Far, far away in the land of Silicon Mountain, where new ideas are dreamt, innovations are cultivated and efficiency is the goal, was a young, tired, overworked back office lady. This lovely lady that went by the name of Aimee worked for the next predicted unicorn of the land. Her small team of herself and just 2 others approved credit worthiness, invoiced, collected and applied cash for her ever growing company.
Bong, Bong, Bong goes the gong again! The sales team cheers again! High fives all around are warranted due to the next sale being signed. Jeff and his team smile to each other and get back to selling. They review Salesforce (their CRM) for their next prospect, but not before confirming that their dashboard is showing their new sale and that they tracking to close well beyond their quota.
Aimee’s team’s excitement is short lived. Sales are great, revenue is awesome, but the manual time-consuming work that takes place after the sale is exhausting! This sale was for an existing client, whew! One less step to take. Back into the accounting ERP her team goes. Find the account, confirm the billing details in the ERP vs Salesforce, create the invoice, confirm the invoice details against the SOW (statement of work). All agree, but oh no wait, this client has outstanding invoices from 3 and 5 months ago. Their account cannot go live. Payment must be made for these invoices.
Late into the night, Aimee is still reviewing this account among many others. She hates to be the bearer of bad news, but out goes the email to Jeff and several other of the sales team to let them know that their sales will not be completed until payment is received for their outstanding invoices. She knows that the sales team dislikes these nightly emails and are frustrated with the lack of transparency into their accounts. But with the highly manual, inefficient process currently in place her team can only react to issues, they can not pro-actively anticipate them.
That night as Aimee lay her head down to rest, she thinks to herself, why are we always behind, why are things so manual, why are our daily conversations with other departments always so stressful? There has got to be a better way! Aimee’s dreams that night were full of ideas. What if we could provide sales with automatic notifications when their accounts hit a certain date on the aging? What if we could automate the entire collections process? What if we could have a CRM (like Salesforce) to maintain all notes, correspondence and contact details for our clients? What if there was a place to track DSO, the health of clients and payments?
Aimee woke up earlier than usual and started her search. She finally found YayPay! It meet all of her needs. CRM, automated collection workflows that included notifications to sales (woot, woot!), dynamic aging, and a super useful dashboard that includes cash prediction! Her CFO is going to be thrilled that he is able to see this at a click of a button instead of waiting for hours for Aimee to create! Aimee is thrilled that she able to finally be empowered again and proactive!
There are 1 million people in corporations the USA that are involved in doing Aimee’s job, and millions more around the world. They don’t hear the gong ring and they are the unsung heroes working away manually, without all the cool tools designed for their function, like they have in sales. They don’t have a Salesforce designed for AR.
In the mid-market alone, there are 200,000 companies representing $10 Trillion dollars or 1/3 of the economy. And, due to bottlenecks not enough resources in finance back office operations there is $400 Billion in bad debt - that never gets paid at all.
We developed YayPay to help people like Aimee do an even better job with all the right tools and automation at her fingertips. We also made YayPay for the CFO to make cash more predictable and for Jeff, so that the gong wasn’t rung in vain.
5 years from now 75% of back office finance functions will be automated* – any part of the process that is repetitive and standardized is going to be done by robotic process automation.
YayPay is developing this and will be at the forefront of that revolution when the time has come. We will be a leader in the transition period from now till then in providing the best tools in the business.
*Source: KPMG Rise of the robots.