Business challenges
As a publisher, ABPL sells ad space in its publications. In addition to this, the company also holds several events every year and sells sponsorships. Consequently, a large volume of invoices are raised every week. The company deals with several small to midsize businesses that do not have mature accounts payable (AP) processes – so it was essential to set up an efficient accounts receivable (AR) and customer relation process.
When a key employee managing customer relationship and collections left, ABPL witnessed a spike in the number of unpaid bills; a substantial number of invoices were overdue by 60 to 90 days. In addition to collecting the outstanding payments without impacting the customer relations, the agency also wanted to take the opportunity to streamline the credit control and accounts receivable process.