If your company is using Sage 100 ERP, you likely have hundreds of customers, send thousands of invoices each month and may have millions of dollars in credit sales, but are you able to collect those invoices within terms? That depends on how you’re managing Sage 100 accounts receivable today. Are you relying on manual processes and spending most of your time sifting through emails and aging reports? Or are you using tools to automate the more time consuming daily tasks so you can focus on collecting and building customer relationships? Your answer to that question truly makes a difference in your ability to collect on time. Learn how one company enhanced Sage 100 accounts receivable with automation to collect invoices 10 days faster, reduce DSO by 26% and reduce total past due receivables by 88%
MSPARK is a rapidly growing company in the advertising industry who, prior to automating their Sage 100 accounts receivable, used aging reports and the limited functionality within their ERP system to manage thousands of invoices and $18 million in credit sales each month; a task that was more than overwhelming, it was impacting their ability to reach corporate goals because the functionality they needed simply was not there.
“It was very difficult to manage accounts receivable because we could not sort an aged trial balance by amount,” said Kristy Criswell, Director of Credit and Collections at Mspark. “Collectors could have up to 200 pages of information to sort through and our highest dollar accounts were buried somewhere inside those 200 pages, not necessarily at the top where you would want it to be; making it a very long and tedious process.”
MSPARK is not the only company out there who has experienced this frustration. It doesn’t matter what kind of ERP system they use; companies who rely on manual processes like the one described above spend too much prioritizing activities and doing clerical work and nowhere near enough time communicating with customers and settling invoice disputes. In fact, a recent study from The American Collectors Association compared productivity levels between companies who used manual processes and others who used automated processes. The results of this study are below:
• Average calls per collector each hour
o Manual: 13.5
o Automated: 17.5
• Average number of active accounts handled per collector
o Manual: 780
o Automated: 1,713
• Average number of payment promised per hour
o Manual: 6.4
o Automated: 10.5
• Average debtor contacts per collector each hour
o Manual: 6
o Automated: 8.5
As the above illustrates, enhancing your Sage 100 ERP system with automation is a far more effective way to manage accounts receivable than with your ERP system alone. MSPARK found this to ring true for their Sage 100 accounts receivable when they implemented Anytime Collect accounts receivable management software and saw amazing results! After one year with Anytime Collect integrated into their Sage 100 ERP system, the company has recognized:
- 26% reduction in DSO, taking their DSO from an average of 38 days to 28 days
- 88% reduction in past due invoices from 18% down to 2%
- Reduction in the cost of staffing the accounts receivable team and was able to reallocate resources. MSPARK went from four full time employees and one part time employee to three full time collectors and one part time employee– something that would have been impossible without the application.
There is a lot more to learn about MSPARK and their experience with Anytime Collect for Sage 100 accounts receivable automation. Click here to read the full case study, learn which features of the software helped them gain these results, and hear more directly from MSPARK themselves. Get the full story here.
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