How Systems Maintenance Services Collected More With Anytime Collect
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Systems Maintenance Services implemented the Anytime Collect receivables management software in 2012. This allowed them to centralize collections data and automate workflows. As a result, they reduced DSO from 67 to 49 days, collected more money than they invoiced that year, and freed up 50% of a credit manager's time for other tasks through increased efficiency. The automated workflows and reporting provided enhanced visibility into account status and collection activities.
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How Systems Maintenance Services Collected More With Anytime Collect
- 1. How Systems Maintenance Services Collected More Than They Invoiced in 2012 with Anytime Collect James Mallory, Director of Marketing e2b teknologies Henry Ijams, Managing Director Paystream Advisors e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 2. About PayStream Advisors PayStream Advisors is a provider of independent research and automation assessments for financial automation technology to business leaders in finance and procurement. PayStream Research Advisory Services e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 3. Presented by: Henry Ijams Managing Director PayStream Advisors Henry‘s 28 years of experience focuses on trends and technologies in financial operations automation including strategies regarding the automation and benchmarking of Purchasing, Payables and Account Receivables processes. Through PayStream Advisors, Mr. Ijams consults with domestic and international organizations that want to take advantage of leading practices and automation solutions. e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 4. The Accounts Receivable Crisis Only 26% of businesses have automated some portion of their accounts receivable collections. (Source: Credit Research Foundation 2011) e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 5. Collector Time Allocation e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 6. The Promise of RCM Automation The promise of RCM software is dramatic improvement in receivables performance. Using collection automation alone, many companies have seen reductions of: 10 to 20 percent in DSO 25 percent in past due receivables 15 to 25 percent in bad debt reserves e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 7. SaaS Impact on RCM “With the advent of Software-As-A-Service (SaaS) and Cloud computing, scale has become less of an issue thereby allowing smaller organizations to justify automation” (Source: Paystream RCM Report 2013) Anytime Collect is one of the ONLY RCM applications available in a SaaS delivery model for smaller companies on Intuit QuickBooks, Sage 50 US (Peachtree), and mid-market ERP applications e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 8. Anytime Collect Overview • Cloud-Deployed Client (Microsoft Click-Once) • Microsoft SQL (premise) or Microsoft SQL Azure (hosted) • Pricing starts at just $89/month/user Anytime Collect web portal for credit and sales reps. e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 9. Systems Maintenance Services 32 Years In Business (Founded 1981) 600 Employees 90 Global Service Centers 3,100 Enterprise Customers 99.7 Customer Retention Rate 60 % of Dow Jones Customers www.sysmaint.com e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 10. Systems Maintenance Services • 4 collectors in 3 states • Sage 500 ERP – no collections functionality • Decentralized systems & spreadsheets • No management reports • 2,000+ customers • 3,000 invoices monthly ERP vendors lack the narrow focus necessary to address all the variations and unique situations that affect trade receivables management. (Paystream Advisors 2013) e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 11. Systems Maintenance Services • Complex contract invoices spanning months to multiple years. • Invoice detail can be tens of thousands of lines long per invoice. • Decentralized T&M invoice environment with hundreds of Engineers throughout the US all with the ability to coordinate their own T&M invoice. • Decentralized collections group with varied process background and understanding of our invoices. e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 12. Systems Maintenance Services Difficulty in coordinating between multiple collection agents I’ve contacted the customers on my Excel list…now what? • Potential for inconsistency when contacting the customer. • 2 collections personnel contacting the same customer over and over. • Difficulty reviewing history and escalations. • Difficulty managing personnel and work loads. No real tracking available. • 3 month DSO at 67 days. e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 13. Goals & Strategies Goals: • Implement a measurable collection methodology • Have a better process than Excel lists or alphabetic customer lists • Escalation tracking with readily available history • Not “digging through emails” to understand history and escalations • Obtain payment within 30-60 days. • Target DSO of 55 by the end of 2012. e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 14. The Accounts Receivable Crisis Paystream Summary • Most companies have not automated credit and A/R operations • ERP Software = Limited RCM Features • Companies continue to invest time and money into administrative tasks that should be automated with RCM applications • A/R Automation is most common in larger organizations yet smaller organizations stand the most to lose without it Systems Maintenance Services • Did not have automated credit or A/R operations prior to 2012 • ERP system offered only basic customer notes, aging report, and no automation or workflow e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 15. Credit & Collections Challenges • Too little collection activity Anytime Collect helps • Erratic collection efforts Systems Maintenance • High adjustment volumes Services balance • Inconsistent credit assessments collector work queues and centralizes • Fragmented information information with • Inadequate reporting consistent activities built on best in class • A difficult economy alerts and workflow (Source: Paystream RCM Report 2013) e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 16. Focus on Key Accounts Fundamental challenges vary by company, but can be roughly defined by Pareto’s Law, which states that 80 percent