Time-consuming, manual dunning processes
Collections and workflow management limitations
Slow/delayed payments, average DSO of over 3 months
The Solution – Maxyfi
35% decrease in manual activities
Automated workflows and custom features for efficient collections
20% reduction in DSO
Like many organizations, Zattag accounts receivable management was mostly manual, performed using Excel and other word processing documents. With one person managing the entire team and overseeing the collection activities, it was also important to ensure a superior customer experience for the growing customer base.
With Zattag's significantly growing client base, it was hard to keep track of the accounts receivable and the DSO kept surging until they lost control. Delilah and her team knew that it would be impractical to keep the growing accounts receivable in check solely with manual processes, especially when they had to deal with a high delinquency rate and DSO.
"The DSO was at an all-time high, with the average being over 3 to 4 months and we were nearly hopeless about reducing it and dealing with the impending delinquent accounts at the same time."
Between managing collections, making sure to follow-up with every customer, performing credit checks, reporting and cash application, Delilah Jones, AR Manager of Zattag was looking for a way to scale efficiently.
"The way our client base was growing, we knew we had to find a way to enhance our AR/process since it would become more difficult with manual work".
How did Zattag then improve its AR/collections process, reduce DSO, and enhance customer experience while increasing its revenue?
Enter Maxyfi, the simplest and most efficient AR Automation software ever.
Given a suggestion to explore automation tools from the higher board, Delilah attended several events and webinars until she came across Maxyfi's product demo. What made her choose this was how well the software's features fit into their needs and would deliver all their requirements.
"I came across Maxyfi through a hunt on Accounts Receivable Automation tools and signed up for the demo. Though they were new to the market, what excited me was how they had most of the features for optimum AR/collection and management. Maxyfi seemed to be the perfect tool to help us scale efficiently."
"Along with the features, it also fit within our budget constraints, which gave us an extra push to give it a try," adds Delilah.
Implementing the software was a breeze, as the team at Maxyfi guided Delilah and her team throughout the setup and process. Once they got the gist of all the features, it was simple for Delilah and her team to take care of it all, from collection to communicating with customers.
Soon they realized that they had to enhance their collection strategies as well to fit into their business goals of catering to the growing clientele. With the help of industry-leading workflows that Maxyfi has provided, they have been able to improvise their collection methods and actively follow up with every customer regularly, elevating their cash flow growth overall.
"From struggling to keep track and follow up with each customer once in a while to now sending personalized follow-up emails regularly, I feel we've achieved a sense of liberation and productiveness. Overall, it has helped us become more efficient and consistent in our work."
With Maxyfi, Delilah and her team have been able to reduce 35% of their manual tasks, saving them time and improving work productivity. Delilah has been able to focus more on critical tasks given the extra time and has a more "hands-on approach" to leadership.
Soon, they were able to note a significant decrease in the DSO while they handled delinquent accounts effectually and ensured payments were made within the due time allocated.
"In a short period, we had the DSO reduced by 20%, from an average of 3 months to less than 30 days now. Automating with Maxyfi has changed our AR/collections game!"
Delilah and her team have also received great feedback from the board and customers as well. Their customers are thoroughly satisfied with the experience, being able to view their invoices and statements and communicate easily through the portal.
Maxyfi has simplified the AR/collections process for Zattag by minimizing manual work and enabling a streamlined collections cycle while communicating with customers effectively.