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Accounts Receivable Solution

In today’s competitive world, any organization needs to have sound financial planning and management in order to ensure sustained growth and good business health.

Now you can take complete charge of your payment collection activities through DGVault’s Accounts Receivable solution.Our automated solutions help to streamline your entire financial management processes, and seamlessly integrate sales, accounts and execution to improve enterprise-wide performances. Keep track of your finance collections accurately and effectively,with our solution that includes systematic electronic invoicing, generation of receipts, and management of receivables.

For privacy reasons, we are not permitted to disclose the identity of our client, so we shall call it First Leasing Co.

Case Study

First Leasing Co.

This well established company is in the business of leasing factory equipment, tools and machinery. While they have a monopoly in the business in their region, further growth beyond this territory has not been possible as they have been following archaic methods of financial and accounting records management.

The Problem:

First Leasing Co has been sending print statements and invoices to customers. Subsequently, they have been relying on manual follow-ups for payment, collecting receivables in cash or by check, and getting the amount deposited in their account.

There were many problems associated with this methodology:

  • This process has been laborious, time consuming, and very labor intensive as it requires a lot of manual handling.
  • When a person in charge of a particular account is indisposed or absent, the process is at a standstill.
  • There is no guarantee that bills and receipts sent have actually been received.
  • Payments are not immediate, as checks have to be posted, deposited and credited- or cash has to be collected in person.

DGVault’s Solution:

Our solution was to gain total financial control of the account process.

Step 1: Many of First Leasing Co’s clients required hard copies of bills for the purpose of record-keeping. We undertook the printing and mailing of bills to the clients, freeing up First Leasing’s staff from this time consuming job. Print fulfillment and mailing of invoices and statements had taken up considerable manual time and effort, and by outsourcing this process First Leasing were able to manage their work in a more organized manner.

Step 2: As First Leasing required a comprehensive digitized database, the invoices and statements were all processed, and saved on the website.DGVault’s website maintains secure login identities for end customers on a secure dedicated server.Our AR solution allows easy access to related documents; providing hyperlinks to invoices from statements, and hyperlinks to supporting documents from invoices. This unique feature adds to the functionality by simplifying the operation of each account.

Step 3: We scanned or collected soft copies of all supporting documents- purchase orders, receipts and correspondence, and added all the documents to the folder under the website identity. A comprehensive financial history of each account would therefore be readily accessible to First Leasing Co, simply by logging in through the secure server and accessing the online records.

Step 4:  We provided First Leasing Co with a secure branded customer portal that allows their customers to login and review their invoices and supporting documents. Payments by clients were routed through ACH facilities or through credit/debit cards online.Now that the electronic invoicing and payment solution is in place, payments to First Leasing are immediate and receipts are generated instantly and recorded electronically.

The client’s feedback: 

“DGVault’s Accounts Receivable solution has streamlined all our financial processes, and made our accounting very systematic and functional. The electronic invoicing and payment solutions that they have set in place help us to have an end-to-end view of our business finances. There is no dependency on manual processes, and we have been able to cut the number of staff required to less than half! Needless to say, we have strengthened performances all around and are looking forward to sustained long-term growth.”