Successes - CJM Financial, Inc.
Invoice Factoring Company Speeds Debt Collection for its Customers with Fortis

Factoring is the sale of accounts receivables at a discount in exchange for immediate payment. CJM Financial is an invoice factoring company that primarily serves the trucking industry, but also has customers in manufacturing, distribution and services. Based in Ankeny, IA, CJM Financial has been helping companies from start-ups to well established businesses since 1993. Independent truckers, for example, don't have the time and resources to analyze credit histories or ensure invoices get paid in a timely fashion. Truckers need to be on the road to keep money rolling in. CJM's invoice factoring service is a practical solution.

Challenge
Providing top-notch customer service is essential for factoring businesses to differentiate themselves. The factoring process relies heavily on efficiently handling invoices and responding to customer inquiries quickly. CJM Financial wanted to streamline their factoring process to output invoices, quickly bring new customers on board and continue satisfying existing customers.

"We needed a system that could retain invoices and bills of lading and allow our account managers to quickly find these documents to send to our customers' debtors," explained Troy Murphy, owner of CJM Financial. "We wanted to streamline the process and avoid creating multiple photocopies of documents. Prior to Fortis, we had a solution, but it was not scalable as our business grew."

CJM recognized the potential cost savings and productivity gains they could realize by rolling out a more full-featured document management system.

Solution
CJM looked for a replacement system that would be simple to learn and scalable, along with capture and retrieval features that would fit in with their factoring process. Having established a relationship with a local representative from LBC Technology, a Westbrook partner that offers network support and services, CJM chose Fortis document management software. "It was Fortis' query and exporting abilities, along with its ability to expand as needed down the road that appealed to us," said Murphy.

Results
By implementing Fortis, CJM Financial streamlined invoice delivery to collect outstanding payments for their clients. CJM captures 1,100 documents a week or 4,500 documents a month with Fortis. Previously, CJM photocopied invoices and mailed them out.

"Now we email our clients' invoices along with any supporting documents to collect payment directly," Murphy said. "We've significantly shortened our turnaround time and improved cash flow for our customers. We record payments in FactorSoft and follow-up on unpaid invoices with a collection letter." FactorSoft is a portfolio management system for factors and accounts receivable.

Fortis has also made it easier for CJM Financial to bring new customers on board. CJM's sales team contacts prospects that would benefit from factoring. When they sign on a new customer, a contract is created and emailed to them. When the contract is faxed back, a folder is created in Fortis and a copy of the contract is saved to the Fortis repository.

Fortis has also helped CJM better manage renewal contracts for their factoring services with existing customers. At the end of the year, contracts are drawn up and emailed to the customer to renew. When they receive the updated contracts, they are scanned into the Fortis repository.

Benefits
Fortis has reduced the turnaround time for distributing invoices and collecting payments. In addition Fortis has increased productivity. Employees no longer make photocopies or search for misplaced documents. All documents can be retrieved and emailed directly from the Fortis repository.

CJM Financial has eliminated manual paperwork and decreased the cost in paper handling fees such as photocopies. CJM Financial has also been able to offer a new service to customers that provides back up copies on invoices needed for tax purposes at the end of the year. With Fortis, CJM can quickly produce digital copies of an invoice. CJM Financial plans to expand its Fortis implementation by offering Internet access to authorized users enabling employees and customers to view documents online.

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