CASE STUDY
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Client Situation
Our client faced significant challenges with their receivables management, including a large number of outstanding invoices that were not being collected within their inter-company branch offices. The lack of transparency in transactions further complicated their receivables processes, leading to inefficiencies and potential financial risks.
SeidoPro Solution
SeidoPro provided a comprehensive solution to address the client’s receivables management issues. Here’s how we helped:
- Automation of Outstanding Invoices: We implemented an automated system to manage outstanding invoices effectively. This automated process streamlined collections, ensuring that invoices were tracked, monitored, and followed up on a timely basis. This eliminated manual errors and improved overall efficiency.
- Monthly Reporting: We provided regular monthly reports to the client and its branch offices, offering transparent insights into the status of outstanding invoices. These reports included details such as aging analysis, payment trends, and collection activities. The reports facilitated better decision-making and fostered collaboration among stakeholders.
- Constant Chasing of Outstanding: Our dedicated team at SeidoPro consistently chased outstanding invoices beyond the cut-off period. We implemented proactive collection strategies, maintaining regular communication with customers to ensure timely payment. This approach helped reduce delays and improve the collection process.
Key Value Delivered
Our solution produced significant results for the client, delivering the following key value:
78% Reduction in Outstanding Invoices: By implementing our automated system, proactive collection strategies, and regular reporting, we achieved a remarkable 78% reduction in outstanding invoices beyond 70 days.
2020 Results: In 2020, we successfully resolved 3,438 invoices totaling USD 6.32 million, significantly improving the client’s cash flow and financial stability.
2021 Results: In 2021, our efforts further improved, resulting in the resolution of 769 invoices amounting to USD 1.71 million. This consistent reduction in outstanding invoices demonstrated our commitment to delivering sustainable results for our client.
What other benefits can be derived from the solution?
Beyond the key value delivered, our solution provided the following additional benefits for the client:
Improved Cash Flow: Timely collections improved the client’s cash flow, enabling them to meet financial obligations and invest in growth opportunities.
Enhanced Transparency: Transparent reporting and communication fostered better collaboration among stakeholders, improving overall transparency in receivables management.
Efficient Resource Allocation: Our solution allowed the client to allocate internal resources more efficiently, focusing on core business activities while leaving receivables management in capable hands.
Improved Customer Relationships: Effective receivables management positively impacted customer relationships, enhancing satisfaction and loyalty.
Risk Mitigation: Proactive collection efforts helped mitigate the risk of bad debts and delinquent accounts, safeguarding the client’s financial stability.
Data-Driven Decision Making: Our comprehensive reports provided valuable insights, enabling the client to make informed decisions based on data analysis for credit terms, collections strategies, and customer segmentation.
Streamlined Operations: Automation and improved processes streamlined operations, reducing manual errors, and increasing overall productivity within the finance and accounting teams.
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$5M in discrepancies solved
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Receivables Management
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