Case Study:
Neovia Advisory Limited - offering smartAR Virtual Ledger Management since 2020.

Solution

In 2020, Neovia Advisory were having some internal discussions about expectations for their terms of payment. They agreed as a management team they needed a more consistent and streamlined approach to invoice collection.

Having successfully used smartAR’s Fee Funding product for 10 years, they decided to add smartAR’s Virtual Ledger Management (VLM) solution to their accounts receivable mix. In the first instance, they prioritised new debtors and used VLM to set clear expectations of when invoices were due.

Neovia Advisory took comfort from their 10-year relationship with smartAR that VLM would also be a reliable solution for their firm. While this long-standing relationship meant they knew and trusted smartAR, their decision making was helped enormously when a client of theirs that already used smartAR Fee Funding, independently recommended the VLM service to them.

Results

Traditionally, the Christmas/New Year period is the most difficult time of the year to maintain timely payments. Neovia Advisory introduced VLM to their accounts receivable process at the beginning of December to smooth payments over this period. They were delighted to see good pickup in slow payers from March onwards.

Neovia Advisory have also noticed that by using VLM they now have a great way to introduce smartAR’s Fee Funding product to their clients that need it most. Importantly, the outstanding payments from their multiple entity client base are being resolved and being paid more quickly. A conversation with a smartAR Ledger Manager can simplify these more complex payments.

The firm has also found that having a dedicated Ledger Manager (rather than adding this task to the To Do list of an existing employee), has meant that accounts receivable is prioritised for the business. This task often fell to senior partners and was deprioritised as an admin task, not a priority task needed to maintain business cash flow.