Eren Koont, Ordway [00:00:00] Welcome everybody to this webinar this afternoon. We're going to cover six ways that Ordway customers are helping their customers during this COVID-19 crisis. And just a couple housekeeping items. We will be recording this webinar and send out links to those of you that attended in person as well as to the people that registered. There is a chat feature where you can ask questions and we'll try and answer those at the end of the webinar and then we'll do a couple of polls during the webinar as well just to keep it lively and interactive. But with that, we'll go ahead and get started. So just an overview of what we're doing today. We're going to give a little bit of a overview of some macro conditions that we're seeing in the economy broadly. Some go through a couple examples of that are public out in the press and then the system is going to lead us through some ways that the Ordway community is helping their customers during this time of the coronvirus pandemic. And then we'll have some Q&A at the end as well. So before we dive into the topics, just a little bit of who we are as an organization. Ordway is an organization where billing is really in our DNA. We serve businesses across the world with both recurring and non-recurring subscription businesses. And our team was founded by a group that has deep experience in building ERP, billing and payment systems. And in fact, our CEO, Sameer Gulati, was an early employee at Zoura, Workday, Intacct and even FirstData. So today's presenters I'm Eren Koont and I'm part of the team that's leading the platform growth here at Ordway and Sushma Ashutosh is on our client services team. And here is our contact information. If you want to reach out to us after the fact. We'll remind you at the end. We'll give this contact information to you again at the end. But that is kind of context for who we are and what we do here at Ordway. So what have we seen in the economy over the last couple of months? You know, this is a article that got put out by the UCLA Anderson School of Management, their business school. And they're they're citing some stats that GDP growth is down 4 percent, 5 percent, close to 5 percent in the first quarter of 2020. And they're projecting 30 to 40 percent annualized GDP decline for Q2. So a big, big shock to the U.S. economy and to the world economy more broadly.
Eren Koont, Ordway [00:02:55] And that obviously is impacting people's businesses and just their relationships with their customers. Obviously.
Eren Koont, Ordway [00:03:06] One example that we found recently, just from last week on the B2C side of the business consumer side retail. Dunkin Donuts is they're deferring rent payments for their 900 franchise locations. So that is in an effort to help their franchisees hold on to cash and maintain as much cash as positive as possible. They're actually going ahead and making sure that they can not have to worry about rent expenses during this time. Another example we saw from, you know, in April is SAP, again, a large ERP enterprise software company. They are thinking about delaying or creating financing options for both their maintenance and their subscription portions of their business. So, again, they're trying to help their customers with what is going on in their businesses. And so, again, this is an article that we saw in CIO, whether or not they've actually implemented these programs. Maybe or maybe not their systems may or may not be flexible enough to handle doing this at scale. But certainly they are at least thinking about this. And so before we dive into the how Ordway customers are helping their customers, I want to conduct a quick poll here. And if you want to go ahead and answer. For the rest of 2020, comparing your pre COVID-19 plans, what do you expect your business revenues to do for the remainder of the year? And we'll let people answer for a few seconds here.
Eren Koont, Ordway [00:05:14] We've got a few answers. I'm going to give people another 10 seconds to answer.
Eren Koont, Ordway [00:05:33] I think that's about it. Looks like things are slowing down.
Eren Koont, Ordway [00:05:38] Basically, what you all are saying is that most of you are saying they expect revenues to be either lower or the same. Only a handful of you are saying that you're thinking it's going to grow. So with that, I am going to turn it over to Sushmita to walk through how? Her clients and our clients are helping their clients be more successful during this time.
Sushma Ashutosh, Ordway [00:06:05] Hello, everyone. Glad you could join us today. So in these times of uncertainty, business leaders all over the world are looking to study the ship, minimize the damage and set up for future success. So businesses today, they not only have to be sensitive to their customers, but they have to also ensure that their lights are on. How do these concepts translate to the world of billing? Well, what I've seen, Ordway's customers use the following approach. They define, they are flexible, and they follow up. So I'd like to share some of my observations in, you know, within the Ordway community. And I'll be going over like six specify ideas where they adjusted their payment as they did mid-contract changes. They're adapting to, you know, the more digitized payment processing, they're they've increased their reporting to their senior management and how they're using this unfortunate time to gear up for the post lockdown period. Next slide, please. So the first first example is meet company A. Their customers were busy restaurant franchise owners. Business was super busy and expanding. But and they had set up payment terms, as due on receipt by default. And they had no problems before the lockdown. Now, however, it's a different story. So what they're doing is they're relaxing the payment terms to next 30 or sometimes net 60 to give restaurant owners enough time as we see restrictions being eased up around the country. There they can update it back. Or like, you know, give them more time as needed.
Sushma Ashutosh, Ordway [00:08:01] Next slide, please.
Sushma Ashutosh, Ordway [00:08:06] Meet company B. They have a unique situation.
Sushma Ashutosh, Ordway [00:08:13] Before the lockdown, they had agreed to certain delivery dates for their hardware components and are using CDC guidelines and social distancing policies to manufacture on time. How there were delays in shipping and transportation has affected their timelines. They can no longer guarantee inaccurate shipping date. Instead, they're now adjusting their invoice dates to be sent out after they're certain about the shipping date. So they're changing the invoice dates. In this situation so that they can guarantee it.
Sushma Ashutosh, Ordway [00:08:48] Next slide, please.
Sushma Ashutosh, Ordway [00:08:52] Meet company C, like many businesses. They avoided payment gateway fees primarily by accepting checks.
