Security Companies are not the only businesses that stand to maximize efficiency and increase profits with the help of RMR-specific tools.
Industries with similar billing structures such as fire, PERS, and emergency equipment can benefit from many of the same innovations utilized by the security sector. When these types of companies take advantage of the helpful products available, heightened success is inevitable. Kings III, a manufacturer, installer, and monitoring provider of emergency help phones, is one organization profiting greatly from the use of an industry leading business management software, SedonaOffice.
Eleven years ago, now President and Chief Operating Officer, Dennis Mason, was hired to maintain the company’s core values while offering innovative, new ideas to move the company forward. Prior to Mason’s tenure, Kings III realized that, despite its unique range of services and niche market, it required a powerful financial reporting system to help manage operations. Though SedonaOffice is widely known as the number one financial software for security companies, Kings III recognized its impressive RMR billing capabilities and saw the opportunity to tailor the product to its needs. Upon Mason’s arrival, the organization began to take full advantage of SedonaOffice’s offerings, which ultimately helped the business become what it is today.
Kings III utilizes an atypical RMR model as compared to that of a traditional security company. Though similar in the sense that both provide professional monitoring, Kings III’s interaction with the recurring revenue model is uniquely unit-based. As a high-volume RMR business, the average customer pays only 33 dollars per month, and therefore, revenue generation depends on the size of the client base. This billing structure demands exact tracking and reporting to maximize efficiency.
With the help of SedonaOffice, Kings III monitors current aging, runs RMR reports at least once per day, and tracks attrition and collection. The program automates invoices and sends out cycle billing, saving one employee who used to perform the tasks manually two weeks out of every month. As Mason puts it, “Knowing the information is key to moving forward. Knowing my RMR distribution—what my revenue is going to be not only this month but for the next twelve, has been one of SedonaOffice’s biggest benefits.”
As Kings III evolves, it continues to take on uncommon challenges, such as expanding overseas in 2013 upon the acquisition of SoloProtect, an English company with a more traditional RMR model. Since the merger, Kings III has ventured into the Netherlands and France, as well. SedonaOffice developed a solution that allows the company to bill in all three currencies while giving Mason the tools to compare them using a common denominator. The organization now feels comfortable invoicing in multiple countries and preparing for ventures in more locations with diverse currencies.
With an unofficial company mantra of “scan and shred,” SedonaDocs helps Kings III eliminate paper usage by storing electronic versions of all documents. Though the majority of the company’s American customers still pay with paper checks, the European sector of the business operates completely online, making SedonaWeb a necessity to keep the process running smoothly. On the very near horizon is SedonaDashboard, a product Mason is excited to implement, as it stands to alleviate a lot of work from his in-house developers, therefore increasing efficiency.
Mason has been so pleased with SedonaOffice’s open mindedness and excellent customer service that he sums up the partnership by saying, “SedonaOffice has listened to our needs and adjusted by customizing the software to fit our needs, even though they aren’t typical. Michael [Marks, Co-founder] has been fantastic and really responsive to our needs. We have a great working relationship, and we’re confident that as new things come up, SedonaOffice will be able to help us.”