Meeting Title: Operations x Finance Date: 2026-04-06 Meeting participants: Rico Rejoso, Megan’s Notetaker, megan
WEBVTT
1 00:00:50.820 ⇒ 00:00:52.120 megan: Hey, Rico!
2 00:00:57.870 ⇒ 00:00:59.259 megan: Oh, can you hear me?
3 00:01:08.660 ⇒ 00:01:09.600 megan: Hello?
4 00:01:13.800 ⇒ 00:01:16.480 megan: No, I can’t hear you. Can you hear me?
5 00:01:21.560 ⇒ 00:01:23.910 megan: Let me check my settings…
6 00:01:27.370 ⇒ 00:01:30.810 megan: What about now? I think I muted it.
7 00:01:39.790 ⇒ 00:01:43.130 megan: Hmm, I’ve got my sound on, I can’t hear you.
8 00:02:18.270 ⇒ 00:02:18.790 Rico Rejoso: Hello?
9 00:02:18.790 ⇒ 00:02:20.630 megan: Yeah, that’s better.
10 00:02:22.210 ⇒ 00:02:29.049 Rico Rejoso: Okay, I think there’s a problem with my microphone, but I… went through with Naive Edwards.
11 00:02:29.650 ⇒ 00:02:31.210 megan: Oh, okay, well…
12 00:02:32.130 ⇒ 00:02:37.550 Rico Rejoso: Yeah, I was checking… Yeah, it is. Monday, yes, you’re right.
13 00:02:37.970 ⇒ 00:02:39.830 megan: Yeah, yeah.
14 00:02:41.410 ⇒ 00:02:45.239 Rico Rejoso: Yeah, so try to fill out the, reinforced EP worksheet.
15 00:02:46.900 ⇒ 00:02:48.449 Rico Rejoso: You can check it out as well.
16 00:02:48.590 ⇒ 00:02:50.790 Rico Rejoso: Let me know if I did it correct.
17 00:02:50.900 ⇒ 00:02:51.570 Rico Rejoso: Indeed.
18 00:02:54.080 ⇒ 00:02:58.469 megan: Yeah, I was just starting to check at everything. Also…
19 00:02:59.150 ⇒ 00:03:03.049 megan: So we’ve got, let me see…
20 00:03:05.390 ⇒ 00:03:09.239 megan: I’m just logging into all the things to check.
21 00:03:09.990 ⇒ 00:03:10.850 Rico Rejoso: Okay, yeah.
22 00:03:11.220 ⇒ 00:03:20.230 megan: Got the AP worksheet… Okay, you said you started… you did, or you did not start one for today?
23 00:03:20.900 ⇒ 00:03:24.100 Rico Rejoso: I did, yeah, under the, 402.
24 00:03:24.670 ⇒ 00:03:27.130 Rico Rejoso: Bad. Yeah.
25 00:03:28.390 ⇒ 00:03:34.380 megan: Okay, perfect. Yeah, let me see…
26 00:03:36.430 ⇒ 00:03:39.810 megan: where we’re at. I think we did have some deposits come in.
27 00:03:44.960 ⇒ 00:03:50.690 megan: We don’t have anything pending. Oh, were there payments that were sent out on Friday again?
28 00:03:51.240 ⇒ 00:03:52.390 Rico Rejoso: Yeah, there was.
29 00:03:52.630 ⇒ 00:03:53.700 megan: Okay.
30 00:03:54.010 ⇒ 00:04:05.219 megan: So, yeah, so because of that, I don’t think we’re gonna have anything, really, to do for now. Because, yeah, I see you’ve got the settled balance.
31 00:04:05.810 ⇒ 00:04:11.319 megan: And then there’s, like, we kind of have all those reserve amounts.
32 00:04:12.100 ⇒ 00:04:21.510 megan: Let’s see… so payroll… Maybe next week. I’m gonna look at…
33 00:04:27.450 ⇒ 00:04:35.160 megan: I’ll share my screen just so you can, follow along with, like, where I’m going. How do I share?
34 00:04:35.700 ⇒ 00:04:36.769 Rico Rejoso: Yeah, please go ahead.
35 00:04:39.540 ⇒ 00:04:42.410 megan: Okay.
36 00:04:51.950 ⇒ 00:04:55.830 megan: So, going in here…
37 00:05:00.840 ⇒ 00:05:07.739 megan: So, I went through, there was just this one, I was waiting for,
38 00:05:08.600 ⇒ 00:05:27.640 megan: whoever it is at Archimedian, got, like, a… not an error, but, like, an additional verification for their payment details, so I need to check for that. But then, I see everything else is unscheduled, and, you know, kind of double checking here. I don’t see anything that’s pending.
39 00:05:28.800 ⇒ 00:05:36.550 megan: So, when I go, to standard reports, and look at accounts receivable…
40 00:05:39.280 ⇒ 00:05:41.680 megan: Yeah, we still have some of those…
41 00:05:42.380 ⇒ 00:05:50.269 megan: Yeah, we still have some of these, but I think we got, like, a… this 18K from CTA,
42 00:05:50.640 ⇒ 00:05:55.329 megan: We got a remittance from them, but I think it’s not until tomorrow.
43 00:05:56.070 ⇒ 00:05:57.619 megan: Oh, I see.
44 00:05:59.970 ⇒ 00:06:12.180 megan: Yeah, so if I check here… Element… Also, I had this 15,000…
45 00:06:14.440 ⇒ 00:06:18.839 megan: Oh, we must have already received that. It must be old news or something.