of revenues come from 20 percent of customers. Anytime Collect helped Systems Maintenance Services to contact EVERY late customer through each phase of their collections efforts. This allowed them adequate time to focus on strategic accounts and risky accounts that required more effort e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 17. RCM Value Proposition According to Paystream’s 2013 RCM Report – there are three primary value propositions for RCM application. Systems Maintenance Services realized results in all three of these areas: • Processing Efficiency • Lower Costs • Enhanced Visibility & Control e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 18. B2B Collections Management “The key innovation of business-to-business (B2B) collection software is workflow automation. A strategy engine integrates the AR data with a tickler system and activity logs, so account status and previous actions taken can drive the next logical collection step. Moreover, the software can prioritize collection activities, ensuring a consistent and efficient process. Integrated communication tools – faxing capabilities, e-mail, invoice reprinting, other forms of data export, and auto-dialers – further enhance productivity. “ (Source: Paystream Advisors 2013) e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 19. SMS Workflow & Strategy Engine •1 Person Contacting Every Customer Account Level 2 •Reaching Hold Situation •Escalation to Management Level 4 •Send Statements & Invoices •Research More Complex for Customer Coordination •Customer Hold •Resolve Simple Disputes Disputes •Invoice Write-Off •Very High Ticket Volume •Smaller, Manageable Ticket Volume Level 1 Level 3 e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 20. Anytime Collect Workflow & Rules Engine • Build workflow and rules based on: o Account Information o Invoice Information o Workflow by Account Credit Class • Examples: o Account approaching credit limit o Account ADP over 45 Days o Invoices 1-3 Days Past Due o Invoices 5 Days Past Due o Invoices 30 Days Past Due o Invoice Due in 3 Days w/ no payment o Invoices Factored o Invoices Sent to 3P Collections Anytime Collect Rules & Alerts e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 21. CRM vs. RCM RCM is like CRM – Document what you’ve done CRM is NOT like RCM – Cannot tell you what you need to do e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 22. Processing Efficiency – SMS Results • Invoices are all in PDF and readily selectable in e2b • Statements generated on the fly • Emails sent and received from the software • Automated communications based on rules • Account reassignment based on Collections Level • CRM-like capabilities to document calls, email, and all other activities. • Working from one system e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 23. Lower Costs – SMS Results • Significant reductions in labor related to collections within the first six months of using Anytime Collect • Reallocation of 50% of one credit manager’s time to other, more critical activities • Significant reduction in outstanding A/R • Increased cash flow • Shorten the sale-to-cash cycle time • DSO at 49 days (6 points below targeted goals) • Excluding 2 most difficult customers, DSO is at 40 days e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 24. Enhanced Visibility & Control – SMS Results • Notes and attachments all in one place • History for escalation readily available • Advantages gained for history and auditing • Collection activities are measurable • Using the software to drive measurable and desired results • Customer AP contacts readily available • Instant access to current account aging, invoices, and payment history • Insight available “to act, instead of react to outstanding accounts.” • Equal and measurable work load between the collections personnel • Internal audit…we are prepared • Because of the simplistic presentation capabilities of the software, we will soon be publishing AR information into an intranet site to Sales e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 25. SMS Results By The Numbers 67 Original DSO Before Anytime Collect 49 New DSO After Anytime Collect 40 DSO After Anytime Collect (Excluding 2 Difficult Accounts) 40 Percent Reduction in DSO (Excluding 2 Difficult Accounts) 27 Days Cash Is In Bank & Not In A/R (Excluding 2 Difficult Accounts) Paystream: Companies implementing systems like Anytime Collect realize an average of 10% to 20% reduction in DSO. Systems Maintenance Services reduced DSO by a whopping 27% (All Accounts) and 40% (All But 2 Accounts)! e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 26. The Big Result Systems Maintenance Services Collected More Money in 2012 Than They Invoiced! They did this by: • Establishing processes and policies • Leveraging Anytime Collect as the backbone for their system • Reducing their outstanding A/R for services billed in 2012 • Collecting on a significant backlog of A/R from previous years e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
- 27. Questions Henry Ijams www.paystreamadvisors.com James Mallory 440.352.4700 x 229 jmallory@e2btek.com www.e2btek.com e2b teknologies | 521 fifth avenue | chardon, oh 44024 | 440.352.4700 | www.e2btek.com
Editor's Notes
- Introduction: James Mallory (e2b teknologies)Thank you for joining the webinar today. We are excited to showcase How Systems Maintenance Services Collected More Than They Invoiced in 2012 with Anytime Collect. The presentation today is co-presented with Henry Ijams (pronounced Henry Yawms?), Managing Director of Paystream Advisors and myself, James Mallory of e2b teknologies. While we wait for others to join the call – we have a few housekeeping items. All phones will be on mute during the presentation. Please use the Question panel within Gotowebinar. Please add any questions you may have to the Questions panel and we will address these as we go along and at the end of the presentation. Also, the webinar is being recorded and we will provide a link to the recording soon after the presentation. We will also provide a copy of the Paystream Advisors RCM Guide for all attendees today. This is a great resource for your credit and collections department and normally only available to Paystream subscribers.Another note - you can click the orange arrow on the Gotowebinar panel to minimize the question section during the presentation. Click it again to open it back up to ask a question.
