Setting Expectations
Credit Managers often start the year – fiscal or calendar, with ambitious targets. One Credit Manager we know had signed up to a DSO target of 50 days based on a 6-month rolling average. The business was tracking at 58.1, and he had 6 months to get this to 50 – with anything below 55 being considered a failure. Working with his team to cover B2B and B2C accounts in several countries, they took 14 months to get DSO down from 58.1 to 49.2 days. For this reason, the same individual was shocked when he moved the company at a time when Corrivo was being implemented.
The New Way to Work
The new business had a DSO of 67 days with a heavy burden of issues related to invoice anomalies. Within 3 months of implementing Corrivo, the DSO went from 67 to 46. Why? The Credit Manager witnessed a startling improvement in the speed with which invoices were issued AND the accuracy that resulted from automated invoice creation with eBilling.
The tireless team had spent precious hours before Corrivo making invoices from their popular accountancy software, taking data from their online B2B ordering system. It was easy for customers to create orders but it took them quite some effort to create, check and send by post or PDF the relevant invoices and PODs. When these tasks were automated, the team spent more time at first unpicking issues with the pre-Corrivo invoices, and then a great deal more time still analysing the data generated from Corrivo to establish even better ways of working.
