Discover how Rico cut DSO by 12 days and automated cash flow forecasting with higher accuracy.
Rico Inc. has sold wholesale gift and novelty products into retail markets across the country since 1944. The business has been a consistently top-ranked licensee of the NFL, MLB, NBA, NHL, and more than 200 colleges and universities. Rico has grown over their 75 years of service. They have acquired multiple companies, including Tag Express in 2001, and Big League Promotions and Tags By Design in 2009. In addition, they launched their first brand, SPARO, in 2013.
"I wanted to make sure by solving one need I wasn’t creating a problem somewhere else.” - Navin Eric, CFO
Rico was using NetSuite ERP for AR management, however, it was limited in functionality and user-friendliness. The CFO mentioned how NetSuite was practical for mid-level companies, but when one wanted to be more agile, processes would become cumbersome. Cash flow calculations were time-consuming as they were done manually in Excel and gradually shifted from being done weekly to being abandoned completely.
Payference’s accounts receivable automation streamlined the entire AR process, making it easier for their team to follow. By using automated email communication, customers are enabled to pay invoices quickly and efficiently. Rico had seen a reduction of 12 days in DSO with only three months of using Payference.
“Automating day-to-day operations
leaves more time for the important analytics.”
- Navin Eric, CFO
"A nimble standardized product that can be tweaked to make it a full solution for customers."