- only 26% of businesses have automated some portion of their accounts receivable collections. This is very intriguing when you consider that 45% of companies are using credit scores and credit reports to mitigate risk yet only one quarter of them are proactively managing the collections process.
- Henry:Automated RCM systems like Anytime Collect can virtually put your accounts receivable collections on auto pilot – at least much of the mundane activities such as presenting invoices, prioritizing activities, and preparing information for the collector and the customer. What this does is to free up collection resources to focus on high priority activities such as making collection calls and managing disputes.
- Henry:One of the things we found in our 2013 study is that cloud-based applications have allowed RCM application to scale from very small organizations up to much larger enterprises. It’s no longer an issue what hardware you’re running or how much disk space or memory you have on your server. Applications like Anytime Collect have helped very small businesses running entry-level applications like QuickBooks on up to much larger companies – some larger than our featured company – Systems Maintenance Services. A couple points that we need to make. First, we’ve been doing this survey for about 10 years now and a lot has changed. It used to be that RCM applications were only available for much larger companies – typically those running larger ERP systems like SAP and Oracle. Anytime Collect is one of the first RCM applications that we’ve seen that is so simple in its design and so affordable that smaller and growing midmarket businesses can now take advantage of this type of automation within their business.Second, we firmly believe that the RCM market is going to grow considerably in the coming years as businesses realize that minimal effort and automation can help them achieve significant financial results by managing one of their largest assets – their accounts receivable. We expect a similar growth for RCM that we saw in the 1990s with CRM software.
- Henry:What we really like about Anytime Collect is that it’s adaptable. The application is launched from the internet but you have choices on where the data resides – on a premise-based Microsoft SQL Server within your firewall on your servers or hosted on Microsoft’s secure SQL Azure database cloud. It’s also available as a purchase or in a very affordable subscription model starting at $89/month. Many companies are spending considerably more than that on a cell phone bill let alone an application that has the ability to pay for itself in just a few short months.
- Systems Maintenance Services is a global provider of outsourced IT and networking services for some of the largest companies in the world. They have been in business for 32 years and have grown to 600 employees providing the highest class outsourced IT services to more than 3,100 enterprises through their 90 global service centers. Service is key to them with a 99.7% customer retention rate. Their customers represent 60% of the Dow Jones Industrial Average. They are certainly a very respectable organization. They came to us because they had a problem with their accounts receivable and as a service-driven organization – they looked at it as a way to better serve their customers while improving their overall business.
- SMShas 4 collectors in 3 states. They’re a typical customer for Anytime Collect running on a midmarket ERP system – Sage 500. Like most ERP systems, they soon found out that their ERP system had very little to offer them in respect to receivables management. They could create and send invoices but there was this huge black hole after the invoice was sent. Was the customer going to pay them? Was there a dispute? Who was responsible for calling to find out? Their decentralized credit department, lack of management reports, and the sheer volume of managing over 2000 accounts with over 3,000 invoices was overwhelming to say the least.
- They have very complex contracts spanning long durations of time into multiple years. A single invoice could have tens of thousands of lines making it even more difficult for collectors to pinpoint problems and to manage disputes. Their dispersed collectors had to wade through a lot of information working with literally hundreds of service engineers throughout the US to figure out questions that customers had on their time and material invoices. This was complicated further by the fact that each person in their collections group had different backgrounds, different personalities, and different strategies for collecting.Companies who leave credit and collections management up to the individual often realize that everyone has a different way of managing the process and handling disputes – some are effective and some are counterproductive and can even damage the relationship they have with their customers. Systems like Anytime Collect help companies determine their overall messaging by establishing a credit policy and collections workflow so that everyone is on the same page supporting the organizations’ goals as a team.
