Provider of equipment leasing financing to small businesses.
Client Location, Areas Served
Western Canada serving western provinces and NWT.
Blend of manual, Excel and DOS based software for basic posting of cash receipts and lease balances.
Problems to Resolve
The lack of any system structure and related work flow or procedures was problematic for many reasons. The client realized that the current and disjointed system could not support future anticipated growth. Problems that needed to be resolved included:
✓ High occurrence of manual errors with real cost value
✓ Inability to track entire lease life cycle
✓ No centralized data available to all users
✓ Restricted or limited collection tracking
✓ Lackluster customer service due to inaccuracies
Stated Business Needs
✓ Manage both brokerage and servicing activities within one integrated system
✓ Achieve accurate and timely reporting to external funders
✓ Have ability to service leases after sale
✓ Track asset insurance and Liens
✓ Automate and stream-line pre-authorized payments
✓ Maintain flexibility of finance offerings through various restructure and payoff options
Ryznware™ Implementation Results and Benefits
Once each lease contract transaction history had been recreated from the various system input sources, the result was a totally integrated, accurate and centralized database that all users could share and obtain both real-time and prior period results from. Time spent in month end accounting and reporting activities was greatly reduced due to real time data posting and elimination of needless data re-entry. Program tailoring of equipment leasing software ensured that external funder report packages were designed in their desired formats so that the changeover appeared seamless, yet included additional and valuable data not previously available.
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