46 00:06:20.290 ⇒ 00:06:21.700 megan: Payment date…
47 00:06:37.070 ⇒ 00:06:39.439 megan: Oh yeah, I saw this one…
48 00:06:42.560 ⇒ 00:06:55.030 megan: They changed the payment date. It was on the 3rd, so I think this is the one we expect to come in sooner. But yeah, since everything was reviewed, I don’t know where this Remo one was.
49 00:06:55.540 ⇒ 00:07:02.119 megan: But yeah, it does look like we had a couple of others come in.
50 00:07:02.790 ⇒ 00:07:06.080 Rico Rejoso: Okay, so we’re expecting LMNT and CPA
51 00:07:06.240 ⇒ 00:07:08.179 Rico Rejoso: For a total of 33 days, right?
52 00:07:10.040 ⇒ 00:07:12.980 megan: Elements, I think, might, Provo?
53 00:07:13.440 ⇒ 00:07:17.229 megan: Yeah, it looks like Element 15K…
54 00:07:17.740 ⇒ 00:07:20.999 megan: Yeah, the last deposit we got was Magic Spoon.
55 00:07:27.330 ⇒ 00:07:32.000 megan: That’s pretty much… Yeah, that’s all I see.
56 00:07:35.060 ⇒ 00:07:40.270 megan: So, yes to Elements, but let me check…
57 00:07:43.410 ⇒ 00:07:46.430 megan: So I don’t see a 15,000 in here.
58 00:07:50.120 ⇒ 00:07:53.109 megan: Oh, wait, that’s Citi. Let’s go to OPEX.
59 00:08:03.000 ⇒ 00:08:06.110 megan: Okay, so yeah, there’s a 15K incoming…
60 00:08:06.980 ⇒ 00:08:12.370 megan: And the, 18 from CTA, those should arrive this week.
61 00:08:16.530 ⇒ 00:08:17.940 megan: Actually…
62 00:08:24.140 ⇒ 00:08:31.460 megan: Yeah, Oh, I know what it was.
63 00:08:33.520 ⇒ 00:08:37.820 megan: Robert had us put a $500 Credit?
64 00:08:39.360 ⇒ 00:08:40.460 Rico Rejoso: On seating gate.
65 00:08:40.840 ⇒ 00:08:42.039 megan: Yeah…
66 00:08:42.429 ⇒ 00:08:53.270 megan: they… he had us put a 15,000.
67 00:08:54.420 ⇒ 00:09:11.570 megan: So, we’ll just have… we’ll just remove that balance and apply it to the next one. I guess, like, maybe they just got some wires crossed on their end, it’s fine. So this’ll show an overage, and then we’ll need to get that adjusted, but it’s okay, we’ll just apply it to the next one, so…
68 00:09:12.000 ⇒ 00:09:15.670 megan: yeah.
69 00:09:16.350 ⇒ 00:09:17.020 Rico Rejoso: Okay.
70 00:09:17.230 ⇒ 00:09:18.260 Rico Rejoso: Got it.
71 00:09:18.400 ⇒ 00:09:22.979 Rico Rejoso: So, we’re about to receive, 18 and 15K this week.
72 00:09:23.170 ⇒ 00:09:25.340 Rico Rejoso: From CPA and M&P.
73 00:09:26.640 ⇒ 00:09:27.940 Rico Rejoso: Sorry.
74 00:09:35.470 ⇒ 00:09:37.680 megan: Sorry, what were you saying?
75 00:09:38.520 ⇒ 00:09:46.270 Rico Rejoso: Yeah, I said, I mean, we’re receiving a total of $33K from CPA and LMMP for this week, right?
76 00:09:46.480 ⇒ 00:09:54.059 Rico Rejoso: And… For the others that are overdue, we have renal urban stems, And default, right?
77 00:09:54.720 ⇒ 00:09:56.849 Rico Rejoso: And we should be up to date.
78 00:09:57.310 ⇒ 00:09:59.420 Rico Rejoso: For now, there’s no overdue after those.
79 00:10:01.110 ⇒ 00:10:04.419 megan: Yeah, exactly. I haven’t seen any…
80 00:10:04.970 ⇒ 00:10:16.720 megan: Yeah, I don’t see any other payments that are on the way. We don’t… we don’t always get the payments, like, notices, it just depends on the client.
81 00:10:17.170 ⇒ 00:10:20.540 megan: But yeah, like, urban stems…
82 00:10:23.880 ⇒ 00:10:26.699 megan: We followed up with their new inbox.
83 00:10:33.490 ⇒ 00:10:36.139 megan: It’s kind of both, but yeah.
84 00:10:36.720 ⇒ 00:10:43.239 megan: Those are smaller, but we’ll at least have, like, the 18 and 15 coming in this week, but yeah, I mean…
85 00:10:43.370 ⇒ 00:10:46.430 megan: Are… are we on…
86 00:10:46.560 ⇒ 00:10:59.129 megan: like, for this meeting, it sounds like the past two that we’ve had, we’ve, you know, there’s already been things scheduled before we’re meeting, so I don’t know if we need to adjust this time, or…
87 00:10:59.320 ⇒ 00:11:04.490 megan: Or if we need to adjust the payment timing.
88 00:11:08.410 ⇒ 00:11:14.549 Rico Rejoso: Yeah, I mean, what do you prefer? I know the reason we set up this meeting is to have it prior to
89 00:11:14.760 ⇒ 00:11:17.180 Rico Rejoso: I will be delivered with them tomorrow.
