IODM Ltd (ASX: IOD; “IODM” or “the Company”) today announced a new contract with Caterlink, Western Australia’s largest commercial kitchen contractor, to implement IODM’s debtor management solution throughout its Perth head office.
Caterlink specialises in commercial kitchens and bar projects across a range of hospitality clients such as Perth Stadium and Crown Hotel, and other sectors including hotels, mining, health and aged care, and education. It has grown 50 per cent in the last 18 months.
The agreement follows a successful month-long pilot in which 40 per cent of invoices were acted upon in terms of payment or intention to pay.
According to IODM Managing Director Damian Arena, the agreement illustrates the traction IODM is gaining around the country and wide application of its solution for virtually any type of business.
“Caterlink is a great example of a business in expansion mode and needing a robust system to handle an increasing volume of debtors and carefully manage cashflow.
“Securing the agreement through our WA reseller also indicates the sales opportunities that are converting to topline revenue.”
Dusan Raska, Group Accountant at Caterlink said: “The trial provided a very positive outcome for our business, and proved the robustness of the system. Having an automated system underpinning our collections process will undoubtedly reduce our debtor ledger.
“Prior to IODM we’d send emails to clients with overdue accounts, but much of the time the emails were lost or incorrect.
“Our accounts clerks found the system very user friendly and picked it up from day one. They particularly liked the ‘query account’ feature to flag customers with a query or dispute so it could be quickly resolved, and also exclude them from the next round of scheduled reminders.
“I’m a big fan of automating business processes, and IODM gets a big tick in terms of automating our accounts receivable procedure. It’s a big value add to the business,” he said.
IODM is a debtor management platform that automates the cash collection cycle, driving major process efficiencies, improved cash flow, and less risk. IODM has a host of features including invoice grouping, query account, pay now, credit checks, dashboards and analytics – all on the one platform. Flexible and scalable, IODM easily integrates with virtually any accounting system. Headquartered in Melbourne, IODM partners include PWC, NAB and Scottish Pacific. Clients include BDO and Wilson Security.