"Cashflow is king." This straightforward observation from Mark Proctor, Director of Bullot & Rankine, captures the critical challenge facing many businesses today. For this Auckland-based chartered accountancy firm, managing accounts receivable had become increasingly difficult as clients grew immune to standard Xero reminders or simply never received them due to spam filtering.
Before discovering Paidnice, Bullot & Rankine faced significant challenges with their accounts receivable process:
"The reality is people will deal with what's in front of them. If they're not actually getting the invoice in the first place, it's very difficult to expect them to pay it," explains Mark.
Mark discovered Paidnice at a conference where he met Ashley, who was actively engaging with attendees. The conversation revealed exactly what Bullot & Rankine needed to solve their accounts receivable challenges.
What attracted them to Paidnice was the high level of customization:
"We like the fact that it was very customizable. We like that you could send emails in your language. What we discovered was that you could send the emails from your own email address. So it actually meant that the emails were more personal because when the client gets the email, they see your name in the inbox and they're probably more inclined to read it," says Mark.
The implementation of Paidnice delivered rapid results for Bullot & Rankine:
Mark notes, "The impact that we had was immediate. We reduced our debtor days down really, really quickly."
Bullot & Rankine has leveraged several key features of Paidnice to create a system that works for their business model:
"It's taken away the need for someone within our team to spend two to three hours a week just chasing invoices and sending statements and reconciling things," Mark explains. "The system itself sends good-looking statements. It sends nicely worded reminders that clients can actually relate to, and when they make their payments, they match what's on the invoice, they match the statement, and it just makes the reconciliation easy."
The success Bullot & Rankine experienced with Paidnice didn't stay internal. Clients noticed the improvement and began asking about implementing the solution for their own businesses.
"We got good feedback from our clients about it. And then we had a few clients actually ask if they could join with us or have a look at it for their own businesses. We've rolled it out so far to a couple of people," Mark shares.
One client who implemented Paidnice saw their accounts receivable significantly decrease within 45-60 days, simply by having a disciplined, automated process for following up.
What has made the Paidnice experience particularly valuable for Bullot & Rankine has been the consistent support from the team.
"Unusually, the experience we've had right from the start has been consistent. When we've had a couple of challenges, Ashley has taken ownership very quickly to get them resolved for us. And that's made a massive difference in terms of our ability to roll out to clients," Mark explains.
He adds, "I can't fault the support we've had from Paidnice. They've actually gone out of their way to make it easy."
Perhaps most remarkably, Paidnice has transformed accounts receivable from a challenging aspect of business that involved difficult conversations into something the team can manage with confidence.
"You've taken away a pain point and made the ability to manage something that's difficult into something that's actually enjoyable," Mark concludes.
For businesses considering Paidnice, Mark offers this advice: "Set aside part of your budget to try different subscription-based tools and just give it a go. Based on our experience, give it a go. You've got nothing to lose. Worst case, it might cost you two to three hundred dollars, but you may actually find that you save that in just one month with better cash flow and less costs of working capital."
In one sentence, Mark describes the value of Paidnice: "Cashflow is king."
Bullot & Rankine are chartered accountants based in Auckland, New Zealand, working face to face and online. Xero Certified, they work with businesses of all sizes.
