managing high receivables due to inadequate systems to organize and ensure timely payments from clients. The company encountered significant challenges managing high volumes of unpaid receivables, compounded by systemic inefficiencies in their billing and collections process:
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- 41% of cases where clients did not pay on time
- 24% of cases where clients failed to pay at all
- This was further complicated by discrepancies in client-company communication, with:
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- 15% of clients claimed they never received a bill
- 28% reporting delays in bill receipt
APPROACH
- s2h introduced D2R-Collect, a comprehensive tech solution tailored to address the firm’s accounts receivable challenges. The strategy involved:
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- Accounting System and Follow-Ups : Analyzing and utilizing an existing accounting system to ensure that invoices are sent promptly and follow-ups are conducted regularly, based on the relationship and transaction size
- Client-Company Communication Enhancement: Establishing a streamlined communication protocol to minimize discrepancies and enhance transparency between the company and it’s clients
- Transaction Analysis: Utilizing advanced analytics to assess the volume and size of transactions, enabling targeted strategies for high-risk accounts
RESULT
- Increased On-Time Payments: With the adoption of D2R-Collect, the firm saw a 35% increase in on-time payments within the first six months
- Reduction in Non-Payments: The rate of non-payments decreased by 18%, due to more efficient and timely billing practices.
- Enhanced Client Satisfaction: The clear, consistent communication facilitated by D2R-Collect reduced client-reported billing issues by 40%
The implementation of D2R-Collect by s2h revolutionized the company’s accounts receivable management. The system not only improved financial outcomes but also fostered better relations with clients, demonstrating s2h’s commitment to providing cutting-edge technological solutions that resolve complex business challenges.