We Are Able To Reduce Late Payments And Cash Flow Issues By More Than 70%

Problems:  

• An irregular follow-up method leads to slow payments.

• Manual work increases the possibility of error

• Payment delays, with an average DSO of more than three months

 

Maxyfi's Solution 

• Collections are 25% faster when automatic reminders and customizable communication templates are used.

• 50% reduction in manual processes

• DSO was reduced from 90 to 40 days.

 

(Note: we, us, our - refers to "AMZ Online Arbitrage")

Accounts Receivable Management - AMZ Online Arbitrage 

Amz Online Arbitrage, like other businesses, maintained all of the Accounts Receivable Processes manually on excel sheets. One person is in charge of overseeing all Accounts Receivable activities as well as dealing with customers to guarantee a healthy customer relationship.

As we (AMZ Online Arbitrage) are the top online arbitrage service provider, we have had substantial growth in our customer base, making it difficult for us to monitor all of the Accounts Receivable, which raises our DSO without our knowledge. Kristen and his team recognized that relying entirely on manual procedures to manage the expanding accounts receivable would be problematic, especially given the high delinquency rate and DSO.

Customers are not being followed up regularly since it is difficult for us to track the data in the spreadsheet, especially during critical times (following up on slow-paying customers). The team's capacity to make decisions is limited by the inability to evaluate data in one location.

To encourage customers to pay fast and enhance cash flow, we decided to automate our Accounts Receivable Process and searched the market for a suitable application. We were eager to find the finest accounts receivable automation software to automate our receivables and accelerate cash flow because we had customers from all over the world.

We approached Maxyfi at the time since they had the finest Accounts Receivable Solutions that fulfilled our needs.

 

Accounts Receivable Automation - AMZ Online Arbitrage 

At the time we approached Maxyfi, we doubted that this also would be one in the hundreds. But we never thought that this would be our path to success by automating our accounts receivable management.

 

Accounts Receivable Automation Software - What We Get   

 

1. Regular Follow-up with Quick Payments 

We transformed our irregular follow-ups into regular ones with Maxyfi by automating our invoice reminders with the best and most customizable communication templates. This saves manual efforts and errors while significantly increasing payment recovery. We increased our collections by 25% using Maxyfi while maintaining our customer relationships in a healthy status.

The most challenging part is retaining the customers while recovering the payment. But with Maxyfi, it was as simple as a cup of coffee.

 

2. Reduction Of Manual Task And Error 

Manually entering data and sending reminders to customers was a time-consuming process that took most of our time. Because humans are prone to making mistakes, our team will likewise make some inevitable mistakes.

We've converted 50% of our manual tasks to automated tasks using Maxyfi, saving us a significant amount of time. Maxyfi's Accounts Receivable Automation Software minimized our human errors, which boosted the efficiency of our reminders and ensured that our customers pay on time.

 

3. Minimized DSO with Quicker Payment Recovery 

We have noticed a massive increase in payment recovery by automating most of our manual processes using Maxyfi's automated and effective reminders, as customer response has grown by 50%.

We've observed a consistent reduction in DSO from 90 days to 40 days with the help of Maxyfi's Accounts Receivable Management Software. This enabled our company to move to the next level without compromising our customer relationships.

 

4. Other Benefits From Maxifi's Accounts Receivable Software 

• We can easily predict overdue payments, top debtors, and what actions need to be performed with Maxyfi's analytical dashboard.

• The application has an advanced customer portal with several features that allow customers to request a callback, register a promise to pay, and make simple and quick payments.

• We can make follow-ups simple and automatic by using customizable workflows and templates. New workflows can also be created.

 

Kristen and his team can now manage the Accounts Receivable Process efficiently with the help of Maxyfi's Accounts Receivable Software and make the customers pay within the due date. That's how we overcame the cash flow issue and thanks to Maxyfi.