The challenge
Initially focused on delivering its software platform to small- and medium-sized physical therapy practices, WebPT began expanding its reach to the enterprise market. But as the company accumulated new customers, it quickly became apparent that its A/R function would need to be revamped to keep pace.
Relying on an invoice-to-cash process designed to serve WebPT’s previous customer base, corporate controller Kevin Jackson and his team grappled with a rapidly ballooning backlog of manual A/R tasks and activities. To get caught up—and stay caught up—the company needed a specialized solution capable of closing its A/R functionality gap while creating minimal friction for its customers.
The solution
Seeking a powerful, cost-effective A/R platform that could support its booming new enterprise business and its legacy customers, the WebPT finance team consulted with its American Express merchant advisor. In doing so, Jackson learned that American Express had already conducted an exhaustive evaluation of the A/R software market and formally selected Invoiced as the preferred solution and A/R software partner for businesses like WebPT.
Although Jackson and his team had been focused on finding a simple dunning solution, they discovered that the Invoiced platform offered a vast array of additional functionality that would advance WebPT’s A/R operations, including:
- Automated notices to get past-due customers caught up
- A detailed collections dashboard to keep its team organized and on task
- Advanced reporting to track A/R progress against goals and build custom reports for further optimizing collections
- Fast, easy set-up for seamless integration with its Sage Intacct ERP system
“We needed to be ‘collecting while we sleep,’ and Invoiced made it possible for us to do just that.”
Kevin Jackson, Corporate Controller, WebPT
The results
Within two months of implementing the Invoiced solution, WebPT reduced its outstanding receivables by 11% and decreased its DSO by two days. The company continues to drive down these key metrics, and its approach to A/R has shifted.
“Invoiced lets us focus on our highest priorities and shows us what we need to do the most to shrink our total A/R,” says Jackson. “All of our collectors’ work is now highly organized. No more spreadsheets, no more guessing what to do, and crystal-clear visibility into what collectors should be doing and are doing,”
Based on WebPT’s initial success with the Invoiced solution, Jackson deployed the platform’s self-service customer portal and its payment plan capabilities. He notes that, for WebPT, Invoiced was the right solution at the right moment.
“Without Invoiced, we would not have been able to reduce our A/R materially,” he says. “We needed to bring cash in the door and couldn’t do that with our current resources. We needed to be ‘collecting while we sleep,’ and Invoiced enabled us to do just that.”
