Rimilia acquired by BlackLine, the leading financial close and accounting automation platform

The Problem

Business services organisations have been at the bleeding edge of digital transformation. They were amongst the first B2Bs to move their customer touchpoints online, and then leverage the data to improve service and adjust to changing expectations.

Though leading at the front-end, their back-office processes have stayed stuck in manual, with critical AR tasks still managed in many places with paper and Excel.

The Pain

Letting those manual processes dominate daily workflow makes applying remits tedious and time-consuming. It can stifle productivity and cause delays from sales to collections. Credit controllers, unsure of how current their past-due reports are, often have to call cash teams for verification before starting collections.

The Solution

Rimilia automates the accounts receivable function with intelligent cash application, optimising collections and uncovering insights that improve decision making.

By removing manual tasks, business services AR teams can focus on core functions like collections that add value to the business. Automated analysis of customer payment behaviour can increase working capital, improve aged debt, and reduce provisions for bad debt.

The Results

No organisation understands cash flow better than Loomis. The global armoured cash delivery moves much of the world’s physical money between businesses and their banks. Loomis is big, international, and diversified. Its 24,000 employees deliver cash management services from more than 400 offices around the globe.

But the company’s own cash management processes were held back by lack of real-time visibility into customer payments. Different finance functions didn’t fully trust the timeliness and accuracy of accounts receivable data, creating tension and adding time and cost to everyday tasks.

To improve speed, accuracy and efficiency, Loomis implemented Rimilia Collect to track and analyse customer payments. They saw a 50 per cent increase in productivity in the first three months:

  • Overdue debt dropped from 3% to less than 1%
  • Collection events dropped by 50%
  • Customer balance forecasting improved 7x
  • Promise to pay increased by 11%

Loomis case study

Read the full case study.

Intelligent AR Automation

By applying artificial intelligence to the accounts receivable function, Rimilia matches payments to invoices faster, with greater accuracy, and at a volume of output human intervention alone can’t deliver. The hours logged by AR teams keying in data, searching, checking, and double-checking, simply disappear. Customers see cash allocation happening faster. Errors are reduced, and more time is made available for credit control.