90 00:11:17.290 ⇒ 00:11:24.229 Rico Rejoso: For all… all the world operations meeting that we had… that we had every Tuesday, right?
91 00:11:24.610 ⇒ 00:11:28.790 Rico Rejoso: Would you have… would you prefer to have this later in the week so we can, you know.
92 00:11:28.900 ⇒ 00:11:34.179 Rico Rejoso: Gather everything up by our, Meeting for next week, Tuesday.
93 00:11:35.490 ⇒ 00:11:47.249 megan: Yeah, that’s… that’s what I think we should do, but, I… maybe just when you meet with Utam tomorrow, just reiterate that, because it’s not like we can really…
94 00:11:47.520 ⇒ 00:11:53.720 megan: Clear anything additional at the moment, until those other payments come in, so…
95 00:11:54.850 ⇒ 00:12:03.480 Rico Rejoso: Yeah, one thing also, when do we, follow up with, and how… how often do we follow up with, overdue invoices?
96 00:12:05.060 ⇒ 00:12:07.929 megan: How often do we follow up with… with what.
97 00:12:07.930 ⇒ 00:12:14.009 Rico Rejoso: The overdue. The, overdue ARs that say for Uber STEMs here.
98 00:12:14.760 ⇒ 00:12:16.460 Rico Rejoso: And the old…
99 00:12:17.770 ⇒ 00:12:24.159 megan: Yeah, that’s all weekly. Kelly’s looking at that on a weekly basis.
100 00:12:24.890 ⇒ 00:12:26.950 megan: And.
101 00:12:29.520 ⇒ 00:12:31.440 Rico Rejoso: And how do we follow up?
102 00:12:31.590 ⇒ 00:12:34.629 Rico Rejoso: Is it through email or these QuickBooks?
103 00:12:36.690 ⇒ 00:12:42.939 megan: I do… I tend to do both. I don’t know if Kelly does it a different way.
104 00:12:43.380 ⇒ 00:12:45.340 megan: Let me see…
105 00:12:51.810 ⇒ 00:12:58.149 megan: Yeah, I mean, what I do is I go into sales, invoices.
106 00:13:00.650 ⇒ 00:13:10.029 megan: And then anything that’s overdue, I’m sending… well, I won’t send this email to… Like this one…
107 00:13:10.960 ⇒ 00:13:15.810 megan: Okay, and that one’s coming up. So I know that CTA one is coming in.
108 00:13:16.010 ⇒ 00:13:24.740 megan: And then the other overdue ones, like, I tend to just go… Or anything overdue,
109 00:13:26.320 ⇒ 00:13:29.519 megan: And just send the reminders in here, because then…
110 00:13:29.830 ⇒ 00:13:37.340 megan: Even if we send an email reminder, it’s coming in, like, you can kind of log here.
111 00:13:37.460 ⇒ 00:13:43.160 megan: Once it sends it out, you’ll see exactly when all of the emails have been sent out.
112 00:13:47.240 ⇒ 00:13:51.040 megan: So, here you can see it’s been viewed…
113 00:13:55.660 ⇒ 00:13:58.639 megan: I mean, it’s been viewed a bunch, so…
114 00:14:00.200 ⇒ 00:14:01.130 Rico Rejoso: Yeah…
115 00:14:01.850 ⇒ 00:14:03.480 megan: Somebody’s looking at it.
116 00:14:04.550 ⇒ 00:14:20.159 Rico Rejoso: Yeah, and, I mean, we tell them actually that, you know, we’re trying to put in another clause in our contract to make it easier to get paid via ACH or CCR and via credit card, right? That’s one thing, one thing that we can apply to is, so…
117 00:14:20.180 ⇒ 00:14:24.779 Rico Rejoso: the Uber to DRs. Another would be, like, you know, a percentage
118 00:14:24.870 ⇒ 00:14:30.909 Rico Rejoso: that we can offer at the BRD or such, right? Which is still in talks or in discussion with
119 00:14:31.050 ⇒ 00:14:33.779 Rico Rejoso: I mean, what would be your opinion about it?
120 00:14:33.920 ⇒ 00:14:34.910 Rico Rejoso: Just wanna…
121 00:14:34.920 ⇒ 00:14:37.010 megan: About the early discount?
122 00:14:37.230 ⇒ 00:14:38.110 Rico Rejoso: Yeah.
123 00:14:38.290 ⇒ 00:14:44.919 megan: I am so not a fan of that. It’s, like, most clients are paying on time.
124 00:14:45.090 ⇒ 00:14:52.470 megan: So, it would really just be a total… it’s… first of all, it’s extra work, because we’d need to calculate and make sure.
125 00:14:52.470 ⇒ 00:14:53.210 Rico Rejoso: Mmm.
126 00:14:53.360 ⇒ 00:15:12.659 megan: like, how that came in. And then, realistically, we would set it up as a credit to apply to a future invoice, which, as you can see, we did that with Element after Robert had told them that they’d, you know, cover the $500 cost, and it would be applied against their next invoice, and they’re still paying the… like, they still missed the memo, you know what I mean?
127 00:15:13.080 ⇒ 00:15:13.730 Rico Rejoso: Yeah.
128 00:15:13.730 ⇒ 00:15:14.940 megan: It’s like…
129 00:15:15.160 ⇒ 00:15:31.560 megan: It ends up being a lot more operational headache than it is ever worth, because of all of the, like, how do you factor in the discount, and then you’re basically giving up margin for clients who are already paying early, like, on time.
