Peak Industrial slashed bad debt and reduced their total accounts receivable
balance from $20M to $10M by leveraging Billtrust’s
collections automation solution. The transformation increased their productivity by 50%, but it also turned
accounts receivable into a standout success within the company. Hear how they
did it from Ryan Oaks, Finance Director at Peak Industrial.
In 2022 and 2023, we wrote up about $500,000 each year in bad debt. A lot of
that came because we couldn’t keep track of all the customers that we had.
Today, Billtrust helps us be a lot more proactive in sending invoices to
customers on day one, day 30, day 60. Now, we don’t even have, $200,000 in
our plus 90-day account anymore.Ryan Oaks, Finance Director, Peak Industrial
Before Billtrust, the AR team had a difficult time tracking how many customers
they had to reach out to, but now that’s a lot easier. Team members don’t have
to refer to a spreadsheet and figure out who owes the company money. Now, it’s
all in a prioritized queue.
Collectors go in and click a button and it sends all those reminders out at
once. Collections automation features mean they no longer have to log into the
corporate ERP system to manually retrieve the invoice, download it, attach it
to the email, and write email. Thanks to Billtrust’s AI-powered automation,
the work is done immediately. With a click of a button, personalized reminders
are sent to customers.
We started with $20 million in our total AR balance. Through the process
changes that we’ve made with Billtrust, we got that down to around $10
million now. So, we’ve cut our total AR balance in half.
Not only did Peak Industrial achieve those huge savings, but they were able to
reduce their headcount in half!
We saved 50% of our time. It basically paid for itself. It turned our AR
into a from a pain point, into a shining star within the company. It’s been
a big bright spot for us over the last year, and it’s been a huge
transformation.
Ready to begin your AR transformation?
Talk to an expert.
