ERP: NetSuite
INDUSTRY: Business Services
Mineral combines cutting-edge technology with data and human expertise to help businesses solve HR and compliance challenges. Trusted by more than 1 million organizations, Mineral is the HR and compliance leader for growing businesses. The company’s proactive solutions take the guesswork out of HR and compliance, giving clients peace of mind. Mineral’s network of partnerships has enabled it to build the largest HR community in the United States.
"The platform’s automated capabilities have simplified AR management for our team, and they’ve also improved our customers’ experiences. Using the solution, we’ve been able to decrease DSO by 8 days!”
CHALLENGE
Prior to adopting Quadient AR, Mineral relied on manual processes to handle their accounts receivable. This led to significant time wasted on data entry and sending out payment notices to customers. The AR team spent a significant amount of time composing and sending emails to customers, and they lacked a structured follow-up process. This inability to efficiently communicate with customers led to an increase in days sales outstanding (DSO).
“With close to 1,000 accounts, it was very challenging to handle all our collections efforts manually.”
Tasks such as recording cash receipts and cash application were also time-consuming, as they had to be manually executed. With a small AR department, this led to a backlog of work. This was exacerbated by a lack of online payment capabilities as the AR team had to process payments manually, burdening them further.
“It was just one more thing for us to do. And customers were frustrated by their inability to make payments online or via their preferred method.”
Without integrated systems, the AR department struggled to provide the sales team with vital information. There was no simple way for sales representatives to view details like customer payment history or open invoices, which made it difficult for them to stay aligned with the AR department.
“Our AR team already had a lot to do, and it added even more to their plate when the sales team reached out to us for things like copies of invoices or customer balances.”
SOLUTION
Mineral evaluated several solutions before choosing Quadient AR. The platform’s ability to integrate with NetSuite was a key reason for their choice, as was the simple implementation and onboarding process.
“Adopting Quadient AR was just pick up and go. After a brief walkthrough, we were able to jump right in and navigate the system easily.”
The software’s customizable workflows allowed the company to automate the entire invoicing process, consistently sending invoices and payment reminders until an invoice has been paid. In addition, the software can monitor if emails remain unread, escalating the communication to another customer contact when required.
The self-service payment portal allows customers to access their accounts at any time, from anywhere. Using this feature, customers can view invoices, make promises to pay, and ask questions about their account. They can also submit payments via their preferred method — ACH, credit, or wire transfer — and their preferred currency.
“When we get a new customer, they receive an automatic email explaining the payment portal and start receiving their invoices straight away.”
Optical character recognition (OCR) and system integration empower the AR team to quickly handle tasks like recording cash receipts and cash application, leading to improved productivity.
By integrating with Mineral’s CRM and ERP, the solution provides the company with a single source of truth to review customer data. Members of the sales team can easily access information such as customer payment history and open invoices.
RESULTS
Quadient AR streamlined Mineral’s process by automating invoice delivery and follow-up.
Self-service capabilities have improved customer experience, and essential tasks such as cash application and recording cash receipts have been accelerated.
- DSO has decreased by 8 days.
- Average days to pay decreased by 3 days.
- Improved relationship with sales through greater transparency.
- Eliminated manual processes and increased efficiency.
“Quadient AR is a powerful tool that has made managing accounts receivable easy.”