130 00:15:32.020 ⇒ 00:15:37.449 megan: So, you know, I find… I find what’s more effective is, like, to kind of
131 00:15:37.600 ⇒ 00:15:43.620 megan: hardball from a service perspective. Like, if they’re… if… If they’re, you know.
132 00:15:43.970 ⇒ 00:15:57.479 megan: Already, if, you know, as long as they’re engaged already, it’s a little harder if you don’t have, like, if they’ve already wrapped up the engagement, and then we’re just having to chase them, you know?
133 00:15:57.580 ⇒ 00:15:58.150 megan: But…
134 00:15:58.150 ⇒ 00:15:58.960 Rico Rejoso: Yeah.
135 00:15:59.170 ⇒ 00:16:13.590 megan: that’s kind of like… like, it can… if they’re 30 days past due, and they’re still active, then at that point, I think, like, the better way to approach is just say, like, hey, we’re gonna have to pause your work unless we get this payment.
136 00:16:13.780 ⇒ 00:16:21.549 megan: Like, this is all… like, at that point, they’re already way past, like, when they should be paying us, like, we’re, you know.
137 00:16:22.060 ⇒ 00:16:31.779 megan: That’s how I think we should approach some of these. I see this email, so I’m just gonna respond back here to this guy.
138 00:16:33.360 ⇒ 00:16:34.120 Rico Rejoso: You’re welcome.
139 00:16:40.200 ⇒ 00:16:49.980 megan: I mean, that would be my recommendation, and we can also start applying late fees. Like, I… I don’t know, I’m more on the, like.
140 00:16:50.000 ⇒ 00:17:02.109 megan: Manage the bad behavior instead of, like, trying to, you know, over-incentivize the good behavior? Because, like, most people are paying on time.
141 00:17:02.260 ⇒ 00:17:13.220 megan: Like, the issue we continue to have is that the company has, just ongoing cash flow constraints, and we’re just spending too much, period. And so, when we have
142 00:17:13.280 ⇒ 00:17:31.799 megan: you know, some… like, that’s 100% what’s happening here. So it has nothing to do with, like, do we do late fees or early fees? Like, here, I can show you if I just go… this is going to be missing some already, because it doesn’t have that, archimedium, is that Greg?
143 00:17:32.020 ⇒ 00:17:38.070 megan: Is that who it is? Yes. And it doesn’t have our team in here yet, but it has everything else.
144 00:17:38.210 ⇒ 00:17:52.280 megan: So, right here for March, and this hasn’t been, like, fully reconciled yet, but right now we’re showing 56, you know, like, we’re…
145 00:17:52.740 ⇒ 00:17:56.810 megan: It’s not gonna be a good month, like, this is… there’s…
146 00:17:57.600 ⇒ 00:18:00.179 megan: A lot of expense going in here.
147 00:18:01.550 ⇒ 00:18:02.549 Rico Rejoso: Yeah, I agree.
148 00:18:02.820 ⇒ 00:18:03.300 megan: So…
149 00:18:03.300 ⇒ 00:18:03.670 Rico Rejoso: Oh my god.
150 00:18:03.920 ⇒ 00:18:16.129 megan: is… I… I appreciate the question, and it’s always good to, like, raise this stuff up, but the reality is, like, these… like, everything here is pretty much fixed cost.
151 00:18:16.540 ⇒ 00:18:21.899 megan: And same with sales. I know we had, Luke in here, but, like.
152 00:18:22.240 ⇒ 00:18:28.859 megan: And then we have, you know, people ops. Like, we’re increasing costs before the revenue is catching up.
153 00:18:29.100 ⇒ 00:18:40.599 megan: So, March is not going to be a good month. In fact, that liquidity problem we’ve been talking about is going to be amplified because the revenue isn’t where it needed to be.
154 00:18:42.040 ⇒ 00:18:43.049 megan: That’s the issue.
155 00:18:43.050 ⇒ 00:18:43.870 Rico Rejoso: One thing?
156 00:18:44.040 ⇒ 00:18:56.129 Rico Rejoso: Yeah, I think we’re telling Robert also a bit later, and one of the things that we’re trying to consolidate the tools that we have, especially since one tool that we’re using, Cursor, is also, you know, helping us out
157 00:18:56.130 ⇒ 00:19:07.409 Rico Rejoso: In a lot of ways that most… that we… than any tools that we have already, so that’s one thing, and another would be we all upboarded the three team, team members
158 00:19:07.800 ⇒ 00:19:09.200 Rico Rejoso: As well.
159 00:19:09.450 ⇒ 00:19:15.560 Rico Rejoso: And I think that will, like, in the coming months. Hopefully, that will reduce some of our expenses, especially for, you know.
160 00:19:16.000 ⇒ 00:19:25.790 Rico Rejoso: For people ops, or for people, or, you know, for contractors, right? And another would be, I agree, I agree with you on the part that we shouldn’t be, you know.
161 00:19:26.180 ⇒ 00:19:32.710 Rico Rejoso: Incentivizing a lot of… when it comes to payments, especially if you’re offering a service that, you know.
162 00:19:32.910 ⇒ 00:19:42.450 Rico Rejoso: has been delivered already, especially with Remo and Ubustems here. Ubustems, it’s not an act… it’s not an active contract, and we recently lost a deal with them.
163 00:19:43.180 ⇒ 00:19:45.939 Rico Rejoso: So, I think we should be receiving this one.
164 00:19:46.500 ⇒ 00:19:47.240 Rico Rejoso: Already.
165 00:19:47.240 ⇒ 00:19:47.810 megan: Yeah.
