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Spectrio gains financial visibility with Celigo’s Lockbox Connector
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Professional Service
- Software
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Process Control & Optimization
- Remote Asset Management
Services
- Software Design & Engineering Services
- System Integration
The Challenge
With booming business comes growing pains. Businesses that accept various forms of payments from their customers need to be efficient in managing their finances. A lack of visibility leads to various issues and redundancies. About 7 years ago, Spectrio was entering each receivable manually and using a check scanner. This resulted in countless errors and double-entry work, which prompted them to secure a bank lockbox 4 years ago. This allowed them to print out lockbox reports and manually reconcile those numbers. Still, they encountered issues due to the company doubling in size since 2011, requiring one full-time employee to spend about 30 hours per month on data entry, which was not an efficient use of company resources.
About The Customer
Spectrio is a full-service audio and video marketing company based in Florida, with satellite offices all over the U.S. They provide solutions that engage customers, such as on-hold messaging, digital signage, and content-appropriate music, among other products. With a recurring revenue-based business model, Spectrio brings up to $100,000 in monthly bills and accrues 2,000 to 3,000 invoices per month. They receive approximately 2,700 paper checks per month.
The Solution
Spectrio had previously worked with Celigo in the past, and so when Celigo announced its Lockbox connector, Spectrio jumped at the chance to use the product. Entries started matching at a 90% level and freed up employee time to work on more valuable tasks. Whereas previously they needed to wait until close of business, now Spectrio is able to see finances in real-time. Celigo’s Lockbox connector worked so well that Spectrio employees were worried about possible job loss due to removed inefficiencies.
Operational Impact
Quantitative Benefit
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