ERP: NetSuite
INDUSTRY: Oil & Gas
Profire Energy is the leader in developing Burner Management Systems and Combustion Controls for natural and forced draft heating applications across Canada and the US. Their products are essential in many of the upstream, midstream, and downstream sectors of the Oil and Gas industry, along with many other industrial processes including Renewables and Power Generation. Profire delivers dependable and innovative solutions that improve safety and efficiency for industrial heating processes.
"Quadient AR has made us so much more effective! If we didn’t invest in the solution, we’d have had to add two or three more people to our team to manage the AR process."
CHALLENGE
Profire Energy’s accounts receivable (AR) process was inefficient. To track invoice due dates and identify past-due accounts, the team had to run reports, review them, and prioritize the customers that needed contacting. This meant that precious time was spent reviewing data, instead of contacting customers for payment. Manual collections exacerbated this problem. The AR team had to individually email customers with invoices and follow up when accounts became past due.
Customers’ accounts payable (AP) portals made the process even harder. Around 50% of Profire’s customers use these and each has its own requirements that demand a high volume of manual input. This also led to duplicated efforts, as customers would be invoiced first through NetSuite and then a second time through their AP portal.
“Our invoicing process was so inefficient, often taking up to a week to manage. This delayed how soon customers could pay."
These challenges led to late payments. It was difficult to manage customer relationships effectively and the team was under pressure. It became clear that the business either needed to add headcount, or find a better way to manage AR.
SOLUTION
Quadient AR’s outstanding user experience was a big draw for the team. They could see exactly how the platform would help them and had access to a dedicated customer support team who made the implementation process effortless.
The solution integrated with NetSuite, centralizing AR data and presenting it on intuitive dashboards. This gives the team complete visibility across their AR portfolio so they can better manage accounts. Collections workflows send invoices, payment reminders, and collection notices automatically and their customizable features enable the team to take a tailored approach with customers to improve communication.
The To-Do page enables more proactive AR management. Team members can assign each other tasks and set up workflows, which automatically route tasks to the next person once the previous stage is complete.
“Our team loves the To-Do feature. It makes it so easy to complete tasks and it’s super customizable.”
Quadient AR’s AP Portal Optimization Service ensures invoices are submitted efficiently to customer portals. Customer relationships have improved as portal requirements are consistently met, and this has made the payment process simpler for both parties.
“Invoice submission to AP portals now takes a few days instead of a few weeks!”
When customers are ready to pay, they use Quadient AR’s selfservice portal to access account information and make payments via their preferred method.
RESULTS
The team is now able to approach collections strategically and get ahead of payment challenges. Customers enjoy a more consistent process and the ability to self-manage their accounts. These improvements have accelerated cash flow and enhanced employee and customer experiences.
- Average days to pay has decreased by 12 days.
- Invoice submission to AP portals takes 1-3 days instead of 1 or more weeks.
- Invoice volume has grown 22% year over year and no additional headcount has been required to manage it.
“The Quadient AR team are so invested in our relationship and committed to helping us get maximum value from the technology.”