- They had different reports, different spreadsheets, and email communications were stored in their personal inboxes – not in a centralized location for others to review. This was complicated further when cases were escalated to others in the group since they literally had to spend a lot of extra time getting all the background information together for the handoff. This geographic distance caused other problems as well – collectors calling on the same account, and inconsistency on calls. Some collectors had finished their calls and didn’t know what to do next while others couldn’t catch up because they had too many calls to make. I think their problems can be summed up when you see that they had a 67 DSO for the 3 months prior to using Anytime Collect. Other research we’ve done and seen indicates that most small and midsize businesses have an average DSO of around 61 so they weren’t too far off that average. Let’s take a look at how that number changed – dramatically.
- James: One thing we always advise our customers is to start off by setting goals for the implementation. In fact, many companies don’t even know where they’re at in respect to collections until they implement a system like Anytime Collect. Go and call 100 small businesses and ask their CEO, President, or CFO what their DSO is at and I bet you that none of them know.It’s ironic that companies spend so much time and energy selling products and services but so little time actually collecting the cash from the sale. Setting goals is a great way to not only improve your business but it’s also a great way to understand if your investment in an RCM application is generating a return on investment. SMS started basically from scratch. They wanted a system that could be measurable. They really liked the fact that Anytime Collect had all of the information they needed in one place so they could analyze key metrics such as overall DSO, collector call volume and workloads. They new they wanted a system that had more logic to prioritize activities. Anything was better than printing out Aging Reports, reviewing spreadsheets, and marking them up with highlighters and pens. most businesses realize a 10% to 20% reduction in DSO so their goals were at the higher end of what we typically see.
- Very few companies implementing RCM systems, limited functionality in their ERP system, continued investment in manual and redundant processes that are prone to error, and no real plan of attack or corporate strategy.
- recent market study, we found that most businesses spend too little time on collections activities. They also have very erratic collections efforts. Sometimes companies will make hundreds of calls to reduce A/R because they’re facing cash flow crunches and need the cash for capital investments or sometimes even for payroll. But once they’ve alleviated the short-term need for cash they stop making calls until the next major cash flow crisis hits.Businesses also fail to balance workloads among collectors and have inconsistent credit assessments because they’re missing information. For example, you could have a very good customer that pays you late but they only pay you late because you keep forgetting that they’re tax exempt and every invoice you send them has sales tax on it. Similarly, you could be sending the invoice too late for them to pay on time, charging the wrong billable rate for services, the wrong freight rate, or any myriad of avoidable issues that could make a seemingly bad customer – one of your most prized accounts.A lot of the decisions you need to make require accurate and timely information. You need all of this at your fingertips – especially in a tough economic environment like we’ve seen in the past few years. One other point to consider. What if you could collect your cash 10 days faster? What if you could save $40,000 annually by avoiding bad debt write-offs? You could invest that money into your business or you could pass the savings along to customers in the form of more competitive prices to shut out your competition. In some industries, shaving off just a few dollars on an order can mean the difference between winning or losing the business – especially with increased, low-cost foreign competition.
- Henry: We all know about Pareto – 80% of revenue typically comes from 20% of your customers. Systems like Anytime Collect allow you to focus on your key accounts. If you have 1,000 customers but only 200 of them are driving 80% of your revenue then why not focus on those top 200 accounts first?James: That’s exactly what Anytime Collect allows our customers to do. They can assign the top accounts to dedicated credit reps who can build relationships with the accounts payable departments and purchasing agents at their top customer accounts. They can identify reasons why each of these people may delay payment and can put in policies and strategies in place to remove these roadblocks to payment. It’s amazing how well this can work.
- The way Anytime Collect works is that we pull down all of your customer account, contact, invoice, and payment information to the database – again – either on premise or on the cloud. This data includes everything we need to know about the customer and their account. For example, we know their specific credit terms, when the invoice was created, when the payment is due, and in some cases we know who the contact should be for the payment. Information that we may be missing from the ERP system can be added through Anytime Collect. For example, you may want to have different rules and workflow for different groups of customers. A government customer could be very different than a commercial or consumer customer. Further, most people don’t have the right accounts payable contact in their ERP system so you can add that information to Anytime Collect.. For example, you could create a note for a collector when one of their accounts is approaching their credit limit or when their average days to pay exceeds 45 days. You can also build alerts on invoice data. This is one of the more powerful parts of the system. For example, when do you want to remind a customer that they have invoices due that have not been paid in full? When do you want to send the past due notice? When do you want the collector to make their first call? You can have Anytime Collect send out reminders via email or email to fax automatically. The same with any written communication that you could imagine. And the workflow automatically creates calls for the collector based on the rules you’ve defined so they don’t have to print an Aging report and guess at who they need to call.