166 00:19:48.720 ⇒ 00:19:50.849 Rico Rejoso: The one that you’re replying to is with Remo, right?
167 00:19:51.930 ⇒ 00:19:52.710 megan: Sorry?
168 00:19:53.190 ⇒ 00:19:57.039 Rico Rejoso: The one that you just replied to is Remo, Idam.
169 00:19:58.250 ⇒ 00:19:59.010 Rico Rejoso: Is that right?
170 00:19:59.010 ⇒ 00:20:05.140 megan: Yeah, that was 126… Yeah.
171 00:20:05.440 ⇒ 00:20:12.519 megan: That one’s… That one’s pretty past due. I mean, I… yeah, I think that for…
172 00:20:12.760 ⇒ 00:20:21.089 megan: Especially for that one, like… and maybe we want to talk to Tom about having more firm policies, like.
173 00:20:21.420 ⇒ 00:20:26.670 megan: At what point do we start threatening and implementing the late fees?
174 00:20:27.400 ⇒ 00:20:31.279 megan: Like, we should… do we have late fees in our contracts?
175 00:20:31.930 ⇒ 00:20:33.360 Rico Rejoso: No, I don’t believe so.
176 00:20:34.480 ⇒ 00:20:37.979 Rico Rejoso: That’s the one thing that we should… we should request the legal, right?
177 00:20:38.710 ⇒ 00:20:44.200 megan: Yeah, that would be… that would at least, like, help.
178 00:20:46.570 ⇒ 00:20:47.980 Rico Rejoso: Okay, yeah.
179 00:20:49.070 ⇒ 00:20:52.649 megan: like Remo, because theirs was a little different, right?
180 00:20:54.020 ⇒ 00:21:01.730 Rico Rejoso: Yeah, this is milestone-based, or based on delivery, and I don’t… we lost more than we really gained from this contract.
181 00:21:02.510 ⇒ 00:21:03.500 megan: Yo.
182 00:21:04.600 ⇒ 00:21:09.150 megan: Yeah, I don’t see late fees…
183 00:21:09.520 ⇒ 00:21:12.979 megan: It just says it’s due within 15 days.
184 00:21:13.180 ⇒ 00:21:13.920 Rico Rejoso: Yeah.
185 00:21:14.790 ⇒ 00:21:17.179 Rico Rejoso: Should that be, like, a percentage for late fees?
186 00:21:18.140 ⇒ 00:21:20.060 megan: Yeah, 1.5%.
187 00:21:20.170 ⇒ 00:21:22.580 megan: 1.5% per month.
188 00:21:24.070 ⇒ 00:21:32.690 megan: is, is pretty much the standard. So, I mean, that’s… that’s what I think we should add into contracts going forward.
189 00:21:32.920 ⇒ 00:21:38.559 megan: And we can get more aggressive about when we start adding those in.
190 00:21:38.950 ⇒ 00:21:47.870 megan: And sending them, and, you know, we can always decide to waive it, but once they start getting the penalties, like, that does start to…
191 00:21:48.040 ⇒ 00:21:50.699 megan: you know, change things.
192 00:21:50.700 ⇒ 00:21:54.019 Rico Rejoso: There’ll be, like, 1.5 for 30 days that they’re overdue.
193 00:21:54.980 ⇒ 00:21:56.749 megan: Yeah, yeah, exactly.
194 00:21:56.750 ⇒ 00:21:57.510 Rico Rejoso: Okay.
195 00:22:00.450 ⇒ 00:22:04.290 megan: Yeah, so… Hold on.
196 00:22:07.440 ⇒ 00:22:11.399 Rico Rejoso: Okay. Yeah, I’ll… I wanted to suggest that to you, Tom, as well.
197 00:22:11.620 ⇒ 00:22:14.779 Rico Rejoso: Let’s have the lead piece as well. And.
198 00:22:14.780 ⇒ 00:22:15.310 megan: What?
199 00:22:15.310 ⇒ 00:22:17.579 Rico Rejoso: I’m not, like, you know, hounding them.
200 00:22:18.040 ⇒ 00:22:20.779 megan: I mean, we could say, cause, like.
201 00:22:21.200 ⇒ 00:22:28.140 megan: We could always move that in a little bit more. Like, we could say, okay, if it’s 15 days past due.
202 00:22:28.400 ⇒ 00:22:31.209 megan: Then we start implementing the fees.
203 00:22:31.580 ⇒ 00:22:35.629 megan: But it really does need to be in the contract before we can do that.
204 00:22:35.940 ⇒ 00:22:36.710 Rico Rejoso: Yeah.
205 00:22:37.470 ⇒ 00:22:55.809 Rico Rejoso: Well, it depends on their, their payment terms, if they’re on Net 15 or net 30, right? So they… we don’t have to be specific with that, but if they are on Net 15 and they are overdue already, and after 15 days, that’s where we implement the 1.5% on top of the fees or the payments that they owe us.
206 00:22:56.420 ⇒ 00:23:10.110 megan: Yeah, and we can keep adding the 1.5% if they’re really behind. You know, we can add it every 30 days, like, if they get, you know, if we start doing it after 15 days, send them another invoice that just says, here’s your,
207 00:23:10.360 ⇒ 00:23:24.689 megan: here’s your late fees, you know, and I think if we can keep it separate from the regular invoice, because then, like, if we just decide to waive it or something, sometimes it’s just threatening as the, you know.
208 00:23:24.840 ⇒ 00:23:25.760 megan: best way.
