The cash application process is highly manual, time-consuming, costly, and error-prone. Companies receive many forms of payment (check, ACH, wire transfer) across multiple lockboxes or banks and customers often provide inconsistent remittance detail in a variety of formats (paper, EDI, email attachments, online portals). On top of this ineﬃciency, the cost of paying the bank to key in data from paper remittances can be very high and only partially address the problem. Also, as you know, remittance line items can sometimes refer to alternative reference numbers that are not on the original invoice.
Audit and compliance issues arise when a company is sitting on unapplied or improperly applied cash, making accuracy and eﬃciency all the more critical. Knowing all of this, the Encyclopedia of Credit offers 10 tips/benefits on automatically applying cash:
Learn how Reckitt Benckiser increased their on-invoice hit rate to 98.5% by watching the recorded webinar on, “Cash Application Case Study”.
How did DB SCHENKER Ace The Cash Application Game Using Automation
Cash Application Cloud Best Practices Webinar