Sage Intacct is a leading cloud-based ERP system that many companies are moving on off of their old legacy systems. It’s user friendly and quick to catch on to. Maintenance for the ERP system is low, requiring no servers or databases. Users can log in to the system from anywhere, since it’s a true cloud solution. It’s so easy to use that 75 percent of users have Sage Intacct integrated to at least 2 other applications. These outside applications are useful, especially since there are some gaps to using Sage Intacct accounts receivable tools on their own.
In order to effectively manage accounts receivable in Sage Intacct, using outside tools that can prioritize your accounts and help you get paid faster are crucial. Without them, you’re often spending time exporting data to spreadsheets, creating pivot tables and highlighting information. The companies highlighted below both looked for an outside tool to aid them in their Sage Intacct accounts receivable efforts, and the results they encountered are nothing short of amazing.
Bitly is a link management company, most well known for taking those ridiculously long links of yours and shortening them to a manageable URL to share with friends, customers and social media followers. Their customers include Fortune 500 companies and popular name brands like Nike, Spotify, Pepsi, Keurig, Buzzfeed and more. Before using an outside application, in addition to Sage Intacct, Bitly was spending a lot of time populating spreadsheets and putting customers into aging buckets. They would manually send out emails to each customer, and if they didn’t respond, they then had to pick up the phone and call each and every customer. This was a cumbersome process with 1,200 invoices a month and only one collector to do it all.
Bitly then implemented a tool to help manage their Sage Intacct accounts receivable. This automated accounts receivable software, Anytime Collect, allowed them to automate all their email communication to customers based off a defined workflow. The results were outstanding. Bitly increased their collection effectiveness index from 50 percent to 75 percent and decreased their past due percentage from 40 percent to 25 percent a month, all while cutting their time spent on manual activities in half. Bitly was even able to completely eliminate their bad debt while using Anytime Collect to manage their Sage Intacct Accounts Receivable.
MRI Software is a developer of real estate management software that has experienced expansive growth over the past year, acquiring 6 different companies around the world and expanding their staff by 600. With all of the acquisitions and growth, MRI needed a more efficient and transparent way to manage their accounts receivable. Before automation, MRI had each team member assigned to a spreadsheet that they would work their collections off of. This became problematic because the collectors were only able to reach out to accounts once they became past due, as opposed to working the accounts in a strategic manner to collect as much open cash flow as possible.
Once MRI implemented Anytime Collect to manage their Sage Intacct accounts receivable, they were able to get a more strategic and holistic view of their open A/R. Instead of working off spreadsheets, they could go in to Anytime Collect to see all the open balances and automatically assign them to collectors. Managers have a full view of all the invoices and cash application is pushed back into Sage Intacct. Overall, MRI saved about 400 hours from automating many of their accounts receivable activities.