Online PODs result in fewer unpaid invoices and improved cash flow
For a food distribution company, implementing a solution to allow online access to signed POD documents has delivered a reduction in unpaid invoices, faster resolution of queries – leading to faster payments and improved cash flow – and staff time savings.
The company is an intermediary that delivers produce from manufacturers to major retailers, so the manufacturers pay the company based on goods listed on signed PODs – and the retailers pay the manufacturers using the same information.
PODs are captured digitally, stored in Macro 4’s Columbus system and accessed through a secure web site where manufacturers, retailers and the company’s own billing team can check exactly what has been delivered. In addition to credit control, cash flow and productivity gains, the system has resulted in improved customer service and the renewal of lucrative retailer contracts.
Days sales outstanding fall to lowest level ever
The finance team at a recruitment company were concerned that invoices were often sent to customers several weeks late because they were spending time manually collating supporting documentation such as timesheets.
There were also delays responding to customer requests for copy invoices due to a lengthy process that involved downloading information from the company’s accounting system.
Now, invoices are available online and can be sent to customers by credit controllers with a single click from their Columbus accounts receivable solution. As a result, payment queries and copy invoice requests are turned around much faster.
Debtor days are at their lowest level ever, and the credit management team has started receiving bonuses for exceeding their debt recovery targets.