How EstimateOne saves 376 hours and collects AU$ 83.3k faster with Peakflo
"Our finance team is quite pleased with Peakflo's performance, we believe it does save time and effort in managing cashflows."
Michelle Byrnes
Financial Controller, EstimateOne
See How Much EstimateOne has Saved with Peakflo
376
hours saved since joining
83.3k
(AU$) collected faster
10k
(AU$) annual economical benefits collected
Based in: Australia
Peakflo customer since: March 2022
Invoices per month: 7,000
Background
EstimateOne is a tender management platform connecting commercial builders and subcontractors.
Favorite
Features
✅Customizable email workflows
✅Invoice status tracking report
✅Customer status tracking report
Key Takeaways 🔑
🚩Problem
EstimateOne’s three-women financial team had a tough time due to manual management of account receivables, consuming most of their time and hindering them from growing their business. Payments were recorded in spreadsheets – which didn’t provide them much visibility on overdue invoices.
✅Solution
After syncing their accounting software with Peakflo, managing receivables was much simpler as they could chase payments easily with the automated email reminders. Plus, EstimateOne was able to gain more insights into customers’ invoice status through the comprehensive reports. With the help of Peakflo, EstimateOne has increased their productivity & collected payments faster.
Problem:
Lack of visibility due to manual spreadsheet tracking
It was time for EstimateOne to step out of invoice tracking spreadsheets maintained for individual merchants. Their finance team needed to shift to a centralized workspace where all stakeholders could monitor and get more visibility on the status of invoices.
Solution:
Increased visibility thanks to the comprehensive reports
There were two reports that have played a key role in streamlining EstimateOne’s receivables management. First, the customer status tracking report where they could track overdue invoices and how long the invoices have been overdue.
“We use the customer status tracking report to predict our customers' payment behavior.”
Michelle Byrnes
Financial Controller, EstimateOneSecond, the invoice status tracking report where they could access a detailed table-view of companies with overdue invoices along with the total amount they owed in one dashboard.
Problem:
Difficulty in chasing invoices due to time-consuming follow-ups
A system was required to track or record the follow-up communication with their customers, whether it was a text message or email conversation. There wasn’t a way to monitor the follow-up process. In addition, their current accounting software only allowed them to set 5 email reminders, which wasn’t sufficient for chasing the 70,000 payments they received monthly.
Solution:
Collections made easy with Peakflo’s automated payment reminder workflow
Peakflo has facilitated EstimateOne with automated follow-ups, increasing productivity as the finance team no longer had to do back-and-forth ad-hoc communications. Utilizing the multi-channel customizable workflows, they could tailor the content of the email and SMS according to their business needs and also in terms of timing and frequency. Plus, they could set unlimited workflows which has been especially helpful for EstimateOne to collect payments faster.
"We appreciate the customized workflows as it allows us to create an optimal workflow that includes reminder emails, SMS messages, and phone calls."
