One more quarter is ending and your controller needs you to reconcile all payments, the worst part, you can’t spend time with your family during the Easter holiday! Cash application does not need to cause you to lose sleep, and miss out on time with your family at quarter-end. Do not accept cash application headaches that prohibit your company from discovering best practices and cost-effective technology that can offer relief from even the worst cash application headaches.
Many companies fail to achieve cash application efficiency because of a belief in one or more of the 7 common cash application myths depicted in Figure 1.
I recently had the pleasure of moderating a webinar on which Raj Samal, Senior Solutions Principal, HighRadius dispelled each of these 7 myths:
A great solution means:
Cash application is low-hanging fruit:
It is time for finance leaders to separate cash application myths from reality. Efficient cash application delivers strategic value. Cash application done right improves working capital management, improves customer relationships, and impacts the productivity of employees involved in the cash application process.
If you want to learn more about why the 7 myths of cash application are just that, experience the recording of the webinar Cash Application: Turning a Nightmare into a Dream and visit HighRadius to discover how they work with companies to achieve 9%% zero-touch cash posting across ACH, checks, credit cards and other e-Payments.
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.