When YRC Worldwide was going through epic financial troubles, starting in 2008, to outside observers a perhaps unsung hero was Joe Whitsel, the company’s vice president of cash management.
With YRC at times battling to stave off bankruptcy, the daily accounts receivable inflow made the difference all too often for comfort. It became extremely crucial that everyone in Whitsel’s group understood how their roles impacted the company’s revenue collection capabilities.
As well, they needed to know exactly where the company stood with respect to days sales outstanding (DSO) and the weighted average days to pay vendors. It was also a high priority for the group to make sure the sales and finance teams understood those metrics too.
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