Over the decades, Cash Application has been a nightmare for almost every analyst. The Cash Application analysts have to work really hard to collect and compile all the remittances that are attached to the email or are uploaded on web portals. Sometimes, companies have multiple retailers who send remittances via multiple sources. As a result, AR matching becomes a problem and requires a lot of your :
Imagine getting all the remittance information at hand as soon as the payment arrives without having to go through the pain of remittance aggregation from customer portals and emails for each and every customer. Amazing right?
Let’s walk you through the journey of America’s leading collision repair company, Caliber Collision which faced some similar bottlenecks and won against them consistently, and achieving a 95% invoice hit rate and a 95% straight-through processing.
This blog hopes to answer some important questions that Cash Application analysts have been looking for :
Caliber Collision was plagued with similar issues. The company had more than 1 million payments that were made annually. The company used 10 different processes for ACH payment reconciliation. The payments got accumulated from different insurance companies and they had to be operated manually.
The company had 5 coordinators and 3 analysts who were appointed the work of gathering remittances from insurance portals and emails, and update the data into spreadsheets using formulas to map open AR.
Cash Application has been a huge hassle since companies became EFT (Electronic Fund Transfer) heavy. The collection of remittances has been really difficult, as they never came in with the right invoices. The remittances were sent either through emails or uploaded on the web portals. Ergo there were few major challenges faced by analysts :
“Old ways won’t open new doors”
The introduction of automation into Cash Application was a milestone. The work of analysts and coordinators in Cash Application became much lighter. They were appointed to some high-value tasks for a change. So some of the major turning points were :
“HighRadius has really been a game-changer that helped us eliminate manual and non-value added tasks.”
-Julie Weaver | Senior Director of Treasury
At HighRadius we believe, customers and employees together make a happy kingdom. Thus today, employees at Caliber Collision have a stable work-life balance and the company has been a constant guest of :
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HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.