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Company Overview
Boulder Associates has specialized exclusively in healthcare and senior living design since our founding in 1983. The 150-person design firm has offices in Colorado, California, Texas, Arizona, and North Carolina, with a four-person accounting team.
Challenges
Today, having visibility into your organization’s cash flow is essential for understanding health and performance. A critical component of cash flow is having processes that increase prompt payments. As a long-time customer, Boulder Associates has experienced the value of EleVia’s Electronic Invoicing solution. Casey Bork, Accounting Manager at Boulder Associates, is seeing an increasing number of customers leverage ACH payments in favor of paper checks, but this seemingly automated payment process requires time and effort to reconcile ACH payments with the individual invoices that are processed for every project. With EVPay, Boulder Associates receives an unposted cash receipt file that they simply review and post into their ERP system, eliminating a tremendous amount of time and possibility of erroneous entries.
Why EleVia Software
Reduce the Payment Processing Hassle
Typically, Boulder Associates’ larger healthcare customers are on a net 60 billing period, while smaller customers are on net 30 cycle. Regardless of the billing cycle, Boulder found that customers were sitting on invoices for a longer period. When their customers use EVPay, the payment turnaround time is less than a week, rather sitting on a check for 30 days. Plus, there are other challenges that come along with traditional payments, like your check getting lost in the mail, or limited in-office staff to receive the checks.
Pay Invoices Instantly or Settle Old Invoices
EVPay has also been beneficial for Boulder Associates as it gives their customers an easy-to-use portal to pay older invoices or skipped invoices in real-time. It’s also helping avoid short pays; customers are paying the full amount, which makes the overall process cleaner.
Minimize Manual Entry Workload
With Electronic Invoicing and EVPay, Casey’s team is spending less time on manual work and performing less data entry. Plus, it’s helping with their department’s initiative of going green by heavily eliminating paper waste.
EVPay Is Helpful in the Collections Process
When clients overlook invoices, Boulder Associates has found that having the ability to resend the invoice and direct the client to the “Pay-Now” link in the email has resulted in instant payment in many circumstances. Instead of waiting for the next “check run”, remittance can be made in near real-time.