An AR Tale: Enterprise SaaS Firm

In the world of Accounts Receivable Management you hear many stories. Too many that if you do not live them they could seem like a wild Hollywood movie; set in a cold boardroom, with glass walls, and too many people in dark suits.The reality in today’s market and economic forecast is much more different.

Many of us see COVID as the time when the country was locked-down, too much Netflix was watched and way too many pizzas eaten. While that is true, there is another side, the effects that rippled throughout the business world. As a tale, this one is not somber, it is just true. There were many businesses that struggled financially during COVID. The light in this tale is one that large firms may not always see or recognize. While COVID may have caused a high amount of debt with that debt comes the opportunity for clients to be back buying from you.

One such story is about an Enterprise SaaS firm. Like many large businesses they went on a bit of an acquisition spree post-COVID. For them the market felt right, they had the cash to burn, and the drive to expand their portfolio. For one of their acquisitions, the challenge they faced was a large Receivable that was owed by a major Airline. For years they had tried to collect on the debt, sending a number of demand letters with no response. 

They decided to engage an Accounts Receivable firm to collect on the debt. With the invoices being 2+ years old, the C-Level contacts who could have approved payment no longer there and the communication cold, this was a big challenge. A key first step that the AR firm took was to do their research. Rather than calling multiple contacts who could not approve payment and potentially alienating the company further, they found the correct C-Level contacts.

Once the correct contacts were identified, they closely reviewed their Service Agreement to ensure that their approach was reflective of the clients needs and expectations. When the correct C-Level contacts were approached, they spoke to an informed, professional, and friendly specialist. This unique approach resulted in the AR firm collecting on the debt within 2-weeks of being hired. Not only was the debt collected on, the airline was back buying from the Enterprise SaaS firm.

So this may not be as somber at the show Succession or high-energy as The Wolf of Wall Street, but it is a tale to remember. Whenever you approach a challenging situation professionally, informed, and with the right attitude, more often than not, you will get the result you are looking for.