209 00:23:25.760 ⇒ 00:23:26.739 Rico Rejoso: Yeah, I agree.
210 00:23:26.740 ⇒ 00:23:27.350 megan: What?
211 00:23:28.940 ⇒ 00:23:36.999 Rico Rejoso: But that would also create, like, more activities or, you know, stuff that you guys have to do, since that means you have to edit invoice or upload new invoices, I don’t know what the process is.
212 00:23:37.320 ⇒ 00:23:38.130 Rico Rejoso: Okay.
213 00:23:39.460 ⇒ 00:23:40.909 megan: Sorry, what was that?
214 00:23:41.160 ⇒ 00:23:53.670 Rico Rejoso: I mean, that would add more, tasks for you guys to work on, since updating the invoices that they’re due 15 days or 30 days, adding the 1.5% mean editing or uploading new invoices, is that right?
215 00:23:55.150 ⇒ 00:24:08.409 megan: Sorry, the sound quality isn’t the best, but what I… it would… I mean, we could either send it to them as a separate invoice, or we would just add it… I mean, if, like…
216 00:24:08.900 ⇒ 00:24:16.490 megan: Yeah, I mean… Yes, but, like, Kelly, when she’s doing her invoice recaps, like, she would…
217 00:24:16.580 ⇒ 00:24:25.750 megan: You know, we would… we would definitely want the business to, you know, approve the late fees, because we all… what we don’t want to do is, like.
218 00:24:25.750 ⇒ 00:24:37.620 megan: oh, we’re in the middle of a contract renegotiation, and now there’s this late fee, and there’s this question, like, you know, like, we… we definitely need, like, the approval, just because we don’t know.
219 00:24:37.620 ⇒ 00:24:50.129 megan: what’s going on with the client, and we certainly don’t want to, like, cause any additional tension. But the biggest thing is it needs to be in the contracts. Like, we really can’t do anything other than ask them a million times.
220 00:24:50.250 ⇒ 00:24:51.520 megan: for follow-up.
221 00:24:53.010 ⇒ 00:24:53.640 Rico Rejoso: Yeah.
222 00:24:53.950 ⇒ 00:25:05.130 Rico Rejoso: Okay, that’s one thing, yeah, let’s add that and propose that to you, Tom. And I probably have to increase the frequency of the follow-ups, and I can help on that, since you already taught me how to do those.
223 00:25:05.240 ⇒ 00:25:06.620 Rico Rejoso: You see QuickBooks.
224 00:25:06.860 ⇒ 00:25:16.649 Rico Rejoso: Right? Because I was thinking, you mentioned you do it, like, once a week, right? I was seeing… I was thinking of increasing the frequency to, like, every other day.
225 00:25:16.820 ⇒ 00:25:21.659 Rico Rejoso: Especially for the overdoing business. I don’t want to keep watching that and help you guys out.
226 00:25:22.400 ⇒ 00:25:26.129 megan: That would be, awesome. I mean, we can…
227 00:25:26.800 ⇒ 00:25:35.919 megan: I know we’ve had issues with the finance inbox, too. I can also just start, like, copying you.
228 00:25:36.150 ⇒ 00:25:37.330 megan: or operation.
229 00:25:37.330 ⇒ 00:25:39.870 Rico Rejoso: Oh, the operations, yeah, operations.
230 00:25:50.040 ⇒ 00:25:51.300 Rico Rejoso: Yep, that’s it.
231 00:25:51.860 ⇒ 00:26:00.140 megan: Yeah, cause sometimes, like, when we’re doing the, follow-up, We’re also,
232 00:26:01.530 ⇒ 00:26:13.830 megan: like, we’re also looking, like, you know, that CTA, I’ve already got that notice that this is kind of… even though this is showing as outstanding, I’m not going to send them a reminder about it, you know, just because I’ve already got…
233 00:26:14.550 ⇒ 00:26:21.100 megan: But yeah, it’s Urban Stems, it’s kind of the… Other one…
234 00:26:22.590 ⇒ 00:26:24.850 Rico Rejoso: Okay. Yeah, I’ll…
235 00:26:25.290 ⇒ 00:26:28.989 megan: Did you also see my email about the,
236 00:26:29.410 ⇒ 00:26:33.189 megan: The increased hours in the reports, too.
237 00:26:33.850 ⇒ 00:26:44.289 Rico Rejoso: Yeah, I mentioned… I also discussed it with the team, and Utah mentioned that we just keep the 80 hours, since it’s more, like, on the internal
238 00:26:44.500 ⇒ 00:26:55.819 Rico Rejoso: the mission, since we had, like, more engineer take on default works, as they tried to wrap up with the DVDs and stuff, so… which I mentioned, let’s just credit the 80 hours.
239 00:26:56.140 ⇒ 00:27:00.240 Rico Rejoso: Right, disregard the, you know, overage hours.
240 00:27:00.350 ⇒ 00:27:01.500 Rico Rejoso: pretty bold.
241 00:27:03.290 ⇒ 00:27:05.989 Rico Rejoso: I think Kelly set up the invoice already for it.
242 00:27:08.970 ⇒ 00:27:10.330 megan: Kelly said what?
243 00:27:10.790 ⇒ 00:27:14.690 Rico Rejoso: I think Kelly already acknowledged the message she sent us back about it.
244 00:27:15.550 ⇒ 00:27:21.209 Rico Rejoso: Of just, you know, 70-80 hours.
245 00:27:24.290 ⇒ 00:27:29.320 megan: So, sorry, the sound quality’s like, I’m trying my best.
