Sending emails, writing collection letters, stuffing envelopes with invoices; these are typical tasks associated with accounts receivable. These tasks can add up to at least a full 8 hours a day – usually even more! And this is repeated almost every week. Obviously these are important activities to complete; however, they don’t have to be done manually. They can be automated, while still being personalized to convey your companies collection preferences to your customers. Once automated, this can save a company’s accounts receivable team an immense amount of time. Take for example, MRI Software, who was able to save 400 hours a month.
MRI Software dominates the real estate management software market with their collection of suites, from financial and lease management to reporting tools and more. MRI also offers software add-ons to complement and enhance their core product. Their SaaS product sells to clients in the real estate industry, such as residential or commercial property managers, real estate investors and developers, mostly on a subscription basis.
From 2017 to 2018, MRI experienced expansive growth having acquired six different companies from around the world, expanding their reach from beyond North America to Europe, Asia, Australia, the Middle East and Africa. In just a few months, MRI expanded their staff from 600 employees to a total of 1,000 MRI team members. In order to continue on this path of success, MRI Software needed a way to scale and improve on current accounts receivable processes – they chose to implement automated accounts receivable software.
After the acquisitions, MRI was tasked with collecting on their new client’s open accounts receivable. With help from Lockstep Collect automated accounts receivable software, the accounts receivable team was able to take a deeper look at the underlying issues and reconcile the accounts quickly.
“We had one acquisition where there was a lot of open A/R that we couldn’t figure out why it wasn’t getting paid. In being able to run these manager A/R reports , you can see where your problems are more easily and it makes you think about your open A/R, what you should be spending your time on and the problems you’re encountering. There’s a very real payoff in that it forces you to start thinking about what you’re looking at, instead of just going through the motions,” Russo explained.
Not only did MRI find it possible to save 400 hours of time a month because they began automating their communications with customers, but they were able to spend that additional time analyzing their troubled accounts and put in place a better process for their collections efforts.