We sat down with Jason Zhang, founder and MD of Luce. Luce is the largest tech-powered services provider for residential and commercial needs, including aircon servicing, part-time cleaning services and more. Founded in 2016, Luce has served over 17K customers in over 320K sessions.
Can you describe the key pain points you faced in regards to your finance and payment operations?
Manual reconciliation and identifying payments manually in finance operations have presented significant challenges. The process has been highly time-consuming, requiring extensive hours to sift through transaction records, cross-reference them with bank statements, and identify discrepancies.
We find ourselves using various platforms and spreadsheets to access payment records. The frustrating part is that it typically takes 3 to 4 days for invoices to reflect in our system, causing delays in our reconciliation efforts.
Moreover, we frequently receive feedback from clients who have made payments weeks or even months ago, expressing their dissatisfaction with the lengthy reconciliation timeframes.
"We frequently receive feedback from clients who have made payments weeks or even months ago, expressing their dissatisfaction with the lengthy reconciliation timeframes."
Automated reconciliation has significantly reduced the time required to reconcile payments. What used to take days or even weeks is now accomplished in a matter of hours or minutes, allowing the finance team to focus on more strategic tasks.
Clients no longer experience long delays in payment reconciliation and we've eliminated the risks of human error. This has led to improved client satisfaction, as payments are reconciled real time under 5 minutes, reducing disputes and inquiries.
Aside from significantly faster reconciliation on a day to day basis, it also has the capability to manage higher transaction volumes effortlessly, where 1000 transactions can be reconciled within 1-2 hrs compared to 3-4 days previously.
What used to take days or even weeks is now accomplished in a matter of hours or minutes, allowing the finance team to focus on more strategic tasks.
We've seen your traction and it's been exciting! What growth plans do you have?
Our goal is to become a global company that can efficiently serve a large customer base while ensuring their satisfaction. We aspire to have all the necessary tools readily accessible, including the ability to seamlessly work with various banks and currencies within a single platform. Additionally, we are committed to reducing manual tasks across departments, enabling our teams to dedicate their efforts to enhancing processes to avoid repetitive work.
Read the Luce customer story at https://www.tryacme.com/customer-stories
Learn more about Luce at www.luce.sg