Celigo Case Studies Spectrio gains financial visibility with Celigo’s Lockbox Connector

Edit This Case Study Record

	Spectrio gains financial visibility with Celigo’s Lockbox Connector Celigo

Spectrio gains financial visibility with Celigo’s Lockbox Connector

Celigo

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	System Integration Software Design & Engineering Services
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

System Integration

Software Design & Engineering Services

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 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.

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.

Impact #1	Daily cash position verified and up-to-date.
Impact #2	Reduced time spent on accounts payable and receivable to one hour.
Impact #3	Repurposed one full-time employee, allowing her to focus on higher value work.

Impact #1

Daily cash position verified and up-to-date.

Impact #2

Reduced time spent on accounts payable and receivable to one hour.

Impact #3

Repurposed one full-time employee, allowing her to focus on higher value work.

Benefit #1	Entries started matching at a 90% level.

Benefit #1

Entries started matching at a 90% level.

Download PDF Version

Overview

Spectrio gains financial visibility with Celigo’s Lockbox Connector

Operational Impact

Quantitative Benefit