Victoria
Location
2021
Customer Since
250+
Company Size
The post Transport Administration Services appeared first on CreditorWatch.
]]>
Transport & Logistics
Manage
Transport Administration Services
TAS has reduced bad and doubtful debts by around 70% over the past two financial years.
About Transport Administrative Services
Transport Administrative Services Pty Ltd (TAS) supports a boutique suite of dynamic brands specialising in modern courier transport, which operate across Australia. Its long history is proof of its reliability and constant evolution. TAS’s experienced and talented team demonstrates an unwavering commitment to technological innovation, ensuring it is at the forefront of the courier industry. Its investment in technology has equipped it with the resources to provide an exemplary level of service with every delivery.
Their Challenge
A lack of visibility of the risk profiles of existing and new customers resulted in a number of uninformed credit approvals, which subsequently led to TAS experiencing too many bad debts from customer insolvencies.
The Solution
TAS set up CreditorWatch’s monitoring and alerts across all customers with credit approval greater than $2,000.
TAS’s National Credit Manager, Neil Smith, says, “This might seem low but we’re an on-demand transport company with fluid change in demand. This represented approximately 1,500 customers.”
“Without CreditorWatch, there’s no way we would have achieved that outcome”
The Results
TAS has reduced bad and doubtful debts by around 70% over the past two financial years.
TAS has also found that registering payment defaults on the CreditorWatch platform has been an effective trigger to get customers to pay outstanding invoices.
“Without CreditorWatch, there’s no way we would have achieved that outcome,” Neil says.
“We’re spending a bit more than we were before but we’re saving eight times that as a result.”
Get started with CreditorWatch
Ask questions, get help with pricing and plans, explore use-cases for your team, and more.
The post Transport Administration Services appeared first on CreditorWatch.
]]>The post Locatrix appeared first on CreditorWatch.
]]>
Technology
Collect
Manage
Locatrix
Locatrix got customers paying faster using CreditorWatch Collect.
Queensland
Location
2020
Customer Since
15+
Company Size
About Locatrix
Locatrix helps save lives. Providing businesses and government with spatial mapping and emergency preparedness applications, Locatrix enable the easy capture and sharing of critical building information and online safety inductions to keep workers safe, mitigate risk and aid first responders during emergencies.
Their Challenge
Prior to implementing CreditorWatch’s Collect, collections was a manual process for Locatrix.
This was time consuming and wasn’t getting Locatrix the results they needed when it came to getting paid.
The Solution
As a happy CreditorWatch customer already, Amanda heard about CreditorWatch’s new automated collections tool, CreditorWatch Collect.
With goals of streamlining their processes and making life easier for everyone involved, they decided to give it a try.
“Rather than us keep employing more staff, we can streamline what we’ve got and make life easier. CreditorWatch Collect has definitely helped.”
The Results
Six months in and CreditorWatch Collect has had a significant impact on collections for Locatrix.
Not only has Amanda and her team’s workload reduced (over 1,000 reminders have been automatically sent during this time using CreditorWatch Collect), but money is coming in faster. And in the current economy that’s no mean feat.
Key results for Locatrix are:
- A 50% decrease in 60-day debtors. Their 60-day aged receivables halved from 14% to 7%
- Customers paid 26% faster. Average days delinquent reduced by 26%, from 17 to 13 days.
Get started with CreditorWatch
Ask questions, get help with pricing and plans, explore use-cases for your team, and more.
The post Locatrix appeared first on CreditorWatch.
]]>The post Gateway Containers appeared first on CreditorWatch.
]]>
Hiring & Rental
Collect
Gateway Containers
Gateway Containers uses CreditorWatch Collect to streamline its collections process.
Queensland
Location
2019
Customer Since
10+
Company Size
About Gateway Containers
Gateway Containers is a successful family business in Queensland. Working with both international and domestic shipping companies, Gateway Containers provides storage for over 4,000 containers. Specialising in the sale and hire of new and used containers, they also assist customers with modifications to and repair of shipping containers.
Their Problem
A manual accounts receivable process was causing several different issues for Gateway Containers. Emma was the sole person responsible for their credit control and just didn’t have the time or resources to get on top of their debtor list.
In November 2022 when Gateway Containers signed up to CreditorWatch Collect, they had around 500 customers and a high volume of monthly invoices. 90% of invoices were overdue.
Without a clear process in place credit control was time consuming, manual and wasn’t delivering the results needed. A familiar situation to many, Emma found herself trolling through spreadsheets to try and work out which debtors to prioritise and chase first, sending reminders manually from her own email address and making notes in an Excel spreadsheet.
And when Emma was away, everything just stopped.
“It’s been amazing. It streamlined the process. It’s done exactly what it’s meant to do and helped us collect that debt without taking up time.” – Emma, Gateway Containers
Our Solution
After seeing an email and webinar on CreditorWatch Collect, Emma knew that this was exactly what she was looking for. Easy to implement and integrating smoothly with their Xero accounting system, CreditorWatch Collect took the pressure off Emma and smoothed the whole credit control process.
With CreditorWatch Collect, Emma no longer has to send reminders manually from her own email address, the tool automatically sends pre-written reminders to debtors at pre-determined intervals that Emma has set up using the workflows tool. Using the dashboard and reports she can easily see what debtors need chasing first. And anyone else in the business can jump in and clearly see what stage a debtor is at. Confusion gone; time saved.
When Emma’s away or needs to focus on something else, CreditorWatch Collect runs smoothly in the background ensuring reminders continue to go out at well-timed intervals. Meaning Emma can breathe a little bit easier.
The Results
From a bottom-line perspective, CreditorWatch Collect has delivered the goods. In the first four months of using CreditorWatch Collect, Gateway Containers:
- Collected $292,000
- Reduced the proportion of overdue invoices from a massive 90% down to 62%
- Reduced the average monthly amount overdue by 34%
Gateway Containers have also seen a change in the behaviour of customers. Using CreditorWatch Collect means reminder emails appear more personal which is resulting in better communication with customers. They’re also getting SMS reminders (one of Emma’s favourite features), which are proving a useful tool as they’re hard for customers to ignore. Once debtors have cycled through the standard reminders’ workflow, they move into the next stage which raises legal proceedings. This has resulted in a lot of their long-term debtors paying their bills.
Emma Bailey from Gateway Containers says:
“It’s taken off the pressure of deciding where to start. I don’t have to think about it, it just runs in the background for us. It’s great.”
Get started with CreditorWatch
Ask questions, get help with pricing and plans, explore use-cases for your team, and more.
The post Gateway Containers appeared first on CreditorWatch.
]]>