Bill Tracking and Delay Management
Stay on top of your bills and overcome delays
About
In a world where the business arena is a cutthroat battleground, there's simply no room for error when it comes to managing accounts and billings. For a leading real estate company, this proved to be a challenge, with a large number of bills to manage and frequent delays in payment causing a backlog of pending invoices.
But fear not, because Cloobot's customization services came to the rescue! Our team developed a tailored solution for bill tracking and delay management that streamlined the billing process and provided real-time updates on payment status. Thanks to Cloobot's cutting-edge technology, our client was able to reduce their backlog of pending invoices that could have hampered the performance of vendors. Join the Cloobot revolution today and experience the ultimate in custom-tailored solutions!
Challenges
Before implementing Cloobot, the business was facing several challenges in terms of bill tracking management, including:
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Lack of visibility: The group had limited visibility into invoices raised, and payments made or pending on both the receivables and payables sides. This made it difficult to monitor payment status in real-time.
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Manual and time-consuming process: The company has several contractors, technicians and workers who submit various bills every day, resulting in thousands of bills per month. The process of entering and approving each bill was entirely manual and time-consuming, leading to delays in payment processing.
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Difficulty in identifying delays: The project management team were unable to identify issues leading to project delays in real-time. The required information would typically reach them at least a week after the issue had occurred, making it challenging to address the issue promptly.
By implementing Cloobot, the company was able to address these challenges by automating and digitizing the bill tracking and delay management processes. This provided complete visibility into work orders, invoices, and payments in real-time, allowing the group to analyze performance and make data-driven decisions. It also helped in managing delay more efficiently by automating data gathering, approval, report creation and addresses delays promptly.
Results
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The outcomes of using Cloobot for bill tracking and delay management are significant. By streamlining these processes and reducing the risk of errors or delays, the company was able to save time and money, and improve their financial performance.
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One outcome of using Cloobot is increased efficiency. By automating routine tasks and providing real-time visibility into the approval process, Cloobot helped the organization process bills and manage delays more quickly and accurately, freeing up time for other important tasks.
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Another outcome is improved accuracy. By having all information in one centralized location and automating key processes, Cloobot reduced the likelihood of errors. This allowed them to avoid costly mistakes and improve their financial performance over time.
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Cloobot also provided greater visibility into an organization's finances. By tracking and managing all bills and delays in one place, Cloobot helps in identifying areas where they may be overspending or where they can make cost-saving adjustments. This led to improved financial planning and decision-making.
Benefits
The company was successfully able to receive several benefits after implementing Cloobot for their bill tracking and delay management processes.
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Cloobot provided them with a comprehensive platform for all their financial information, allowing them to easily track and manage bills in a single location. This streamlined their financial management process, saved time, and reduced the likelihood of errors or missed payments.
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Cloobot allowed the businesses to track bills that were still awaiting approval, providing them with real-time visibility into the approval process. This helped them prioritize and expedite approvals, ensuring that bills were processed in a timely and efficient manner, reducing the risk of delays or disruptions to their operations.
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Cloobot's user-friendly interface made it accessible to a wide range of users, even those without a background in finance. This allowed more members of the team to use the platform, increasing overall efficiency and reducing the burden on their finance department.
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Cloobot can integrate with any communication channel, including WhatsApp. This means that employees could easily access and update information while on-the-go, improving overall productivity and efficiency.