MonkeySoft Solutions, Inc. Saves 40 Hours Per Month Outsourcing AR
The MonkeyMedia Software (now MonkeySoft Solutions, Inc, an ezCater™ Company) story began 20 years ago at Tony’s Deli in Vancouver, BC, a thriving retail and catering operation. Owner Erle Dardick realized that his retail point-of-sale register did not have the functionality to manage the complexities of off-premise service channels – specifically, the catering business where an advanced toolset was required to manage customers (CRM), orders, invoicing, and the production and distribution of those orders.
Erle built the business logic and solution set required to efficiently manage takeout, delivery, and catering service channels for Tony’s Deli. He quickly realized that there was a considerable market opportunity for the software platform and started MonkeyMedia Software. Today their MONKEY platform serves more than 100 restaurant brands with over 6,000 restaurant locations across the US and Canada.
In 2017, Financial Controller Andriy Butskiy was tasked with raising capital and looking for acquirers for the business. His workload more than doubled and his ability to stay on top of the day-to-day accounting functions diminished. Rather than recruit and hire expensive support accounting staff (minimum $60K base salary), Andriy turned to outsourcing. After mentioning the challenges he was having finding support to one of his peers, Andriy was referred to Enkel Backoffice Solutions.
“The team at Enkel walked me through their process, and explained how we would work together and what they would deliver each month,” commented Andriy. “Even though MonkeySoft’s software and client relationships are all different and no single process would work for all, Enkel was able to handle the work.” In January of 2019, MonkeySoft and Enkel kicked off the engagement.
On a monthly basis, Enkel creates regular invoices for both monthly recurring revenue (MRR) and US patent fees. On top of that, MonkeySoft turned over their collections process to Enkel which had previously been a lower priority given all the other demands on Andriy’s time.
Enkel moved MonkeySoft’s books from a desktop accounting software (QuickBooks Desktop) to a shared QuickBooks solution, created checklists and schedules for both parties, and set them up on their project management and collaboration platform to make working together easy and more efficient.
In a short time, MonkeySoft was getting surprising results:
- Reduced invoicing and collections time down from 45 hours to 5 hours per month.
- Improved 30-day receivables and rarely have delinquent customers anymore.
- Moved accounting books to the cloud, enabling better collaboration and access to the books from anywhere.
Enkel provides the first line of defence for customer complaints and issues around billing and payments, improving MonkeySoft’s relationships with customers.
“I wish we would have moved things to Enkel sooner,” said Andriy. “Not only do we save a lot of time and money, but we don’t have the HR burden that comes with hiring staff, and have better customer engagements relating to billing and receivables. And Enkel is super easy to work with.”
Despite the acquisition by ezCater™, Andriy has no intention of bringing the AR work back in-house. “Working with Enkel is so easy. Not only is everyone there so nice and willing to find the best way to work together, but when they themselves had turnover on their team, they didn’t miss a beat. There was zero disruption to our monthly processes.”