We’ve been working on our recovery strategy, and our debt collectors are now guided in their mission.
The leader in professional information
A French press group, Le Moniteur specializes in cross-media information for construction professionals, local authorities and the public sector. Each month, it has more than 2,400,000 web users, 1,225,000 readers and 7,000 participants in various events.
As the leading provider of information for professionals, Le Moniteur offers a wide range of products and services:
- Press (20 publications, 150 journalists)
- Digital services (20 websites, tender notices, job offers, etc.)
- Other services (conferences, job clubs, 6 annual trade shows, training courses, etc.).
In 2014, the group had 550 employees and sales of 125 million euros.
A collection solution worth renewing
Le Moniteur has around 3,000 customer accounts, 40% of which are in the public sector (organizations working for the State, local authorities or hospitals) and 60% in the private sector (SMEs, major accounts, etc.).
Two teams are responsible for ensuring payment of the numerous invoices issued by the group (the average invoice is €3,000). A 4-person team handles the first level of reminders. If the unpaid invoices persist, a second team takes over for the pre-litigation phase (formal notice and initiation of litigation).
In 2012, the collection software used by Le Moniteur is no longer maintained, and the company must quickly find a new solution adapted to its needs.
Choosing CashOnTime Collection and DIMO Software
“Our criteria for choosing our new collection solution were clearly identified,” explains Julien Raynaud, Deputy CFO. “It had to be adapted to the Group’s volume and our methodology. It also had to be flexible, both in terms of operation and access to the tool”, he adds.
“We chose the CashOnTime Collection solution, which met these conditions and proved to be very competitive.
“What’s more, we were already familiar with the availability and proximity of the DIMO Software teams, since we are Cashontime Allocation (accounting entry generator) customers. So we decided to renew our confidence in these same teams for the debt collection and tracking tool,” adds Mr Raynaud.
CashOnTime Collection, a structuring tool
On a day-to-day basis, Le Moniteur appreciates the flexibility of the solution, which enables it to structure its debt collection in a precise way and to have reliable information on accounts receivable.
Julien Raynaud underlines the flexibility of the solution from several points of view:
- how it works: In CashOnTime Collection, Le Moniteur has found a solution that adapts to its debt collection methodology, combining telephone, e-mail and paper reminders (reminder letters). In this way, several reminder scenarios are set up and customized according to customers and services invoiced.
- accessibility: thanks to a SaaS offering, CashOnTime Collection is easily accessible via a simple web browser. Employees of Le Moniteur can thus access the tool very easily, whether they are working from home, on the road, or in one of the Group’s branches…
On the other hand, with CashOnTime Collection, Le Moniteur benefits from a structuring solution: “We’ve worked on our reminder strategy, and our collection agents are now driven in their mission,” explains Julien Raynaud. They are attached to a portfolio of customer accounts, and every day they have a stream of tasks to complete and e-mails to process. Every day, dunning letters are generated by CashOnTime Collection and put in the mail. Disputes are handled by different teams, depending on the nature of the dispute (sales, sales administration, etc.).
Thanks to the qualification of contacts in CashOnTime Collection, Le Moniteur benefits from much more qualitative information.
For the Assistant CFO, one of the essential benefits of CashOnTime Collection is the monitoring of the customer balance and outstanding amounts. This gives him a clear view of both open and closed accounts receivable.
DIMO Software support
Throughout the CashOnTime Collection project, and even today, Le Moniteur has appreciated working closely with the DIMO Software teams. “We would like to emphasize DIMO Software’s availability and attentiveness to our needs, as they support us on a daily basis in our requests to the software publisher to upgrade the solution,” concludes Julien Raynaud.
Want to find out more about the CashOnTime solution?
