Q&A
How Digitising Credit Control Improves Customer Relationships and Speeds Up Collections Automating manual and monotonous but essential tasks such as credit control empower both- the businesses and their customers. It releases valuable time for businesses and allows them to build long term strong customer relationships.
Kolleno speak to...
@Splento
Gemma Nevers, Head of Customer Success, Splento Splento is a London-based international tech company that offers a wide range of visual content solutions; including food, property, event, product photography and videography, as well as CGI & VFX - all available on-demand, with edited content delivered as soon as 24 hours later.
This article analyses the advantages of automating credit control functions based on the experience of the growing b2b visual content production company... This article is
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What made you decide to switch to automated credit control?
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Every SME owner that wants to grow their business first thinks about growing sales first. This is especially true for a start-up, since growing the client base and spreading the word about your services and earning goodwill is the first thing that comes to mind and becomes a priority.
Very often there are several reminders before the invoice is actually paid and this impacted us internally as a few departments were involved. This slow process could really jeopardise our established customer relationships and overall experience.
Embedding Kolleno’s solution into Splento enabled us to speed up the collections by 5x; supporting our fundamental functions and our client relationships. Moreover, Kolleno’s team is highly responsive and always on hand to help us with determining the next best step.
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How did Splento benefit from the Kolleno SaaS Platform?
When the Splento team realised that late payments It was an eye-opener for Splento were a bottleneck in our business when we realized that a higher development, we started to volume of sales comes hand research solutions in hand with more delayed - enter Kolleno. payments. Of course, I What appealed expected that the ratio Embedding to us the most, is of delays wouldn’t that Splento did change, but our Kolleno’s solution not need to make team wasn’t into Splento enabled any investment prepared to chase us to speed up the in software, nor an actual large hire additional number of clients collections by 5x staff. Kolleno is a who were delaying cloud-based solution payments. that is compatible with most popular ERPs and accounting So, due to a large number of unpaid invoices, it was challenging software, such as Xero. The Kolleno extension is extremely to reach some clients and have user friendly and does not require one central point for all internal lengthy training, thus saving us stakeholders to review. more time.
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Why do businesses experience late payments?
The problem of delayed payments is not unique to any particular industry, nor the size of the company and is stalling the growth of SMEs across the globe. Recently I read that some industries such as manufacturing or publishing sometimes have over 40% of the outstanding invoices older than three months! Furthermore, it is a proper fulltime job to monitor the payments dynamic, prepare Aging Reports (the percentage of old receipts and their delinquency) and then take action on collection. We decided internally hiring this specialist was not best for Splento.
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