If there is one thing distributors are familiar with, it's complexity.
In the case of accounts receivables (AR) processing and management, much of the historical complexity surrounding these operations has resulted from paper-based remittances (i.e., checks) and the lack of available technology solutions to help address the manual, time-consuming and error-prone processes many distributors experience within their AR departments.
As companies work to transition customer remittances from paper checks to electronic payments, two out of three acknowledge a lack of integration between electronic payment solutions and back-office systems. What benefit is accepting electronic Payments if your team(s) still have to manually post those items to your back-office systems? What’s more, as recent as two years ago, 93 percent of checks deposited as images came from business customers. Efficiently and cost-effectively managing check payments is still—and will continue to be—the foundation of successful AR operations even as the adoption of electronic payments continues to rise.
Discover how Shamrock Foods Company, the seventh largest foodservice distributor in the U.S., has been able to expand and seamlessly scale its accounts receivables operations on a single, Software-as-a-Service (SaaS), integrated receivables platform to decrease DSO, increase cash flow, and take control of its AR operations like never before.
In this episode of "FTNI's True Integrated Receivables Spotlight Series", Patty King, director of credit, Shamrock Foods Company, joins Zac Robinson, vice president of sales & marketing, FTNI, to discuss how Shamrock Foods has been able to transform its AR and cash application operations on a single, truly integrated receivables platform to achieve game-changing results.
1:09 | About Shamrock Foods
3:49 | AR Operations Before True Integrated Receivables
6:03 | The Beginning
8:27 | How Customers Responded
10:29 | Overcoming Objections to Change
13:40 | Notable Benefits Delivered
16:00 | Pay from Anywhere in the World
19:10 | What Separates True Integrated Receivables
21:03 | Advice on Adopting True Integrated Receivables
"We have a huge range of choices for our customers, and that's always a good thing. They can continue to pay by check, but they can also pay by AutoPay, SmartPay [online payments], ACH, credit card. We've expanded those options so that each customer who has unique wants and needs, can choose whatever fits best for them."
"If you can expand your payment options and reduce your risk of loss, improve your cash flow by receiving your money sooner, have immediate visibility to the money that's coming in, manage your headcount, reduce expenses, why wouldn't you?"
— PATTY KING, DIRECTOR OF CREDIT, SHAMROCK FOODS COMPANY