"Especially in the first few years, the DSO dropped significantly and we have been able to maintain that level ever since, which means we can now better utilize our working capital."  
- Sydney Jongenelen | Financial Controller | Polvo
Polvo is a leading group of several hardware stores. The company was formed from multiple mergers and acquisitions between various companies in the construction industry. Polvo focuses primarily on business customers (B2B) in the construction industry. Polvo’s customers include both small businesses and very large corporations. Sydney Jongenelen has worked in Polvo’s finance department since 2003 (started at Leys), where he has grown into financial controller in over 19 years.
Sydney knows the importance of a well-functioning credit management system, especially for a company like Polvo. Indeed, with more than 50 offices nationwide, keeping an overview of financial results and changes is one of the most important tasks within the organization.
The creditworthiness of Polvo's customers
Sydney indicates that more and more businesses that are customers of Polvo are struggling to pay their bills on time. “But that’s true in almost every industry right now,” Sydney says. This is because there are still many loans outstanding with companies after the corona crisis. High inflation and economic contraction are also making it difficult for companies to keep their heads above water. Sydney says that at Polvo they are satisfied with their results during the corona crisis. Macroeconomic developments are also affecting Polvo.
Polvo's choice of a good accounts receivable management system  
Polvo noticed they needed a more effective accounts receivable management system as the company grew larger in terms of customers and employees. “Several acquisitions brought in companies and therefore new customers that we didn’t know. This needed to be made clear, and with a package like CreditDevice’s, we were able to properly map out the companies and buyers without always having to know them personally.”
The credit information module  
One of the main advantages of CreditDevice, according to Sydney, is that customers or potential buyers who are not (or no longer) creditworthy immediately become visible in the system. Thanks to these rapid alerts, risky situations can be responded to earlier, allowing you to avoid defaulters. The users within our organization are very satisfied with the software. It is a complete package and therefore you always have an overview of the entire credit management. We have also made a direct link with the deregistrations of the Chamber of Commerce from which we receive weekly reports. This gives a lot of insight and reduces the risk, because if customers can no longer pay you, you have a problem.”
The software provides Polvo with many benefits  
The modules have brought Polvo many benefits. For example, Sydney says one of the most important has been the reduction in DSO. “Especially in the first few years, the DSO went down quite a bit and since then we have been able to maintain that level, which means we can now make better use of our working capital.” In addition, the software saves Polvo a lot of time and money because they need fewer people in the accounts receivable department. The software also makes the work they have to do much more manageable, Sydney says in the interview. “The team in the department can immediately see: what are my activities, who should I call, who should I email. If you don’t have that, sometimes you can overlook a debtor, which in turn creates more work and risk. With a software package like CreditDevice, you make far fewer mistakes, work more efficiently and thus save money.”
Sydney’s favorite modules  
We ask Sydney which module he likes the most. “That’s hard to choose,” he says. “Each module has its own charm. I’m particularly impressed with the management information module, which allows you to create all kinds of reports. This module gives you a good overview of what employees are doing and how much money is coming in.” Sydney also says PolicyManager is one of the best modules. At Polvo, they have been working with credit insurer Coface for a long time. “I used to have to manually track the limit for each customer and when the coverage expired. That took a lot of time and was very error-prone. With PolicyManager, I get automatic updates on my limits and ratings. And it is very convenient that I can submit a direct debit with one click, because that is not possible with the insurer itself!”
