Credit Hound Cloud
Security Company improves visibility with Credit Hound Cloud.
A Customer Success Story
Project background
The client
Churchill Support Services is a leading security company offering a wide range of services, including professional 24/7 security guards, electronic security systems, CCTV, intruder alarms, and mobile monitoring and response solutions.
They operate 24 hours a day, 365 days a year.
Greater credit control
The challenge
When David Parsons became Chief Financial Officer at Churchill Support Services, he inherited unproductive weekly Credit Control meetings.
These two-hour sessions were spent locating email chains to understand overdue accounts, with debtor days averaging 42–45. The process was time-consuming and inefficient, highlighting the need for a streamlined, third-party solution.
An innovative approach
Our solution
While exploring solutions, David discovered Credit Hound Cloud, which stood out as more affordable and simpler than other options. Churchill, using Sage 200, was introduced to Credit Hound Cloud by their Sage 200 business partner Solutions for Accounting , who emphasised its seamless integration.
Learning that their sister company already used Credit Hound, David consulted the Finance Team and decided to sign up for a free trial. They tested the system with dummy companies, and everything ran smoothly.
Having dealt with multiple software integrations in the past two years, David was pleasantly surprised, noting, “Credit Hound Cloud was by far the easiest integration. It was intuitive, and the setup was completely seamless.”
“The sheer volume of updates is fantastic, there's always a new feature. The little tweaks make a big difference"
David Parsons, Chief Financial Officer, Churchill Support Services
Streamlined and efficient
The outcome
Churchill typically manages around £1.2 million in debtors at any given time. Since adopting Credit Hound Cloud, their debtor days have decreased from 42–45 days to just 26–28 days. David explains, “Credit Controllers now find their targets more attainable, and the platform provides the opportunity to build a solid working relationship with customers’ purchase ledger teams from the outset.”
Specific improvements include:
- Automated reminders: Credit Hound Cloud sends automated reminders to customers, reducing the need for manual follow-ups.
- Centralised information: All account information is now centralised, making it easier for Credit Controllers to access and manage data.
- Improved communication: The platform facilitates better communication with customers, leading to quicker resolutions of outstanding issues.
- Enhanced reporting: Detailed reports and analytics help the team track performance and identify areas for further improvement.
These enhancements have made the credit control process more efficient and effective, contributing to the significant reduction in debtor days.
The client's perspective
The weekly Credit Control meeting, once dreaded, has now become a highlight of the week. “A notable benefit is the morale boost across operational and sales teams, who now have full visibility into the company’s business cycle,” adds David. Before Credit Hound Cloud, no one felt confident they had the complete picture.
Collection paths are bespoke to each customer type, providing visibility through Credit Hound Cloud and ensuring frequent customer touchpoints. As David explains, “Issues can be resolved before they escalate. By the 14th day, an overdue invoice will have received several emails, and tracking those emails is easy. If they bounce, a quick phone call often reveals that the Purchase Ledger Clerk has left, explaining the bounce.”
Success Story
During one of the revamped Credit Control meetings, the team identified a significant overdue account from a key client. Using Credit Hound Cloud, they quickly traced the issue to a miscommunication regarding an invoice. The automated reminders and centralised information allowed the team to address the problem promptly. They contacted the client, clarified the misunderstanding, and received payment within a week. This swift resolution not only improved cash flow but also strengthened the relationship with the client, showcasing the effectiveness of the new system.
Before Credit Hound Cloud, communication problems were constant, with little visibility into who owed what. Now, those issues are a thing of the past. “We’ve freed up cash and can forecast our finances better. Given our ambitious growth plans, having predictable cash flows is a huge advantage,” says David.
He adds, “The sheer volume of updates is fantastic, and there’s always a new feature. I particularly like the ‘Promise to Pay’ feature. Previously, if payment was promised for Friday, we’d have to open a dispute. We also love the AI integration and being able to schedule tasks in collection paths. The little tweaks make a big difference.”
The AI integration in Credit Hound Cloud brings several advanced features that enhance the credit control process:
- Automated Task Scheduling: The AI can automatically schedule tasks within collection paths based on predefined rules and customer behaviour. This ensures that follow-ups are timely and consistent without manual intervention.
- Predictive Analytics: AI algorithms analyse historical data to predict potential payment delays and identify high-risk accounts. This allows the team to proactively address issues before they escalate.
- Smart Reminders: The AI can send personalised reminders to customers based on their payment history and behaviour. These reminders are more likely to prompt timely payments compared to generic messages.
- Dispute Resolution: AI helps in quickly identifying and categorising disputes, suggesting possible resolutions based on past cases. This speeds up the resolution process and reduces the workload on the credit control team.
- Data Insights: The AI continuously analyses data to provide actionable insights and recommendations. This helps in optimising collection strategies and improving overall efficiency.
David particularly appreciates the AI integration for its ability to streamline operations and make the credit control process more efficient. The combination of these features has significantly improved their ability to manage debtors and maintain healthy cash flows.
If you are interested in finding out more about Credit Hound Cloud, then please contact our experts today.
