Background

In September 2023, Eileen C. joined a large medical services company as the Regional Accounting Manager. She was excited to leverage her 20+ years of experience in building processes to support business objectives and optimizing ERP systems and tools to improve efficiency.

Prior to joining the company, she worked for a technology company with a high volume of invoices and a team of 9 Collectors. She implemented Tesorio’s A/R Automation solution and improved DSO by 10%.

The Challenge

Before Eileen joined the medical services company, executives were noticing a troubling trend – DSO had increased in 2023, and without a platform to accurately manage collections, they worried that the trend would continue. Internal stakeholders were tasked with collections and without a platform for streamlining the process, they were often overwhelmed with requests to resend invoices that had never been received or investigate payment issues. There was no source of truth to run analysis or identify bottlenecks in the payment process, making cash flow hard to predict. Finally, the team was still managing collections in an Excel file, so visibility was limited due to their current ERP system to external stakeholders. In short, the team needed a single source of truth for collections that can reduce DSO by 10 days and provide streamlined workflows, visibility, and accountability.

The Solution

Based on her experience with Tesorio at her last company, Eileen knew that Tesorio’s A/R Automation platform could solve her new company’s pain, resolving the need for invoice copies, tracking notes and historical data and giving visibility to Partners at all levels within the company. But before she could buy Tesorio, the security team needed to vet the company and technology. Eileen says, “Because we’re in the medical industry, we’re very careful about the tools we use. All solutions need to pass a rigorous security review prior to purchase.” With a strong focus on security, including SOC1, SOC2, GDPR and CCPA compliance, and careful attention paid to permissions and settings, Tesorio passed the assessment with flying colors and implementation could begin.

The first step was integrating Tesorio with Sage Intacct and Salesforce to establish a single source of truth for all finance data, which had been a long-time struggle for the company. Tesorio has APIs for seamless integration with Sage Intacct, Workday, and NetSuite, plus flat file capabilities for other platforms, to ensure that data can flow between platforms.

The next step was determining access for various types of users, including salespeople, finance, and executives. With no restriction on the number of users in an account, Eileen is excited to provide visibility to real-time data to team members that have never before had this access. She says, “Tesorio provides so much flexibility and configuration, allowing me to architect the best workflows and visibility for our unique business.”

When it comes to servicing customers, Eileen is excited to share Tesorio dashboards with customers on calls. With everything in one place, easy to access, and client-friendly, she knows Tesorio will be another way that her organization can drive trust with customers and streamline the collections process.

The Results

“I can’t tell you how many times I hear my business partners say, ‘This would’ve taken forever without Tesorio.’ or ‘This is so much easier now.’”

Tesorio proved its value almost on day one. Eileen recalls, “Right after we went live, a customer working on an audit reached out and requested 500 invoices. Without Tesorio, this would’ve taken a full day of manual work. With Tesorio, it took just a fraction of that time. We were able to quickly respond to the customer and exceed their expectations.”

Eileen will be going live with all users this month and is confident that Tesorio will have a positive impact on her new company. By providing the sales team with access to Tesorio and the data they need to understand the status of their accounts, customer conversations will improve and they will be able to provide quicker resolution when issues arise, driving loyalty and strengthening customer relationships. And, with automation and real-time reporting, Tesorio will streamline the entire collections process and ensure that the company meets its objective of lowering DSO.