Learn how MBI is leveraging Payference to automate AR and generate timely cash flow forecasts.
M. Brashem, Inc. (MBI) was founded back in 1983 and is a leading stocking supplier/distributor of graphite and carbon materials with a global reach. Their mission is to develop long-term, mutually rewarding relationships with customers and suppliers as they aim to provide excellent product quality, low overall cost, reliable delivery, and valued customer support.
When Jon Ferguson, the CFO of MBI, joined the company back in 2011, they were in a good cash position, but he knew they were going to have cash demands as they started buying new products and needed the ability to better forecast their cash flow.
Another initiative he wanted to take on was automating the process of invoicing their customers and generating payment reminders and past due notices to help accelerate their collections.
After quick research, he realized he wasn’t going to be able to do this with native NetSuite capabilities and began looking for a solution that did three things: 1) integrated seamlessly with NetSuite, 2) provided quick and reasonably reliable cash flow forecasts, and 3) helped automate the A/R process using NetSuite Automation.
“Payference makes quick work out of the preparation of cash flow forecasting by pulling in transactions related to purchasing and sales activities while also utilizing payment history to make more reasonable assumptions related to cash flow activities."
When Jon was contacted by a Payference employee, he was excited by unique cash flow forecasting solution that integrated with NetSuite and also all the features that were available related to AR/Collection management, including dunning capabilities which were included at a lower cost to that of other similar solutions (including the add-on module offered by NetSuite). He also loved the visualization of data – in both table and graph form so it’s easy to see trends and potential cash concerns.
“Payference makes quick work out of the preparation of cash flow forecasting by pulling in transactions related to purchasing and sales activities while also utilizing payment history to make more reasonable assumptions related to cash flow activities.”
Another problem Payference solved for us was the ability to enter multiple email addresses for the delivery of customer invoices.
“One problem we were having with automating electronic invoicing with NetSuite was the limitation of only being able to use one email address to send an invoice to. We have several customers that require us to send invoices to more than one contact.”
Now that MBI is live with Payference, they are able to easily utilize the data from NetSuite to help determine their expected cash flow receipts and disbursements. They are running cash flow projections now with very little effort and saving tons of creation time.
“As far as I know, there is no other software solution on the market today that integrates so well with NetSuite and provides quick and reasonably reliable cash flow forecasts. The power of Payference is the ability to look at historical transactions, payment patterns, how you’ve been paying your bills, etc. and create predictions on cash flow. You can even incorporate your own assumptions into the model as well”
MBI has combined the cash flow activities of four separate companies under common ownership that share a line of credit. Payference allows them to look at the various companies’ cashflows separately – or combined – and to also view all customer and vendor transactions for each of the four businesses directly within the platform.
“Setting up Payference was pretty simple. It just involved downloading a NetSuite bundle and about a half dozen one-hour meetings to customize the solution to meet our needs. Working with their team has been great!”