Gymlib reduced the time they spent doing collections by 80% using Upflow.

Agathe Leprun
Finance Manager @ Gymlib
-30%
DSO reduction
-80%
Time spent on collection

Company

Founded in 2014, Gymlib helps employees stay healthier and improve their quality of life by providing access to thousands of sports clubs through a single subscription. To date, they raised $15M and serve hundreds of customers in Europe.

Challenges

When Agathe joined the team to replace the previous Finance Manager, she had no way of knowing the company's collection history. Gymlib knew that they had an AR problem, but they didn't understand the magnitude of it as they couldn't measure KPIs easily.
To get collections back on track, Agathe had to spend hours every day getting up to speed. Not only did this involve making sure the customer balances were correct, but it also required her to trawl through all past communications with those customers, and then, prioritize which of them she should focus on and write the appropriate reminders.
Tracking key financial indicators was equally cumbersome, which left her with little time to get a holistic view of the problem and help the team improve.

Solution

Tracking key financial indicators was equally cumbersome, which left her with little time to get a holistic view of the problem and help the team improve.
They then set up different collection workflows to make the reminder emails feel familiar and personal  and moved a significant subset of them to automatic mode. This resulted in Agathe spending 80% less time sending emails. Which freed her up to track down the worst payers and personalize the collection strategy.
I was spending 2 hours a day back then, now it's 2 hours a week.
When necessary, she was able to work with our partner Euler Hermes' collection agency, leaving no invoice unpaid.
Gymlib saw results quickly: their DSO decreased by 30% in 1 month, which saved them roughly €1,000 a month.

Key takeaways

A few months after Agathe took over the debt collection process and implemented Upflow:

DSO decreased by 30% in 1 month

Time spent on collection decreased by 80% after 2 weeks

These results led Agathe to deploy Upflow to the other countries Gymlib operates in.

Get paid on time

Join successful Finance teams that get paid on time.

Try Upflow for free