Home management platform Thumbtack streamlined its AR process with Paystand, resulting in a 40% decrease in DSO, 98% reduction in write-offs and a 87% reduction in manual effort.
Thumbtack needed an AR solution that would fully integrate with Netsuite and help automate unnecessary manual tasks.
With Paystand as their AR automation tool, Thumbtack eliminated the need for separate AR programs or complicated and unreliable APIs.
"Real-time updates and analytics have made it easier to forecast and budget cash flow."
Home management platform Thumbtack handles numerous transactions every day. With over 1,000 employees and 200,000 professionals on their platform, accounting processes should be streamlined for better cash flow.
But when preparing for their IPO, the finance team decided to improve their accounts receivable (AR) process. At the time, collecting payments was a tedious task. Despite having a process outlined, there were many extra and unnecessary steps.
For example, the Thumbtack team used NetSuite as their leading ERP. But their billing system, Bill.com, could only sync customer information with the platform. As a result, they were logging duplicate invoices and payment data.
“When you’re trying to fill the information discrepancies between two platforms, you always have the opportunity for errors. It’s just not best practice. And we wanted to upgrade that,” says Chad Bello, Revenue Accounting Manager at Thumbtack.
The finance team’s goal was to find an integration that fully synced with NetSuite. This would eliminate unnecessary manual tasks, reduce duplication, and streamline payment operations.
After reviewing many potential solutions, the team selected Paystand as their AR automation tool. Unlike many alternatives, Paystand functioned entirely within NetSuite, eliminating the need for separate programs or APIs.
“We have more time to focus on our biggest priority: Improved revenue recognition. Real-time updates and analytics have made it easier to forecast and budget cash flow,” says Chad.
Since implementing Paystand’s AR automation platform, Thumbtack has seen a 40% decrease in DSO. They also drastically reduced write-offs, which dropped from $20,000 to $250, or 98.75% percent.
And time savings? Imagine going from 32 hours a month to just 4 hours!
But that’s not all—customers also love the self-service payment portal.
“Whether it's bank wires, ACH, or credit card, our customers love having multiple payment options,” says Chad. “Paystand has just been incredible to work with.”
Paystand’s AR solution doesn’t just sync payments. Our platform includes several features, including:
Book a demo with our AR experts today to see how effortless our B2B payments solution is.