Better connection brings rapid growth for CVCheck
ASX-listed CVCheck is a leading online integrated screening and verification company. The fast-growing company’s old system left its business disconnected – and limited growth. MYOB Advanced helped it connect its business, giving it complete control, empowering workers, unlocking real-time insights and helping the company deliver experiences that matter to clients.
High-volume transactions, no system to suit
CVCheck deals in high-volume, low-value transactions, 30,000 to 40,000 individual transactions each month. Being a listed Australian company brings a myriad of reporting requirements that put pressure on the accounts reporting systems. It’s fair to say that the previous system, Saasu, was simply too small for its requirements. But as financial manager Jack Penkin explains, the company didn’t notice until Saasu themselves got in touch.
“The volume of transactions and resources Saasu needed to maintain our system exceeded their capability,” says Jack.
Manual work delivers month-old data
Jack realised the programme had several shortcomings, in particular in the delivery of real-time insights. “Our month-end reporting was taking 2-3 weeks to complete.”
Their complex billing requirements also made for an “amazing number of spreadsheets.”
”Clients often provide an advance payment, which we call a wallet payment system. Each month our team of two staff would reconcile the wallet clients, as well as preparing single ‘bulk bill’ invoices for other clients. This process could take the team up to the five days each,” says Jack.
CVCheck also uses a web portal to generate invoices. “To do that it had to be able to talk to the accounting system, Saasu, which did not provide an easy workable API.”
"Our month-end reporting was taking 2-3 weeks to complete. It meant that the board was always looking at data that was a month out of date."
Advanced: fantastic API, perfect fit
CVCheck looked seriously at Xero and SAP Business 1. The first couldn’t cope with the volume requirements and SAP was much too expensive. Advanced was just right and its strong API was also a selling point.
“Our development team said, ‘This API is fantastic. We can really work with this’,” enthuses Jack.
Advanced was customised to perfectly suit CVCheck’s needs.
“We have a number of customers who need bulk billing. Advanced has been adapted to make that easy.”
A customisation also streamlined operations around wallet payments. “They’ve helped us make sure wallet payments are easy too, without having to do lots of calculations,” says Jack.
"When our development team looked at Advanced they said, ‘This API is fantastic, it suits us really well. We can really work with this.’"
Cashflow, customer experience, empowered staff
Month-end reports are being completed in a matter of days, not weeks, and management is impressed with the easy-to-read reporting. The accessibility of the data has tangibly improved cashflow.
“Before, we’d have to look at each invoice one at a time and print them separately. Advanced has reduced our overdues from, let’s say, 50% overdue down to less than 20% overdue.”
The finance team has moved off repetitive admin.
“It frees them up to do other things,” says Jack. “Just looking at wallet payments – what took two days, now it takes half to one day. It’s an absolutely amazing saving in efficiency.
“Clients are really impressed with the quality of the documentation,” he adds.
"The team is very happy that they’re not having to spend five days doing billing and statements. It frees them up to do other things that are critical for the business. They essentially have five to six days in the month to focus on improving annual recurring revenue."
CVCheck is a connected business with
- An empowered workforce – with a reduced manual workload, team members have five to six days a month each to spend on more important tasks.
- Real-time insights – instant data drill-down to a granular level gives complete visibility and reduces overdue invoices from 50% to less than 20%.
- Experiences that matter – clients have commented positively on the improved service and documentation from the finance team.