Hubilo, a US-based leading event management platform, faced challenges scaling its order-to-cash process alongside its growing business. Founded in 2015, the event marketing service provider raised $125 million in series B funding within six years.
During this hyper-scaling phase, complexities in their accounts receivables process increased as more customers were onboarded, leading to rising invoice volumes and additions. Additionally, the finance team relied heavily on manual processes.
As the business scaled up and more customers came on board, gaps in the order-to-cash process became evident. The growing pile of pending invoices, coupled with manual dunning processes and a lack of communication between sales and finance teams, resulted in collection delays.” - Sujay J S, Director of Finance, Hubilo
Manual processes, lack of visibility into the health of the AR process, and communication gaps between internal teams affected key metrics like DSO. The collection process complexity impacted collector productivity.
“Our DSO began to rise, affecting our aging. Collecting payments became increasingly challenging, significantly impacting cash flow.”
Hubilo initially attempteds to address collection and payment delay challenges by adding more collectors to the team to improve collections performance and the payment cycle overall. However, they soon realized this was only a temporary fix. What they truly needed was a solution capable of end-to-end improvement of the AR process.
“We realized that adding more headcount or implementing patched solutions were only quick fixes. A purpose-built solution capable of effectively streamlining our processes was need of the hour.” Sujay J S, Director of Finance, Hubilo
Hubilo sought a purpose-built solution to address its collection challenges with specific evaluation criteria. They required a solution to:
Hubilo found a perfect solution for their Accounts Receivable (AR) automation needs with Growfin's collection CRM feature. Integrating Growfin into their workflow resulted in a remarkable reduction in AR workload for their finance teams, while also saving considerable time for their sales and customer support teams. This significant efficiency boost translated into a substantial return on investment, streamlining their tech setup and improving team structures.
With Growfin in place, communication became smoother, task prioritization became more straightforward, and most importantly, they saw a notable decrease in Days Sales Outstanding (DSO) and pending payments. The relief was palpable across the organization as they witnessed these tangible improvements.
“The implementation process was seamless and well-organized, thanks to Growfin's detailed planning and support. The Growfin team remained by our side throughout, assisting in product setup and configuration to tailor to our specific requirements. Even after the go-live phase, We find GrowFin's post-sales support prompt and effective in addressing any queries or issues.” Sujay J S, Director of Finance Hubilo
Overall, Growfin not only met but exceeded Hubilo's expectations, delivering tangible results and exceptional support every step of the way. Hubilo now enjoys a more efficient AR process, improved team dynamics, and a streamlined workflow, all thanks to GrowFin's innovative solution and dedicated support.
