We had a service-based business, where we focused only on service delivery and not on following up on the payments. As the days passed, our DSO shoot up like a rocket, putting our business at the stake. We appointed a dedicated person to track with the customer on payments, but the outcome was not as expected.

When we dug deeper, we found the reason that our follow up strategy did not include a practice with casual reminders, ad-hoc timing of reminders and no tracking when there is a promise or resolving when there is a dispute. We also couldn't audit his work as there was a lack of any centralized tracking system.

We could clearly picture that, we need software to make it better, where we can see the overall status and audit what follow-up is happening. We found some software that is offered to businesses and takes up to 10% of the billing value as fees. This fact hit us harder! Why should a company pay so much to get their owed money back?

In the end we understood that every small, medium and large businesses need an easy-to-use application which should be cost effective as well. We went a step ahead and consulted 100's of Accounts Receivable specialists on what they do and what pain points they go through. And that's how our journey on building the Best Account Receivable Automation Software - Maxyfi started.