BrightAnalytics achieved a significant reduction in their DSO

BrightAnalytics is a growing fintech company. They specialize in automating both financial and operational management reporting, enabling companies to work more efficiently and insightfully. Starting at the end of 2024, they will use Payt for automating their accounts receivable management.

Inconsistent follow-up, delays, and inefficient handling of outstanding receivables

Wouter: “Previously, we periodically reviewed outstanding (overdue) balances per customer. Based on this, reminders were sent. If there was no response after repeated emails and letters, further steps were taken, such as involving a collection agency or taking legal action.”

“A major drawback of our previous approach was that reminders were not sent consistently, causing outstanding balances to quickly accumulate. Additionally, comments about invoices often ended up unstructured in the inbox, making follow-up difficult and time-consuming. This led to delays and inefficient handling of outstanding receivables.”

Improving DSO

BrightAnalytics was looking for a solution to improve their DSO, primarily to settle long-outstanding receivables. Wouter: “We also wanted to prevent invoices from remaining unpaid for too long in the future. We aimed to achieve this through more systematic and efficient follow-up.”

Streamlining the process with Payt

Wouter: “Payt’s software offers us several advantages. First, it streamlines the follow-up of invoices, ensuring that customers are consistently and systematically reminded of outstanding and overdue payments. As a result, payments come in faster, which has a direct positive impact on our DSO and cash position. Additionally, we find that we are less frequently involved in unnecessary collection procedures because the system efficiently and consistently manages communication regarding payments and comments per invoice. This means we spend less time on back-and-forth emailing, allowing us to act more promptly. This saves time for both the customer and us.”

Integration with accounting software

Wouter: “The integration with our accounting software is seamless. Incoming payments are automatically recorded and reconciled, ensuring that no further actions are needed for the customer or the invoice without any extra effort.”

Feedback on Payt

“The feedback from our customers on Payt is predominantly positive. Payt provides the ability to view not only the total outstanding balance but also on an individual basis. This allows customers to address specific questions or uncertainties per invoice. When multiple invoices are outstanding for a customer, this can simplify the process as the customer can immediately pay the invoices that are already clear and approved. Any other invoices can be put on hold until more clarity is provided. This prevents a rapid increase in the outstanding balance and ensures more transparency and clarity for both the customer and us.”

The team within BrightAnalytics is also enthusiastic about Payt. “The software makes the process much more efficient. It is particularly convenient that all communication is now consolidated in the intuitive Payt platform, allowing us to quickly gain an overview and respond immediately.”

Results achieved with Payt

BrightAnalytics has seen a significant decrease in their DSO, and >90 days outstanding has declined. Additionally, since using Payt, no new collection cases have arisen.