Finance & Accounting
Optimizing Cash Management and Collections for Media Companies
Our Local News Solution
The Challenge
A leading local news and advertising company approached us with a large outstanding AR balance (over 90 days) and inefficiencies in cash management with a goal of optimizing back-office cash processes and focusing on their core publishing and advertising business.
Our Solution
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Pride BPO set up an offshore team of experienced AR resources in India in an effort to bring down invoices due over 90 days with total amount of $600K across NY, Philadelphia & Boston locations
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Customers were segregated into categories based on aging and $ values. Accounts with high $ and aging were aggressively followed up via repeated emails and phone calls
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Sales executives were involved for those customers that did not respond to emails/calls and advised the client not to take new orders from these customers until dues were cleared
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Accounts that were about to fall in the “Ineligibles” list were monitored closely and ensured they did not add up to the list
Benefits
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From a total of $851K ineligibles when we took over, we were able to bring down to $500K in 4 months
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A total of 101 customers under ineligibles were brought down to 58 in 8 months
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A total of $79K ineligible amount was achieved against $851K within 10 months. Client's expectation was to keep this at $240K every week
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Customers that did not respond to emails/calls were moved to Legal and further course of action was handled by Pride's legal counsel
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The client is now able to focus more on their core business activities
