How Pickupp's finance-ops increased productivity by 30% using Peakflo
"Peakflo has a simple interface that is easy to use. It makes monitoring and collecting outstanding payments very easy for us. We've reduced our monthly overdues by 40% and DSO by 25%. The customization offered is an additional plus point."
Lee Chee Meng
Co-COO, Pickupp
See How Much Pickupp has Saved with Peakflo
30%
increase in productivity
40%
less doubtful debt
25%
DSO reduction
Based in: Singapore
Peakflo customer since:
February 2021
Invoice per month:
100
Background
Pickupp provides logistical support to over 10,000 businesses spanning from MNCs and logistics giants to retail and e-commerce SMEs in Singapore.
Favorite Features
✅Easy-to-use dashboard
✅Invoice status tracking report
✅Automated follow-up workflows
✅Centralized workspace
Key Takeaways 🔑
🚩Problem
Before Peakflo, Pickupp had a manual process for collecting and monitoring outstanding payments. This manual approach has led to data silos of communications between different teams and channels that have to be brought together from manual spreadsheet inputs. Thus, delaying team alignment and revenue collections.
✅Solution
Peakflo, with its easy-to-use interface, makes monitoring and collecting outstanding payments very easy. As a result, we’ve reduced our monthly overdues by 40% and DSO by 25%.
As Pickupp started scaling up, they faced challenges in 3 different areas, which required a centralized workspace.
Problem:
Cumbersome invoice issuance
Issuing an invoice wasn’t a straightforward process for Pickupp anymore. There was a need to capture all invoice disputes raised by customers and track their communication with the accounts team (who issues their invoices) or with the sales team (who handles their accounts).
Solution:
Invoicing made convenient with Peakflo’s
accounts receivable solution
Peakflo has addressed the invoice issuance challenge with a unique accounts receivable platform. With the unique customer portal, Pickupp clients can easily raise disputes. Once the dispute is raised, the stakeholders will get informed and they can respond through Peakflo to resolve the dispute. All the disputes raised and the responses are now kept in Peakflo.
This eliminates the back-and-forth communication between the client and the sales team, as well as the sales team with the finance team. The disputes are getting resolved sooner, resulting in more client satisfaction.
Problem:
The sales team had to spend 30% of their time on collections rather than revenue generation
Pickupp’s sales team and finance team had to go through back-and-forth communications on invoice payment status. Their account managers were busy chasing aging receivables and handling dispute resolutions. Oftentimes, these communications were unfinished, undelivered, and hard to track. These processes took up 20% to 30% of the sales team’s time, which wasn’t part of their core responsibility. Pickupp had to look for ways to help their account managers to focus on their responsibility to grow the business.
Solution: Streamline cross-team collaboration, streamline revenue generation
Using Peakflo, Pickupp has been able to consolidate all their data and communications in a single channel. Internal communications are now clearer and more transparent with the timeline, which keeps records of all responses, files, notes, comments, actions, and resolutions.
The finance team can also set up smart workflows and send reminders through channels that the client prefers with tailored messages, freeing the sales team’s time from such redundant processes. With Peakflo’s collections automation, Pickupp has saved a lot of time during invoice cycles, increasing team productivity by 30%.
Problem:
Frustrating spreadsheet tracking
Pickupp tracked their invoices through spreadsheets, and the internal members had a hard time interpreting the data, thus hindering them from making actionable decisions. As there was a lack of visibility organizational-wide, Pickupp needed a dashboard where all related stakeholders could monitor invoice status in one place.
Solution:
Facilitating comprehensive tracking with Peakflo’s
wide range of reports
Tracking outstanding invoices has also been made easier as Pickupp gets a big picture of all the outstanding invoices through the invoice status tracking report. With Peakflo’s predictive AI, Pickupp has identified and focused on invoices that were likely to be overdue and bought down their bad debt by 21%.
"Before Peakflo, we had a manual process for monitoring and collecting outstanding payments. This manual approach led to data silos of communications across multiple stakeholders and channels that had to be brought together through manual spreadsheet inputs. This delayed cross-team alignment and, in turn caused delayed revenue collections."​
Lee Chee Meng
Co-COO, PickuppProblem:
No system in place for follow-ups
A system was required to track or record the follow-up communication with their customers, whether it was a text message or e-mail conversation. There wasn’t a way to monitor the follow-up process.
Solution:
Systemized workflow for productive follow-ups
Pickupp has also streamlined its follow-up process by setting up programmable workflows. By triggering multi-channel follow-up reminders to their customers and keeping all the internal stakeholders aligned, Pickupp has increased their team productivity by up to 30%.
