Supplier in Texas
Our client had a portfolio of receivables that they were needing to lower the DSO on in order to reign in as many invoices over net terms as possible. This client had over 5 million dollars in receivables out there from 61 days all the way to 584 days as the oldest.
Over 1 million dollars in the first 30 days went into our client’s bank account and a little over 700,000 dollars went into their account within 15 days following the first month of the system. From there we just monitored the current processes and procedures after the outstanding receivables were cleaned up and anything that gets outside of the agreed parameters they forward our way for proper third party action.
Drywall Subcontractor in Illinois
One of our clients had seven 6 figure contracts and one 7 figure contract for drywall subcontracting services going on concurrently. With the workload that high and the payments on many of the projects taking months longer than contracted for, our client was starting to need to get their receivables and payment applications paid quickly in order to keep all of the jobs moving forward.
We presented our client with an approach that secured their lien rights on all properties that could be secured and we had an attorney file bond claims on all jobs that bond information was known or could be attained. We also sent 5 accounts to collections at the same time that we helped them secure the receivables and payment applications. 5 of the 7 receivables were paid within two months and at the same time we helped source funding for our client for the future, as a fall back plan if this situation were to arise again. Now we are helping manage this client’s portfolio in a proactive manner rather than a reactive manner and their cash flow is greatly increased.
Trucking and Material Transportation Company in California and Arizona
Client had transportation and construction project issues (both areas we are extremely experienced with). Their trucking clients were, on average, well passed net terms and their construction debtors were usually general contractors that were direct source purchasers of material.
We split all the accounts into two categories depending on where the funds could or would be paid from. For the trucking and transportation accounts with true bill of lading and other like documentation – we sent to our transportation branch for receivables management and collections and for the material supply that could attach to a project or property, we sent to our construction and lien enforcement branch. This client was very impressed with the results and used us as their collection agency until they were bought out in mid-2013 by a national material supply company.
National Transportation Company
This client was using one agency to handle all of their first placements, they called us to see if we could handle a few of their first placements so they could measure the results against their sole source.
At the beginning of this relationship we were getting 2-5% of the collections accounts weekly. Within 6 months, and due to performance we were getting 20-40% of the accounts every week. Within a year of starting to help this client we were getting 60-70% of the collections accounts at 91 days and we are still getting 70% or more of the accounts to date. This company asked us at the end of 2013 how we returned the results that we do. Our only reply was that we specialize in a few key industries and trucking is one of our specialties – if you put us up against any “general agency” in the trucking industry we will likely have much better performance.
Equipment Rental Company – Nationwide
Company was consolidating decentralized credit departments into two centralized national regions and transferring to a new system at the same time.
We made a format for our system to accept their old system output as well as their new system output format so that they could not lose precious time when writing off and referring their accounts out for collections. Results: The client had a pretty seamless transition, and we even created a database on our end that had retroactive information for branch managers of the past to communicate with credit managers of the new centralized regions so Baker, Bloomberg & Associates, and both the former account rep and the new centralized account rep could all see and help with each scenario in real time. We still work with this client today and help with 60-70% of their national collections accounts.