How Driver Logistics reduced average overdue days by 16 and increased receivable efficiency by 35% with Peakflo.
"The Peakflo team was very efficient in understanding our requirements, and they developed customized solutions to make the day-to-day finance operations much more effortless. We’ve been able to reduce our average overdue days by 16 and increase our receivable efficiency by 35%. Additionally, with Peakflo’s custom-built reports, we no longer need to spend hours on manual reporting. "
Ranjith Av
Account Manager at Driver Logistics
See How Much Driver Logistics has Saved with Peakflo
16
days reduction in Average Overdue Days
35%
increase in invoice tracking and follow ups efficiency
Based in: India
Peakflo customer since: June 2023
Invoices per month: 300-400
Background
Driver Logistics is a supply chain and logistics solution provider in India
Favorite Features
✅ Integration with NetSuite
✅ Peakflo automated reminders
✅ Peakflo Task Management
✅ Peakflo Task Management
✅ Peakflo built-in and custom reports
Key Takeaways 🔑
🚩 Problems:
- Sending invoices to customers and following up on unpaid invoices
-
Manually tracking overdue invoice payments
- No process for managing collection tasks
- Manual reporting
✅ Solutions
- Peakflo custom integration with NetSuite Accounting Software
- Peakflo automated reminders
- Peakflo collections task manegement
- Peakflo Customer Status Tracking report
- Peakflo built-in and custom reports
The process of integrating NetSuite accounting software with Peakflo was smooth. The Peakflo team was very efficient in understanding the requirements, and they developed customized solutions to make the day-to-day finance operations much more effortless.
Problem: Manually sending invoices to customers and following up on unpaid invoices
The process of sending reminders was utterly manual before using Peakflo. The receivables manager sent the reminders one by one from NetSuite accounting software which took a long time. Also, there was no visibility over the invoices that were about to become overdue and the collections team was not able to take timely actions to reduce their DSO. The average overdue days was almost 2 months before using Peakflo.
With Peakflo’s automated workflows, now Driver Logistics team automatically sends all the invoice reminders through emails to their customers with full visibility over the audit trail. Driver Logistics is also planning on creating new workflows for new customer segments. Now it takes less than a month for Driver Logistics to get paid for their invoices.
Problem: Manually tracking overdue invoice Payments
The process of tracking overdue invoice payments was being handled via Excel sheets and it was quite tedious and error-prone. The manual status tracking through Excel was not efficient and didn’t give the team enough visibility over the overdue payments or the communication trail with the customers.
Solution: Peakflo Customer Status Tracking Report
By using Peakflo as a centralized tool for streamlining receivables, keeping track of invoices and customer status has become much easier. Driver Logistics is now able to get paid 30% to 35% faster and have full visibility over the customer communications.
Problem: No process for managing collection tasks
Before Peakflo, there was no particular process for managing the collection tasks in the team.
Solution: Peakflo Peakflo collections task management
The collections task management feature has made collections much more convenient for the Drivers Logistics team. They now have clear visibility over which tasks are pending for each team member and it’s easier to track the performance of the team.
Problem: Manual Reporting
Before using Peakflo, the Driver Logistics team manually exported data from NetSuite accounting software and used Excel to view the reports which was tedious and time-consuming for the team.
Solution: Peakflo built-in and Custom Reports
Driver Logistics is now utilizing custom reports to easily track invoices about to become overdue and aging analysis along with reminder delivery tracking report. The reports are fully customizable and the time the Driver Logistics team had to spend on manual report creation has significantly reduced.
" We’ve been able to reduce our average overdue days by 16 and increase our receivable efficiency by 35%. Additionally, with Peakflo’s custom-built reports, we no longer need to spend hours on manual reporting."
Ranjith Av
Account Manager at Driver Logistics
