When Your Accounts Receivable Balance is Too High, For Too Long
Burwood’s collections team had been struggling for quite some time with an ineffective collections management process and a high A/R balance. They were spending their time chasing outstanding invoices manually, and knew that they must find a way to improve communication with customers in order to improve the process and ultimately improve their DSO.
Changing the Collections Game With Automation
Burwood’s CFO, Rachel Gibson, made the decision to automate their collections process with Gaviti’s automated A/R collections solution when she understood that she could eliminate manual collections tasks which were weighing down her team and not yielding great results on the cash flow front.
The integration process was extremely fast and the Burwood team has been up and running smoothly since the beginning of 2020.
Benefits: Reduction in RAR and Overdue Invoices, Increased Cash Flow
In less than 6 months, Burwood Group was able to reduce its RAR by 77% and the number of overdue invoices by 60% – a huge accomplishment in a very short time. Definitely something for Finance to boast about.
“Gaviti has been imperative in helping us get our AR balance down.”-Kristen Cramer, Senior Accountant, Burwood
With Gaviti’s automated workflows the collections team no longer wastes time on manual collections tasks and has dramatically improved the way they communicate with clients, which has totally streamlined the invoice collection process and contributed to increased cash flow.
“We have been able to get ahead of any invoicing issues that arise, create new connections with our clients, and establish meaningful relationships with them, which has been a game-changer in getting invoices processed.”-Kristen Cramer, Senior Accountant, Burwood
The solution is super simple and easy to use and has managed to completely transform the collections process at Burwood, rendering the team more efficient and the company more successful.
“The dashboards/reporting that Gaviti provides to us is so simple to use and an easy way for us to keep track of communications and account balances.”-Kristen Cramer, Senior Accountant, Burwood