Transforming Invoice-to-Cash: How Creditsafe Broke Their Limits with BlackLine

Now, more than ever, the importance of a streamlined and efficient collections process cannot be overstated. Managing cash flow becomes increasingly critical to maintaining operations and ensuring future growth as companies grow and expand.

Creditsafe, a global credit risk intelligence provider, recognized the need to digitally transform and automate its Invoice-To-Cash process.

To do so, they partnered with BlackLine and achieved remarkable results.

For many organizations, the collections process can be cumbersome and time-consuming, often leading to delays in cash flow and a negative impact on overall financial health. Creditsafe faced similar challenges, with over 90-day debts and a collections team struggling to keep up with the volume of outstanding invoices.

To tackle these issues, Creditsafe turned to BlackLine’s Invoice-to-Cash. This powerful solution automates the invoice-to-cash process, centralizing end-to-end receivable tasks from invoicing to payment application. The results speak for themselves.

“An invoice is not paid until the cash is in the bank. We’re collecting far quicker,” said Jason Braidwood, Global Head of Credit Collections at Creditsafe.

By automating the process, Creditsafe has significantly reduced its over 90-day debt by an astounding 97% in just two years. “ I know that seems unreal, but it is a fact” said Anita Espinosa, who oversees the collections process at Creditsafe.

One of the standout benefits of implementing BlackLine’s platform has been the positive effect on the Creditsafe collections team. Automating routine tasks has freed the team to focus on more strategic initiatives, enhancing their ability to manage outstanding debts effectively.

“BlackLine has given the team the chance to do the job to the best of their ability,” said Espinosa. The platform has ensured no customer is left behind, as the team can now contact every customer efficiently and effectively.

Caitlin Malone, another member of the Creditsafe team, highlighted the impact on team morale: “Targets have been much more achievable for the whole team.”

With automated processes in place, the team is more confident and motivated, leading to better overall performance.

In addition to improving the collections process, BlackLine has provided Creditsafe with enhanced visibility into its cash flow. This increased transparency has made it easier for Jason and the finance team to meet with their CFO and provide accurate cash flow forecasts.

“With the visibility we have now, we can forecast much better where the cash is coming in,” Jason noted. This ability to predict cash flow has further strengthened Creditsafe’s financial position, allowing it to plan more effectively for the future.

The partnership between Creditsafe and BlackLine is a testament to the power of digital transformation in the finance function. By automating the invoice-to-cash process, Creditsafe has improved its cash flow and empowered its collections team to achieve better results. 

If your organization struggles with inefficient collections processes, consider how BlackLine’s Invoice-to-Cash solution can help. With powerful intelligence and automation, you can centralize your receivable processes, mitigate risk, and increase working capital.