Debtor management system key to improving company cash-flow.
Mediplus, a leading manufacturer of innovative medical devices has reduced outstanding debt by £200K in the first three months following the deployment of Credit Pursuit from Advanced. The debtor management solution was implemented and integrated with Exchequer’s accounting system in August 2014, which is used by Mediplus to manage its day-to-day finances.
The solution has enabled Mediplus’ Finance team to save two working days per month by automating manual credit control tasks including sending invoice reminders and account statements to more than 100 debtors per month via email. The solution has improved visibility of aged debtors and also enabled Mediplus to increase the accuracy of its customer contact records.
Mark Cavill, Finance Manager, Mediplus comments: “By optimising our credit control processes we have reduced outstanding debt by £200,000 in just three months using Credit Pursuit. We have also reduced persistently late debtors by over 90% during this same period, substantially improving company cash flow.
“As a growing company with more than 2000 customers, it is essential that we keep a tight rein on debtors and this is precisely what Credit Pursuit enables us to do.”
By integrating seamlessly with its Exchequer enterprise resource planning (ERP) solution, Credit Pursuit enables Mediplus to manage all aged debtor information within a single system. The solution includes an on-screen dashboard that provides accurate and up-to-date visibility of full credit history and lists personalised tasks completed by Mediplus’ credit controllers. Automatic prompts also ensure that no required actions are overlooked.
Cavill says: “The ability to automatically place an account on hold when it becomes overdue and release it when an invoice is paid has saved us a substantial amount of time. As a result we are able to focus on resolving invoice disputes swiftly which is key to ensuring we are paid promptly and on-time.”
The Exchequer ERP solution includes stock control functionality which enables Mediplus to manage an inventory of more than 700 product lines which is automatically updated in real-time when an order is processed.
The company’s medical products have a specified shelf-life and Exchequer is used to maintain stock batch numbers and expiry dates. This ensures staff know which batches of product have been shipped to their customers and when. Exchequer also monitors safety stock levels, and historical sales data by product. This is key to re-ordering stock in good time, to ensure fulfilment of customer orders immediately upon receipt, and identifying unusual peaks in demand to avoid the possibility of a product line becoming unavailable.
Mediplus also uses an integrated document management solution to scan customer orders and supplier invoices into Exchequer and allocate them to the appropriate customer finance record.
“If a client queries an invoice, we can bring up an image of the document alongside the original purchase order in seconds. As a result we have eliminated the need to manually file and retrieve paper documents, which has increased productivity and customer service levels,” concludes Cavill.
Exchequer is part of Advanced. Advanced is a leading supplier of software and IT services to the health and care and business services sectors. In 2014, the Group won Tech Company of the Year in PwC’s UK Tech Awards and ranked in the Deloitte UK Technology Fast 50, which recognises the 50 fastest growing technology companies in the UK.