JobGet Revamps Accounts Receivable, Improves Financials

JobGet Revamps Accounts Receivable, Improves Financials

JobGet is the fastest-growing social job app for workers in the service industries, supporting food service, retail, customer support, hospitality, healthcare, warehouse, trucking, and more! JobGet grows out of a basic desire to help people who want to work easily find work by simplifying the job-seeking process, enabling better connections for job seekers and employers. 

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However, the company’s rapid growth highlighted a critical bottleneck in its accounts receivable (AR) system. Not having  a customized solution ate up excessive time from the sales and finance team as the company scaled.

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QuickBooks, Yes – But No Automation

At JobGet, the small but nimble finance and accounting team plays a critical role in maintaining the company's financial wellbeing. Under the guidance of Controller Patrick Maguire, the finance team manages accounts receivable (AR) processes, with Staff Accountant Angelina Concepcion spearheading billing operations.

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Delayed customer payments used to be a recurring challenge under JobGet’s manual AR system. When initial payment prompts went unanswered it necessitated multiple reminders. Angelina, tasked with following up on outstanding receivables via QuickBooks Online, faced limitations due to the software’s basic reminder features. Lacking customization and automation capabilities, the process of sending payment reminders was both time-consuming and inefficient.

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The situation was further complicated by JobGet’s varied customer base, each segment requiring a distinct follow-up approach. Consequently, invoices unnecessarily exceeded 30 days past due, inadvertently extending credit and disrupting cash flow. 

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With Angelina as the sole individual handling payment reminders, her focus was inevitably drawn to the most overdue invoices, leading to a largely reactive, rather than proactive, AR system. As a result, she spent considerable time crafting individual email reminders, a method that proved to be both labor-intensive and unscalable.

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Identifying the Need for AR Automation

Recognizing the shortcomings of their current system, JobGet embarked on a mission to adopt a more effective strategy for managing receivables. The goal was to find an automated accounts receivable (AR) solution tailored to efficiently manage their varied customer base without straining their lean team.

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After evaluating multiple AR automation providers, JobGet was impressed by Centime. The system promised significant enhancements to JobGet's AR operations. By integrating with their accounting system, enabling automation, and offering customization features, Centime helped JobGet overcome their previous limitations imposed by QuickBooks. By partnering together, they set the stage for JobGet to operate a more streamlined and efficient receivables management process.

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Centime’s Customized Solution

JobGet transformed its accounts receivable (AR) process with Centime's automated reminder capabilities, recognizing that increasing reminder frequency could boost invoice payment rates. Centime's solution also enabled JobGet to craft customized reminder campaigns, tailored to meet the diverse needs of its different customer segments. 

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This targeted approach led to more effective customer communications, resulting in quicker responses and better payment punctuality. It also greatly reduced the need for time-consuming, manual follow-ups.

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Moreover, Centime's platform introduced the ability to set distinct user roles and permissions with AR visibility, a functionality absent in their QuickBooks system. This feature ensures that sensitive financial data is accessible only to authorized team members, streamlining internal workflows and enhancing data security within the organization.

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Implementation and Support

The implementation phase was marked by deep, consistent support from Centime. JobGet’s Customer Success Manager from Centime was instrumental in this process, offering strategic and technical assistance to refine their AR approach and ensure a smooth integration of the new software. 

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According to Patrick, “I've felt exceptionally supported throughout this journey. My team and I, now 10-11 months into using the system, continue to have productive biweekly meetings with our customer service rep.” 

Patrick says that “Unlike other SaaS implementations where follow-up meetings felt unnecessary, these sessions with our CSM are invaluable. He keeps us updated on new features like Centime’s Customer Portal and guides us on implementation strategies, which saves us considerable time and effort”. 

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Tangible Financial Results – Including Time Savings

Adopting Centime's accounts receivable solution has dramatically streamlined JobGet's manual follow-up processes. A notable development was the introduction of a payment portal, which enticed 30-50% of invited customers to use it for their payments.

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The results have been impressive. According to Patrick, “We saw a significant reduction in the number of customers that need some sort of follow-up.” Additionally, JobGet experienced an overall  decrease in overdue invoices. 

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This improvement has meaningful consequences for JobGet’s cash flow and overall financial stability by lowering the risk of unpaid accounts. It also resulted in considerable time savings. The Controller and Staff Accountant collectively save multiple business days each month, allowing them to dedicate more time to customers needing extra attention and to enhance internal AR communications.

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Collectively, these improvements have reduced JobGet’s number of overdue invoices and slashed the time they have to spend on manual AR tasks, thereby enhancing overall efficiency and effectiveness in their financial operations.

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Conclusion

JobGet’s partnership with Centime exemplifies the transformative impact of selecting the right technology solution. This transition from a labor-intensive, cumbersome AR system to an optimized, efficient one has not only saved JobGet substantial time but also markedly improved its ability to manage incoming cash flows.