How Veryable brought payments online and reduced DSO by 37%

Before choosing Upflow, Veryable faced difficulties in efficiently running their accounts receivable processes.

One major issue was the way they were getting paid. Although they used Intuit QuickBooks, which facilitated direct payments via credit cards and ACH debit, many of their customers still preferred to pay by check.

Check payments were significantly slowing down payment times and making the collection process cumbersome.

“Check payments are out of our control. It’s primarily dependent on the mailing system. So sometimes we’ll get a check three days after the customer sends it, or sometimes it’s a month or two”, notes Teonia Hansome, Staff Accountant at Veryable.

But it wasn’t only about the time it took to receive the checks. The processing time was also an issue. Customers typically sent payments on the invoice due date, rather than ensuring Veryable received the payment by that date. This delay meant that weeks could pass without the funds being available, hampering Veryable’s ability to manage their finances efficiently. Teonia notes, “Just too many mediators in the middle that causes way too many problems that are out of our control.”

This situation not only resulted in late payments but also meant extra time wasted on back-and-forth communications with customers who believed they had sent their payments on time.

Moreover, communication around accounts receivable and cash collection was a significant issue for Veryable. The fragmented nature of their system made it challenging to maintain clear and consistent communication both internally and externally.

Internally, it was difficult to keep track of collections and customer interactions across different platforms, leading to inefficiencies and miscommunications. Externally, the back-and-forth with customers about the status of payments often led to frustration and delays in resolving payment issues.

These fragmented communications had broader implications for Veryable’s business operations. Inefficient communication could lead to strained customer relationships, and ultimately, a negative impact on cash flow.

Veryable needed a more centralized and streamlined approach to manage their accounts receivable processes effectively and improve overall communication.

Initially, Veryable sought Upflow primarily for its cash collection capabilities, to bring their rising DSO under control – a major symptom of the way they were getting paid, primarily via check.

The decision to switch was also driven by the need for a centralized and efficient tool for managing collections. “Before we were trying to bring together QuickBooks and the credit card system we were using within our business platform. Different receipts from different companies and things coming from so many other places”.

“Upflow helps us communicate internally and externally, and there’s a place for the history of all communications for each customer.”

Teonia notes, “Being able to keep track of all that data and all the collections and communications that we’re having with our customers and also with our team internally as well…it’s just been really helpful in being able to automate a lot of things”.

While this was the reason for switching, the team at Veryable were soon happy to discover the broader functionality available in Upflow: “Along the way we found out you guys have way more functionality that we could use and which could possibly have a positive impact on our customers,” notes Teonia.