New Cashbook Customers 2007

It’s been another busy year so far with Cashbook consultants traveling to the four corners of the globe for upgrades, additional modules and of course to cater to the requirements of our new customers.

Four new Cashbook customers signed in 2007 from different parts of the world are: Rieter Automotive North America, Lindsay Manufacturing, Courtaulds U.K. Ltd. and Leo Pharma A/S.

With U.S. headquarters in Farmington Hills, Michigan, Rieter Automotive are a world leader in Textile and Automotive systems. Their part-owned joint-venture company UGN USA have been using a variety of Cashbook modules for the past number of years, including AR Lockbox for Automated AR, Bank Reconciliation, and most recently Electronic Payments and Email Remittance.

The Rieter team took a look at some of the functionality UGN were using and within two weeks had purchased Cashbook to automate their AR activities. Cashbook implemented an aggressive implementation schedule with Rieter and had the company live in close to one month. According to Tom Lontz, Director Information Systems and Technology at Rieter North America: "The Finance folks have now got Chrysler, Ford, GM all processing through Cashbook. They seem to be very, very satisfied. Overall, very good, very happy. We appreciate all your help."

Lindsay Manufacturing is a fast-growing manufacturer of irrigation systems based in the heart of the Mid West in Lindsay, Nebraska. Cashbook started working with Lindsay back in 2005 to consider the possibilities of converting vendors paid by check to electronic payments. In March of this year Lindsay purchased Cashbook’s Electronic Vendor Payments and Email Remittance modules. After a mid-summer switch to a new banking partner, Lindsay went live with Cashbook in July.

Jeanie Sawyer, AP Supervisor at Lindsay, reports that after seven live payment runs with Cashbook the process is running smoothly. “We are very happy with the solution and I would be glad to be a reference in the future. I highly recommend it. We have started converting our vendors now to get paid electronically and this is working well. We have specifically targeted some of our largest vendors and have now managed to convert two-thirds in terms of dollar amounts to be paid electronically”

Recent newly-added customers for which projects are currently in progress include the well known U.K. textiles firm Courtaulds UK. Originally founded in 1794, Courtaulds is a household name in the U.K. and respected throughout the textiles industry worldwide. As owner today of women’s brands Gossard and Berlei, amongst others, Courtaulds were looking for an automated accounts receivable solution that could handle large volumes of remittance data.

After a site visit to an existing UK Cashbook customer handling large amounts of AR data, Courtaulds purchased Cashbook in June with two separate go-lives planned to work off two different release versions of their ERP platform.

Finally, Cashbook is pleased to announce the news that Danish-based Leo Pharma A/S has become a Cashbook customer as of July this year. One of the world’s leading companies in topical dermatology and parenteral treatment of thromboembolic disorders, Leo Pharma will now join the long and illustrious list of Pharma companies using Cashbook to enhance their finance processing. The project, which is due for completion in early Fall this year, will include processing Shared Service Center payments across 15 different countries worldwide and using multiple different banks.

Summing up Cashbook’s performance this year to date, Global Business Development Manager Richard Birchall commented: “Every year we continue to grow our customer base and we now have over 300 Cashbook sites live worldwide. I will work with our prospects for as long or as short as it takes to get them to move their business forward and automate their processes through our technology. The most satisfying element in the entire process is when I go back to customer sites, 1, 2 and 3 years later and I keep hearing the positive results that users and managers testify to. A project that may be difficult to justify initially to an internal Project Committee, three years after implementation becomes a no-brainer. Most users say they could not imagine going back in time to the old process before Cashbook. In a nutshell, that is what we are trying to do: make companies’ bottom lines look better, and make people’s lives easier.”