How Lattice streamlined cash collection without additional recruitment
As Lattice was showing signs of exponential growth, Jason had to scale fast by automating and improving crucial metrics to ensure the company’s financial health. After only a few weeks with Upflow, he realized that the ROI would actually be much higher than he had initially estimated.
To collect instead of 6*
*after 18 months.
Projected 6 people dedicated to cash collection
Only 1 person dedicated to cash collection 2 years later
Tediously collected 90% of the payments within 90 days
99% payments automatically collected under 60 days
Was used to slow, and unreliable integrations between financial tools
Only 5 minutes to smoothly integrate with Stripe
Lattice's mission is to make work meaningful. We work with People teams across the globe to turn employees into high performers, managers into leaders, and companies into the best places to work.
San Francisco, California
Stack integrated with Upflow:
Quickbooks -> Netsuite & Stripe
Getting ahead of Lattice’s expected growth
Jason estimated how his team would grow if he kept his stack and processes as they were, building various scenarios.
To prioritize, he looked for the biggest risks and the low-hanging fruits. Cash collection happened to be in both categories.
Since he implemented Upflow, his projections went from 6 dedicated people to 1 after 2 years thanks to tailor-made workflows collecting automatically most of the payments.
If I can save dozens of hours with a reliable software, that's worth a lot of money!
Growing the finance team’s reach
Lattice used to collect up to 90% of the payments within an “acceptable delay”: 60 days after the due date. He achieved this by focusing first on what was the most easily collected. The consequence was that the remaining 10% were collected at a very late stage, if ever. Finance people are no superheroes: they only have so many hours in a day.
As soon as Jason implemented Upflow and activated his first targeted workflows, he started to reap the benefits of his decision. And he keeps benefiting today, even after exponential growth: 99% of the payments are now collected within 60 days after the due date!
The finance team can now focus on the 1% of customers the most reluctant to pay. Collections are also more effective as Upflow enables the finance team to loop in other internal stakeholders.
With Upflow, we are able to get 99% collection, and that remaining 1%, that is where we bring in the CSMs.
Integration done right with Upflow
Jason was wary of implementing a new tool in his stack. Who could blame him? We’ve all been there: fighting our way through slow and imprecise processes and unreliable integrations
To top it off, he knew he would have to migrate from Quickbooks to Netsuite a few months later. “We needed a tool that could sync with both and Stripe above all and was easy to implement and maintain”.
Upflow showed Jason that well-done integrations are possible: “It was super smooth. We just connected to Stripe. A week later, all our stuff was in Upflow.”
Jason's take on AR
Automate: We are most valuable when we drive AR, rather than doing it. The 1st thing I do in the morning is login in Upflow, so I'm in there a lot...
Involve sales in the collection: The plan is to essentially build in layers in an automated way to leverage them when necessary.
Choose the right tools for an integrated stack. It needs to be real-time: you don’t want to send a follow-up to a customer that has already paid.
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