246 00:27:29.630 ⇒ 00:27:35.150 megan: So, do we need to edit the… any of the team time?
247 00:27:35.670 ⇒ 00:27:41.790 megan: For those that had the additional hours booked, for March.
248 00:27:45.360 ⇒ 00:27:48.299 Rico Rejoso: Not sure, do you… would you prefer to have that edited?
249 00:27:49.140 ⇒ 00:27:53.149 megan: well, are we going to pay it out or not? Because I know that we’re…
250 00:27:53.150 ⇒ 00:27:55.139 Rico Rejoso: No, yeah, just 80 hours.
251 00:27:55.970 ⇒ 00:27:57.760 megan: 80 hours for what?
252 00:27:58.840 ⇒ 00:28:00.450 Rico Rejoso: for the home… I mean…
253 00:28:11.260 ⇒ 00:28:14.450 Rico Rejoso: Yeah, I mean, for the… for this…
254 00:28:15.560 ⇒ 00:28:20.530 Rico Rejoso: 60 to 31, March 16th to 31st, right? We just have 40 hours.
255 00:28:21.260 ⇒ 00:28:28.649 Rico Rejoso: we can just invoice the 40 hours. For a total of 147 for the month of March, let’s just invoice a total of 80 hours per default.
256 00:28:28.910 ⇒ 00:28:33.129 Rico Rejoso: But that means, like, 67 hours would be disregarded.
257 00:28:35.250 ⇒ 00:28:41.790 megan: I’m having trouble following the math, but this was what… I had sent over…
258 00:28:43.680 ⇒ 00:28:46.090 megan: Here, and there was,
259 00:28:46.710 ⇒ 00:28:56.149 megan: So it’s really this, is, like, what Kelly had flagged, that there’s about 46 additional hours from what we’ve already loaded.
260 00:28:58.610 ⇒ 00:29:00.480 Rico Rejoso: Right, I didn’t see that reading.
261 00:29:00.910 ⇒ 00:29:02.090 megan: Oh, okay.
262 00:29:08.120 ⇒ 00:29:13.809 megan: And there’s no… there’s actually no impact to the clients, because the…
263 00:29:13.960 ⇒ 00:29:22.209 megan: Like, the additional overages on the client side are all for, fixed rates, so ABC, Eden.
264 00:29:23.590 ⇒ 00:29:35.590 megan: And then, for some of these, too, like, there’s not really a financial impact for Amber, Cassie, or Kayla, because they’re also fixed payments. So, I guess the real… so we can…
265 00:29:35.810 ⇒ 00:29:41.210 megan: ignore that, we can update it. I know we’re also trying to be more…
266 00:29:41.290 ⇒ 00:29:59.179 megan: diligent on, you know, kind of, like, cracking down, but you know what I mean. Like, we’re trying to make sure people are accountable with updating time, so… Advite had 8 hours, and these are people where they’ve got, you know, a decent amount of hours already booked.
267 00:29:59.240 ⇒ 00:30:12.089 megan: It’s just… yeah, so it was Advait, Ashvini, and Pranav were 3. We’re talking 6, 8, 16 hours total between those three.
268 00:30:13.020 ⇒ 00:30:13.680 megan: So…
269 00:30:13.680 ⇒ 00:30:16.490 Rico Rejoso: And this is for the month of March, I mean, April, right?
270 00:30:17.420 ⇒ 00:30:21.070 megan: This is… this is for March.
271 00:30:21.350 ⇒ 00:30:23.540 megan: Like, for the full month.
272 00:30:25.280 ⇒ 00:30:29.680 Rico Rejoso: Oh, so we’ve added new hours for the month of March, but we’ve already submitted this.
273 00:30:30.140 ⇒ 00:30:39.000 megan: Yeah, they’ve added more hours, and honestly, we wouldn’t have even known if Kelly wouldn’t have been doing this, like, revenue review.
274 00:30:40.040 ⇒ 00:30:42.840 Rico Rejoso: Yeah, I suggest we ignore that, because.
275 00:30:42.840 ⇒ 00:30:43.200 megan: Okay.
276 00:30:43.200 ⇒ 00:30:52.100 Rico Rejoso: I think we already informed them that, you know, there’s a deadline when it comes to submitting hours, and if you didn’t submit your hours by then, the rest of the hours would be ignored.
277 00:30:52.900 ⇒ 00:30:53.690 megan: Okay.
278 00:30:54.590 ⇒ 00:30:55.619 megan: Yeah, that’s fine.
279 00:30:55.620 ⇒ 00:30:57.179 Rico Rejoso: Sorry if we’re making it long.
280 00:30:57.640 ⇒ 00:31:05.210 megan: No, no, no, that’s okay, I understand I didn’t see the email. But yeah, so I’ll…
281 00:31:05.450 ⇒ 00:31:07.189 megan: So I think that’s good.
282 00:31:07.460 ⇒ 00:31:10.229 megan: Let me find those other…
283 00:31:10.410 ⇒ 00:31:22.980 megan: I’ll… I’ll CC you on those other open… I already did that one, we know that one’s coming in. I’ll just do a new email to, Urban Stems, and then let me look for this one.
284 00:31:26.060 ⇒ 00:31:32.170 Rico Rejoso: Yeah, for urban sales, we’ll just have to continue to count them when it comes to invoices, or open invoices that we have with them.
285 00:31:32.550 ⇒ 00:31:34.260 megan: Yeah, exactly.
