Increased DSO and more problematic customers to deal with
Manual, time-consuming dunning processes
Collections and workflow management are restricted.
Automation collecting methods save 30+ hours each week.
Increased efficiency by 66% with a single platform for all data, metrics, and reports
DSO is reduced by 40%.
(Note: we, us, our - refers to "AMZ Trainer")
AMZ Trainer is the foremost business training solution for Amazon-focused online businesses. Because we (AMZ Trainer) are the leading Amazon business training service, our customer base has grown significantly, making it harder for us to manage the entire Accounts Receivable Process. This immediately affects our business productivity by increasing DSO. That's when we realized we were struggling in the Accounts Receivable sector and needed a quick fix.
Customers are not being followed up regularly since it is difficult to track the data in the spreadsheet. To ensure a good customer relationship, one person is in charge of managing all Accounts Receivable tasks as well as engaging with clients.
Using spreadsheets to track and manage data makes it difficult for us to follow up with our customers. Most customers are completely unaware of the past due date and have missed payment. This problem will be resolved with proper and regular follow-ups.
2. Manual - Dunning Process
Manually following up with customers is a time-consuming activity that saps the majority of your productivity. The process of sending reminders to multiple customers who have different payment dates and amounts is not as simple as most people believe. Our team struggled to follow up with our huge customer base and decided that automating the follow-ups was the simplest way to handle them.
We have failed to collect money from numerous consumers due to our struggles with irregular follow-ups and poor management of customer data. This leads to a significant rise in our company's DSO (Days Sales Outstanding). We've tried several methods to minimize the DSO and failed in them. Finally, we heard about Maxyfi and decided to give it a go.
We can easily manage, analyze, and forecast customer data. Thanks to the unique dashboard with so many advanced and amazing features. Multiple sections that display overall outstanding debts, top debtors, and what steps must be taken assist us in forecasting forthcoming consumer actions.
With these specific KPIs, we can efficiently track and manage our Accounts Receivable Process and ensure that our customers pay as soon as feasible.
Manually composing the message and sending reminders to customers was a time-consuming task that consumed the majority of our time. We used Maxyfi to convert most of our manual tasks to automated ones, which saved us a huge amount of time.
We transformed 50% of our manual follow-ups into automated follow-ups using Maxyfi's automated yet efficient reminders and recovered numerous outstanding invoices from customers more successfully than before. Maxyfi's Automated Accounts Receivable Software reduced human errors, increasing the efficiency of our reminders and ensuring that our customers pay on time. This saves us 30+ hours per week and allows us to focus on enhancing the productivity of organizational success.
We've seen a significant increase in payment recovery after automating the majority of our manual processes using Maxyfi's automated and efficient reminders. With the help of Maxyfi's Accounts Receivable Management Software, we've consistently reduced DSO by 45%. This allowed our company to grow without compromising our customer relationships.
After so many difficulties, we arrived at Maxyfi with confidence. Yes. And we're currently on top of our cash flow. I'm overjoyed that Maxyfi's Accounts Receivable Automation Software has lowered our DSO by 45%. Our manual work was cut in half because of automatic reminders, customized processes, an enhanced customer interface, and an intelligent and stylish dashboard.
I would strongly recommend Maxyfi to anyone dealing with challenges such as higher DSO and lower cash flow.