Case study

Bestbath

Discover how Bestbath achieved significant DSO reduction with Payference.

Industry

Manufacturing

Employees

150+

Accounting System

NetSuite

About the Company

Bestbath began producing bathing products in 1969 as Component Structures, Inc. In 1971, Bestbath founder Gary Multanen started his career at the company as a plant manager. He purchased the company ten years later. The company continued to expand its market reach and product line.

After hearing about the difficulties his mother experienced in bathing, Multanen hit upon Bestbath’s mission. The market was failing to provide accessible bathing products for those with mobility challenges. He developed a line of safe and accessible bathing products. In 2000, the company consolidated all of their product lines under the brand name Bestbath Systems, now known simply as Bestbath.

Challenges

Taylor Parry joined Bestbath in February of 2023 as an Accounting Analyst. At the time, one of the main priorities for the company was eliminating the manual work tied to sending invoice due reminders and statements. The team was spending hours upon hours each week following up with customers that had past due invoices and responding to individual requests for copies of their invoices and statements. They were also looking for a customer-facing portal to collect payments seamlessly.

Solution

And so one of his primary responsibilities upon joining was to assist with the implementation of Payference, an AR automation solution built for NetSuite users. Payference enables him to automate emails and statements, which has proven invaluable in managing collections efficiently. For instance, he can configure the system to send emails to customers when their accounts are 30 days past due, alerting them that their accounts are on hold. This automation eases the burden on collections and keeps it manageable.

Additionally, Payference allows him to effortlessly provide customers with copies of their invoices from the platform, eliminating the tedious work to save and export one by one from NetSuite. Payference also allows Bestbath to collect payments through Payference’s self-service portal. Payments automatically get posted in NetSuite eliminating another manual task in the process.

Results

Bestbath's experience with Payference has been nothing short of remarkable. The implementation of Payference resulted in significant improvements in their accounts receivable department. One of the key metrics they measured was the reduction in accounts past due by 60 days. With Payference's automated email reminders and workflows, they witnessed a noticeable decrease in the number of receivables past the 60-day mark. This reduction in overdue accounts not only improved their cash flow but also enhanced their overall financial stability.

Bestbath's advice for companies searching for a similar solution is clear: prioritize flexibility and a provider's willingness to promptly implement changes. The ability to adapt and customize the software according to their unique needs has been a game-changer for Bestbath. It's this flexibility and responsiveness that sets Payference apart and has contributed to their success.

Their partnership with Payference has not only streamlined their accounts receivable processes, but has also positively impacted their financial stability and customer satisfaction. The results achieved through the reduction in overdue accounts and the seamless integration with NetSuite make Payference a valuable asset in their operations.