286 00:31:34.510 ⇒ 00:31:35.190 megan: So…
287 00:31:35.190 ⇒ 00:31:37.420 Rico Rejoso: the node I could apply for default.
288 00:31:37.980 ⇒ 00:31:44.450 Rico Rejoso: If you send out… if you send out a follow-up to them, that’s fine. I can…
289 00:31:44.560 ⇒ 00:31:48.650 Rico Rejoso: follow up with them tomorrow, I guess the next day after.
290 00:31:49.370 ⇒ 00:31:50.190 megan: Okay.
291 00:31:54.150 ⇒ 00:31:57.849 megan: So, I’ve got operations included there.
292 00:31:58.820 ⇒ 00:32:05.920 megan: And yeah, let me just go to Urban Stems and do… that…
293 00:32:12.330 ⇒ 00:32:19.370 megan: Yeah, these are way past due, so… 744…
294 00:32:35.560 ⇒ 00:32:40.580 megan: Yeah, I think… I think that was all I had.
295 00:32:41.000 ⇒ 00:32:41.630 megan: You have to…
296 00:32:41.630 ⇒ 00:32:42.789 Rico Rejoso: Is it.
297 00:32:44.240 ⇒ 00:32:57.740 megan: Yeah, I mean, it doesn’t look like we, will be able to do anything else until the payments come in, but again, I would just maybe, like, re-articulate the process to Tom, because it seems like he’s scheduling things
298 00:32:57.740 ⇒ 00:33:08.179 megan: Prior to us meeting and determining the approved amount, and the whole reason we were doing these is to avoid, like, future overdrafts, so.
299 00:33:08.180 ⇒ 00:33:09.450 Rico Rejoso: Yeah, I agree.
300 00:33:09.680 ⇒ 00:33:10.380 megan: Yeah.
301 00:33:10.850 ⇒ 00:33:30.159 Rico Rejoso: Actually, I already informed him that we’re doing the AP review every week, and he should just stick to what we’re sending to him. I mean, we’re sending messages through Slap, right, to our channel, of the approval amounts and the list that he can prior, and I wanted us to be the one to initiate those payments as well, not him, so we can keep track of
302 00:33:30.170 ⇒ 00:33:35.410 Rico Rejoso: You know, where we’re at, and how much we have right now, and how much…
303 00:33:35.930 ⇒ 00:33:42.140 megan: And I know he’s just trying to do right by everyone and make sure that they’re, you know…
304 00:33:42.140 ⇒ 00:33:42.539 Rico Rejoso: Thank you, dude.
305 00:33:42.540 ⇒ 00:33:45.730 megan: As soon as money comes in, that we can push it out, but…
306 00:33:45.860 ⇒ 00:33:56.199 megan: Yeah, I’ll… I’ll give an update probably tomorrow about where we’re, like, preliminary landing with the March,
307 00:33:56.350 ⇒ 00:34:03.400 megan: March financials, but it’s, and Robert and I had met about 2 weeks ago, so it… it shouldn’t…
308 00:34:03.530 ⇒ 00:34:14.880 megan: It shouldn’t be a surprise, you know, that our revenue was down from, you know, just due to timing, and now we had, you know, additional team costs, and so, like.
309 00:34:14.989 ⇒ 00:34:29.540 megan: March is not… it’s not gonna help. So March is not gonna be a good month, and that just puts more pressure on April. I guess just last, thing I had for you on the financial models…
310 00:34:29.940 ⇒ 00:34:34.120 megan: So the revenue…
311 00:34:37.400 ⇒ 00:34:42.169 megan: Oh gosh, there are so many things in here. Which one? It’s this one.
312 00:34:44.850 ⇒ 00:34:54.140 megan: 132… I mean, that’s pretty close to what we were… so right now, we are tracking towards 170 in April.
313 00:34:54.340 ⇒ 00:35:00.519 megan: Is there anything else up here? I know we’ve got that big element one.
314 00:35:00.750 ⇒ 00:35:08.879 megan: That’s getting finalized. Is there anything else here that we should be factoring in for forecasting?
315 00:35:12.060 ⇒ 00:35:20.889 Rico Rejoso: Not that I know of right now. I haven’t got any, final statement about a contract single.
316 00:35:21.430 ⇒ 00:35:22.010 megan: Okay.
317 00:35:22.010 ⇒ 00:35:23.910 Rico Rejoso: But we’ll keep you posted in case.
318 00:35:25.340 ⇒ 00:35:29.869 megan: Yeah, I know you’re… I know you’re keeping this pretty updated, so just wanted to check.
319 00:35:30.420 ⇒ 00:35:32.010 megan: Yeah.
320 00:35:32.010 ⇒ 00:35:32.889 Rico Rejoso: Yeah, definitely.
321 00:35:34.340 ⇒ 00:35:43.720 megan: Okay. Well, that’s all I had, so, yeah, I’ll send out that last Urban Stems amount, And…
322 00:35:44.260 ⇒ 00:35:46.220 megan: Yeah, if you need anything else, let me know.
323 00:35:47.280 ⇒ 00:35:53.489 Rico Rejoso: Definitely. Thank you so much for your time, Megan. I’ll send an update to the finance channel for the table they can look at.
324 00:35:53.960 ⇒ 00:35:55.819 megan: Okay, sounds good.
325 00:35:56.190 ⇒ 00:35:57.939 Rico Rejoso: Alright, thank you, happy Monday again.
326 00:35:58.280 ⇒ 00:35:59.300 megan: Happy Monday.
327 00:35:59.300 ⇒ 00:35:59.890 Rico Rejoso: Bye.