- Oneof the things we see a lot – especially in small businesses are financial professionals trying to utilize common and commercially available CRM systems for their credit and collections management. Henry, can you tell explain to me why CRM might not work for RCM? I mean, they both allow you to log phone calls, save contact information, and prepare documents. Is there anything special in an RCM system that businesses won’t find in CRM?RCM and CRM are both great systems for documenting what you’ve done and managing relatively static information. The difference is really in the workflow and rules engine you just discussed. Some CRM systems can be customized or built-out to provide you with some automation in this area but they are really more focused on sales and marketing – not on financials. Even with third party integrations to bring in finance information, you still need to develop the rules and workflow to manage the process. RCM’s real value is that it’s CRM designed for the credit and collections department – complete with the rules and automation a business needs to effectively manage their receivables. Trying to use CRM for RCM is like using Excel for inventory management. It can do much of what you need but in the end it’s a clumsy and often disparate system. Honestly, a few hundred dollars a month for Anytime Collect is well-worth the investment in my opinion.
- Document management is one area that SMS really benefits with Anytime Collect. They have access to original PDF copies of invoices through our Anytime Docs PDF utility and they can automatically create and send point in time statements and other documents from the system via email in an unattended fashion or with just a few mouse clicks.Receivables Document Management is a growing area for RCM. It sounds like your Anytime Docs product is a very simple solution for smaller businesses.Anytime Docs basically acts like a printer. You can print thousands of invoices to it and instead of getting one PDF you get a single PDF for every unique invoice in the print job. And the system automatically stores the PDF documents on a secured network directory or on Microsoft Sharepoint and maps it to Anytime Collect where it can be attached to automated emails or accessible from the system for collectors. We even have it integrated with our online customer self-service portal whereby a customer can log-in and request a copy of an invoice and Anytime Collect will automatically send the invoice to their email.
- Automationand rules enabled SMS to reduce their labor costs and activities within just the first six months. Before they were overworked but now they were working smarter. They were able to allocate half of one collector’s time to more important activities.the results do seem to good to be true but let’s take a look at where they were at – no system, geographically dispersed team, no real plan or policy, and missing information. Anytime Collect isn’t the most complex or feature rich system on the planet but it didn’t need to be. It simply needed to provide a centralized platform and some very basic rules to help automate some of those tedious activities. If you remember, they started at 67 DSO with a goal of reducing that to 55 DSO by the end of 2012. As you can see, they killed that goal getting their DSO down to 49 DSO – that means they’re getting paid almost a full week sooner than expected. And if you take out their two most challenging customers, their DSO stands at just 40!
- We’ve discussed a lot of the visibility and control improvements already. Just to summarize, everything is in Anytime Collect so they don’t have to go to their email, they don’t have to log-into a CRM system, they don’t have to open up an Excel report, and they don’t have to write things down on paper. In their words, we now have the ability “to act, instead of react to outstanding accounts.” And they are now ramping up a project to publish information from Anytime Collect to their corporate intranet for their sales reps so they can see what’s going on with their accounts. We also have this capability for our hosted customers so that sales reps can log in and just see their assigned accounts complete with agings, invoices, statements, and credit and collections communications.
- They started with a DSO of 67 and a target of 55 but they actually reduced that to 49. If you exclude those two pesky accounts, their DSO was actually 40. So if my math is correct, they reduced their DSO by 40 percent in just one year meaning that they were getting paid 27 days faster! That’s almost one month sooner than just one year ago. Absolutely amazing results. That’s double to triple the DSO reductions we see on average with other businesses.
- We just completed a live webinar with SMS and they told us that they collected more money last year than they invoiced!I almost fell off my chair when they shared that information with us. Apparently they were very effective at collecting on current and recent past due receivables and they were able to actually collect on past due receivables from the previous years allowing them to collect more than they invoiced. Our goal is to provide the simplest and easiest system available on the market. Sure we have competitors that have more features but that equates to a lot more complexity. Most of our competitors take weeks to implement their customers while our smaller customers can be setup, installed, configured, and trained in about 4 to 8 hours on average. And we include this as a fix-fee cost so they understand their total investment up-front.