Sushma Ashutosh, Ordway [00:09:00] Occasionally they would accept credit cards, but quickly that policy had to be reversed because no one was available to go pick up the checks from the office during the lockdown. So, luckily two clicks were sufficient to turn their policy at around. They now promote using credit cards and ACH for 100 percent of the payments and collecting checks is an exception.
Sushma Ashutosh, Ordway [00:09:28] Next slide, please.
Sushma Ashutosh, Ordway [00:09:31] Meet the CFO of Company B. In addition to all the other financial close responsibilities, they have to also provide weekly updates to the executive management that keeping a close watch on the impact of this business. So using real time data and analytics, they transition to scheduled weekly reports. And it was easy and smooth because that capability exists.
Sushma Ashutosh, Ordway [00:10:02] Next slide, please.
Sushma Ashutosh, Ordway [00:10:05] So meet company E? They are utilizing this downtime to automate other aspects of their billing. Earlier, they used to manually create all the subscription contracts and they focused on billing because there were so many contracts and so many invoices to get out. But now with fewer contracts coming through because of the lockdown, they're seeing this as a golden opportunity to complete their Salesforce integration, to automatically create subscription contracts in the in the billing system. Additionally, they've set up QuickBooks integration to send daily journal entries to QuickBooks. So they're using this time to complete all of the customization so that they have an end-to-end automated system when they return to full force and set, they're set up for scalability.
Sushma Ashutosh, Ordway [00:11:03] Next slide, please.
Eren Koont, Ordway [00:11:05] I think Sushma, before we go to the next slide, we're just going to do another quick poll of the audience. And based on what you're seeing on this screen, are there processes in your business that you are hoping to make more efficient and simple? Yes. No. Would be all that we're asking for.
Eren Koont, Ordway [00:11:29] We'll give you 20, 30 seconds to get everybody's answer in.
Eren Koont, Ordway [00:11:42] And Sushman, while people are answering. Can you talk a little bit about the daily journal entries that are being sent to QuickBooks? How did that process work for them?
Sushma Ashutosh, Ordway [00:11:53] So we is our best practice or our recommendation is you create are you utilize our automated journal entry runs and then we have a summary financial period that you can export and import the QuickBooks. But we've noticed that some of our customers prefer the detailed daily journal entries. That's something that can be automated and Ordway as well.
Eren Koont, Ordway [00:12:24] I think that's a given. Thank you for that context. And I think we've given people enough time to enter this question. It looks like the overwhelming majority of you say that Yes. You can see something on the screen that is you want to improve your process on. So hopefully you can work on that in the coming weeks and months and potentially we can help you as well.
Sushma Ashutosh, Ordway [00:12:51] All right. Meet Company F. So they are forced to face the reality of their customers shutting down permanently, unfortunately. And there are some who are struggling and they're at high risk. So the best they can do at this time is to identify and tag these customers to show consideration and patience. So tagging the high-risk customers helps them to isolate that batch while diligently pursuing the rest of the payments, because from the company's perspective, it's important to catch up on payments and collections and to be very diligent about it. At the same time, our customization allows you to filter out certain high-risk customers if there's already been a conversation and you don't want to follow up using dunning emails. Overall, what I've observed is there's a lot of personal challenges and heartbreak. I've heard like some of our customers say, that important, significant events that were supposed to happen in these months could not. And some of their jobs in a day-to-day things have been affected. But I'm glad or thankful that at least we're able to solve the billing problems and automate and help improve that efficiency in the billing responsibilities. Thanks for your time. And back to you.
Eren Koont, Ordway [00:14:20] OK, great. Well, I think at this point we're going to answer a couple of questions that have come in and obviously submit some additional questions that you think but apprecipitate Sushma you sharing with the audience here some of the ways that Ordway is helping in its small way to help other customers, other companies be more resilient during this rough patch. And, you know, as we're entering some questions, definitely want to let you know about the upcoming webinars in our series and we'll be adding more to this as we go.
Eren Koont, Ordway [00:14:53] But we definitely want to be a source of education for you all and help you continue to build your skills and expertise as the days, weeks and months unfold. So let's go to one of the questions that's in the box right now. And I think this is related to the custom field discussion you were just talking about. You mentioned creating reports, using a custom field. Can I do it for an aging report for just the customers with a custom field?
Sushma Ashutosh, Ordway [00:15:28] Yeah, definitely. We allow you to create custom fields, at various objects like customers as well. And then those custom fields are then available in filters saying the aging report. You can definitely select the custom fields as a filter.
Eren Koont, Ordway [00:15:51] Thank you Sushma, The next question I think relates to the previous slide, let we go. I can figure out a way to go backwards a little bit. I think I saw a usage meter on one of your slides and I think they're referring to this one. Does that mean that you support usage-based billing?
Sushma Ashutosh, Ordway [00:16:09] Now, they and a lot of our customers use this regularly. They send usage via API or they we allow importing usage and in some cases they've connected to their own internal systems. And from then on, Ordway is automated billing can pick it up.
Eren Koont, Ordway [00:16:33] I think there are no. Let's see, are there any other questions out there? There are no other ones that have been added in the last couple of minutes. Well, I will.
Eren Koont, Ordway [00:16:47] Let's go back to this last slide here. Again, appreciate everybody's time today and hopefuly you took a nugget or two away from this that you can take tomorrow to your business and help improve your operations and your sales to finance workflows. And at the end of the day, really help support your customers and what their needs are in in their lives. And so with that, we will sign off and we'll be sending you a link to this webinar recording tomorrow. And we really appreciate your time today. And look forward to seeing you at the next one.