“We encountered significant challenges in our Accounts Receivables processes, as everything was handled manually, from sending reminders to managing outstanding invoices. However, with the implementation of EnKash’s Olympus, we experienced an outstanding transformation as our processes became fully automated. The results were remarkable: a substantial reduction in man-hours invested, achieving 100% accuracy in accounting and auditing tasks, and witnessing an impressive 40% improvement in overall process efficiency. Moreover, this automation led to significant cost savings.”
Deep Sehgal, Founder & CEO, Vianet
Customers and Cash are the two ‘Cs’ of business that keep it going. A deficit of either two will not allow any business to prosper in the long term. While customers were not a problem for Vianet, a Pune-based electronics distributor, cash from customers became a problem.
Let us dig deeper to understand the challenges faced by Vianet and how EnKash Olympus, a full-stack platform designed for startups & small to midsize businesses, helped them resolve this once and for all.
Vianet’s Process Before Adopting EnKash Olympus
The account receivables team manually handled collections from their customers. The team had to repeatedly communicate with their customers for collections, creating friction in their rapport. This constant and tedious process was an add-on task to the daily work. They had to send out multiple reminders verbally and on calls to the customers, but payments were still not cleared on time.
As a result, this led to a huge surge in outstanding payments for them, which by any means is not good for businesses. These outstanding invoices created a gap in the business as they needed more cash flow to clear payments for their vendors, take up new orders, and invest it further for new products.
Challenges faced by Vianet:
- Managing account receivables processes manually: Investing their time, energy, and resources, they were doing tasks with human intervention, leaving scope for manual error.
- Sending multiple reminders to customers: This can hamper their customer relationship in the long run, as customers don’t want to be bugged.
- A huge surge in outstanding payments: They were not able to procure more products because of their outstanding invoices.
- Collection delay: Payment collection for them became a pain and a common practice, making it a norm.
Vianet adopted EnKash Olympus
A comprehensive product for managing business payables, receivables, reconciliation, audit, and analytics, Olympus was adopted by Vianet to streamline its business finance processes.
After implementing EnKash Olympus, Vianet significantly enhanced its communication with customers.
Solutions by EnKash Olympus:
- Zero human intervention: The platform automated delivery of timely payment reminders to debtors, eliminating the need for manual interventions.
- Convenient payment & streamlined approach: These payment reminders included AR collection links, enabling customers to settle their dues conveniently through payment modes of their choice, giving them greater flexibility and convenience.
- Working capital management: EnKash Olympus helped improve the payment process and helped Vianet manage its working capital crunch effectively.
- Minimal delays: Vianet’s accounts receivable cycle was enhanced after adopting Olympus, as it accelerated the receipt of outstanding payments with fewer delays.
- Enhanced efficiency: This automation led to a more efficient accounts receivable management system for Vianet.
Features of EnKash Olympus:
- Maximum efficiency with 100% accuracy in accounting and auditing processes
- More than 40% improvement in the business processes
- Cost savings of up to 50%
- No additional effort is required to dispatch invoices
- Manual and automatic reminders can be sent based on the importance of customers
- The platform allows customers to make payments via multiple payment modes based on their preferences
- Automation of processes has resulted in a reduction in man-hours spent on receipt entry and bank reconciliation
- DSO is available to identify regular payment defaulters to ensure timely collection and better working capital management
“One of the key benefits of Olympus was gaining real-time visibility of our Daily Sales Outstanding (DSOs), which became an interactive feature. This real-time insight into our receivables greatly improved our decision-making capabilities. We have unlocked a new efficiency level in our receivables processes, streamlining operations and ensuring smoother financial management.”
Deep Sehgal, Founder & CEO, Vianet