About one year ago, MSPARK, an advertising company in Alabama, was experiencing something that many companies have to learn the hard way, ERP systems are helpful in many ways, but they are limited in their ability to help companies optimize their accounts receivable management processes. With Sage 100 ERP accounts receivable tools, the company had to resort to manual processes which proved to be laborious and ineffective for this rapidly growing company explained Kristy Criswell, Director of Credit and Collections at Mspark.
“It was very difficult to manage accounts receivable because we could not sort an aged trial balance by amount,” said Criswell. “That means collectors could have up to 200 pages of information to sort through and our highest dollar accounts were buried somewhere inside those 200 pages, not necessarily at the top where you would want it to be; making it a very long and tedious process.”
MSPARK quickly recognized that as they continued to grow, so too did their trouble with accounts receivable management and set out on a search for a solution. They found Anytime Collect accounts receivable management software online, requested a demo, and made the decision to purchase the next day. “We chose Anytime Collect because it allowed simple sort options and a clearer picture of our collections information with the ability to have updated information each day in respect to aging, payments, and invoices,” said Criswell.
The system automates the company’s Sage 100 ERP accounts receivable and to help them get paid faster by centralizing all of their A/R information and activities in one system. The system allow users to more accurately forecast cash based on historical customer payment behavior, automates payment reminders, prioritizes collection activities, archives customer email responses, helps better manage credit risk, enables online customer payment, and much more.
With Anytime Collect for Sage 100 ERP accounts receivable, MSPARK has seen amazing results after just one year of using the software, including:
- A 26% reduction in DSO, taking their DSO from an average of 38 days to 28 days – getting paid 10 days faster.
- MSPARK reduced past due invoices from 18% down to 2% - a reduction of 88% in just one year.
- A significant reduction in the labor related to collections and has been able to reallocate resources and reduce the cost of staffing their accounts receivable team.
o Prior to this solution, the company had four full time employees and one part time employee focused on collections; today MSPARK has three full time collectors and one part time employee managing accounts receivable.
There is a lot more to this story, learn which features of the software the MSPARK team likes most and how they attained such impressive results in the full case study-click here to read more.
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