Custom Image

Accounts Receivable Customer Success Stories for Mid-Market Businesses

What you’ll learn


  • Customer success story examples from ShurTech, Summit Electric, FleetPride, J.J. Keller, and Komar
  • 10 Unique features of RadiusOne AR suite that customers love

Gratitude is a two-way street and thanksgiving is a circular process. This is especially true for B2B businesses where the success of every business depends on other businesses. We cannot continue to thrive without our clients, and our clients are equally delighted with the way our solutions help optimize and streamline their accounts receivable processes. From helping them reduce day sales outstanding (DSO) to improving their collections effectiveness index (CEI), HighRadius’ AR automation solutions help hundreds of companies unlock their working capital potential. In this blog, we look at some customer success story examples to understand how our AR solutions benefit businesses like yours. We also highlight the unique features that our clients thank us for. Highradius

5 Customer Success Story Examples | Quick Summaries

Here’s a quick look at how we help our customers.

1. Reducing past-dues by 50% at ShurTech

ShurTech is a CPG company providing ducts, pressure-sensitive masking, and specialty tape products. As its business expanded, manual handling of collections, deductions, and cash application was becoming a challenge. Due to resource crunch, they were writing off all deductions below $250! Manual prioritization of worklists further resulted in AR slipping through the cracks. There was only limited visibility into client communications and tracking.

How we help ShurTech?

  • Built-in structured workflows for deduction resolution
  • POD backup and claim automation
  • Automated worklist prioritization system for accurate account targeting
  • 50% overall reduction in past-due receivables with streamlined processes
  • Automated credit approval or denial correspondence to customers

2. Improving AR efficiency at Summit Electric Supply Co

Summit Electric Supply Co is a wholesale distributor of industrial electrical supplies and equipment. They wanted a system that provides clearer visibility into their operations and a central hub for storing information. Manual methods were making it difficult for the team to aggregate data, prioritize customer accounts for collections, code deductions, and apply cash. The lack of cohesion between teams and real-time alerts into customers’ credit status was affecting their efficiency and customer experience.

How we help Summit Electric Supply?

  • Prioritized worklists for better collector effectiveness
  • 100% elimination of lockbox fees
  • Automated discount and deduction coding to save analysts’ time
  • Match invoices to payments automatically
  • Automated credit workflows for low-risk customers

3. Increasing productivity by 150% at FleetPride

FleetPride, Inc. is one of the largest retailers of heavy duty truck and trailer replacement parts. It has over 260 branches in 45 states. Multiple business acquisitions resulted in a surge of customers, thereby making it difficult to manage the large number of accounts. FleetPride had a small team that manually handled collections, dunning, and reconciliation. A high volume of overdue invoices (19,365 accounts worth $31M) was also reported. The entire process was time-consuming and needed swift automation to improve productivity.

How we help FleetPride?

  • Automatic and intelligent aggregation of data
  • Rules-based automation to enable strategic collections
  • Prioritized and self-generated worklists
  • Automated correspondence
  • Reporting and analytics

4. AR Transformation at J.J. Keller

J.J. Keller & Associates, Inc. offers customers regulatory and information services and products related to the Department of Transportation, Occupational Safety and Health Administration, and other state agencies. They were dependent on manual processes to collect payments and match remittances from their 550,000+ customers. Credit risk management was done through a COBOL-based legacy system and the credit team had to deal with 178,000+ customers with open AR.

How we help JJ Keller?

  • Credit risk information of clients from aggregated from multiple sources on a single screen
  • 50% faster credit reviews through automated credit approval workflows
  • Integrated external and internal alerts
  • Deduction coding and short payment identification made automatic
  • 80% of cash automatically applied using our cash app engines

5. 87% increase in analyst productivity at Komar

Komar is a wholesale distributor of owned, licensed, and private label textile brands. Komar Distribution Services runs their apparel distribution unit that has operations across the globe. Their most significant difficulties were around cash application and managing deductions and discounts on a large scale. Blocked orders due to lack of inter-team collaboration, delayed cash processing, bottom line erosion due to inefficient deductions, and increased DSO were their other challenges.

How we help Komar?

  • Auto aggregation of data for accurate cash application
  • Track and predict deductions status
  • 87% Increase in analyst’s productivity with automated processes
  • Automated cash posting and deduction coding
  • Record time processing of claim disputes

Highradius

Unique Features that HighRadius’ AR solutions offer

What makes our clients love our solutions and enables us to stand apart from competitors? Read on to learn about the unique features that RadiusOne, our new-gen, affordably priced AR automation software offers:

  1. Prioritized worklists: AI-based worklist prioritization feature helps you segment customers and identify high-risk customers.
  2. In-app VoIP calling: Native VoIP calling enables your collectors to call directly from the app and auto-log transcripts, notes, and other action items.
  3. Touchless dunning: Easy-to-create email correspondence templates, guest payment pages, and payment links embedded in invoices save your collectors much time and effort.
  4. Straight-through cash posting: Automated payment and remittance linkages, invoice matching, cash application to your ERP, and AI-based exception handling reduce reconciliation errors.
  5. Support for parent-child hierarchy: Identify parent-child structures among client accounts and match payments and invoices for them according to pre-defined rules.
  6. Self-service customer portal: Customer portals to help clients manage invoices, payments, and disputes quickly and easily.
  7. Multi-OCR Engine capture: AI-based OCR engines to capture remittance data from check stubs and eliminate lockbox fees.
  8. Automated periodic credit reviews: Automated credit risk evaluation supported by out-of-the-box integrations with leading credit risk agencies to fast-track credit approvals.
  9. AI-based predictions: Predict customer payment dates leveraging AI-based features.
  10. Plug-and-play integrators: Ready-to-use connectors to integrate with popular ERPs such as NetSuite, Sage Intacct, and Microsoft Dynamics.

These are just the tip of the iceberg. We help you automate end-to-end order to cash processes. Book a demo to see how our solutions work and get your AR automation doubts cleared by experts.

Recommendations

What is ACH Payment and How Is It Processed?

Evolving Landscape of Women in Finance and Leadership Roles

What is Accounts Receivable Factoring? [Examples & Benefits]

There's no time like the present

Get a Demo of RadiusOne A/R Suite for Your Business

Request a Demo
Request Demo Character Man

The HighRadius RadiusOne AR Suite is a complete accounts receivable solution designed for mid-sized businesses and SMBs to automate eInvoicing, Collections, Cash Reconciliation, and Credit Risk Management to enable faster cash conversion and maximize working capital.

It is quick to deploy and ready to integrate with ERPs like Oracle NetSuite, Sage Intacct, MS Dynamics, and scales to meet the needs of your order-to-cash process.

Lightning-fast Remote Deployment | Minimal IT Dependency
Prepackaged Modules with Industry-Specific Best Practices.

See RadiusOne AR Suite in Action Today