The challenge
An industry-leading fundraising software provider, iWave performed its A/R processes manually, relying heavily on spreadsheets and email to invoice customers and collect payments. “We made it work,” says Karen Wight, VP of Finance. “But we didn’t realize how much of an energy vampire accounts receivable was for us.”
In addition to draining the finance team’s time and resources, iWave’s billing practices confused the company’s customers. Statements and invoices arrived at unpredictable intervals in the billing cycle and left recipients wondering how and when to submit payment. “It worked in the sense that we collected our money, but I can’t say that we were serving our clients well in the process,” says Wight.
The solution
After researching potential technology solutions to improve iWave’s customer payment experience, Wight selected the Invoiced automated platform to revamp its A/R operations completely. “Ease of set-up was important,” says Wight. “Invoiced was the easiest implementation we’ve had by far. It was just syncing everything up, setting up your team, and you’re pretty much ready to go. And with Invoiced, the cost was right.”
Using the Invoiced platform’s pre-built functionality for integrations, iWave seamlessly connected its Sage Intacct ERP system. The Invoiced application pulls invoices from Intacct, running a variety of automated communication and task cadences tailored for different iWave customer types. With these automated collections cadences, iWave sends customers the right messages at the right time, driving them to its online portal for payment.
Additionally, iWave integrated two popular payment systems with the Invoiced platform to streamline and accelerate its workflows for accepting international payments. No matter where iWave customers are located, credit card transactions are quick, easy, and convenient.
“Being in Canada, we were at an average of just over 50 days for us to collect on an invoice. We’ve shaved almost 20 days from our time to collect, which we didn’t think was possible.”
Karen Wight, VP of Finance, iWave
The results
With the Invoiced automated solution deployed, iWave significantly reduced the time and effort its finance team devotes to A/R. “Previously, we were at capacity, and we needed to hire,” says Wight. “But all of a sudden, with Invoiced in place, everyone felt like they could breathe. We’ve saved so much time.”
Plus, the company significantly improved its DSO, the vital metric for A/R efficiency. “Being in Canada, we were at an average of just over 50 days for us to collect on an invoice,” says Wight. “We’ve shaved almost 20 days from our time to collect, which we didn’t think was possible.”
Finally, iWave now provides the professional, consistent billing and payment experience today’s consumers have come to expect. “Our clients now can pay online, and it’s all branded,” says Wight. “It looks like our portal and clients love it. They get the emails and reminders they need, they know how to pay us, and we’re saving time.”