How EmployBridge Improved Cash Flow & Transformed Their O2C Cycle


What you’ll learn


  • Achieve 80% Straight-through Cash Posting
  • Reduce Outsourcing Costs By 62%
  • Gain Benefits Worth $100,000 In Annual Savings


Today, the A/R professionals not only have to deal with multiple payment methods, but they also have to sort through remittance advice that comes separately. Moreover, these remittances come in a variety of formats such as email attachments, check stubs, scanned images, etc. This inconsistency of payment types and remittance advice formats pose an enormous challenge to extract and aggregate data.

With this prominent shift companies have started to set-up online web-portals as a cheaper way to distribute remittances to vendors making the job of AR collectors tedious. On top of all this, cash application is a time-invariant process; its speed and efficiency directly affect the business’s performance. Thus, expressing a need for an automated process that will save plenty of crucial work-time and enable a faster cash posting process.

DOMINO Effect Of Cash Application For A/R Processes

The manual cash application is an even more troublesome, time-consuming, and labor-intensive part of the order-to-cash cycle, and in some ways, the most important part of the process.

Credit Management

Due to inaccuracy in cash application, the domino effect might take its toll on Credit Management as well. It might lead to inaccurate customer credit limit data. And therefore, it might have a direct impact on customer satisfaction.

Collections Management

Domino effect seen due to inaccuracy takes its toll on other aspects of the integrated receivables. This leads to dunning for the inaccurate amount.

Deductions Management

The scenario with deductions is not different from other processes. Inaccuracy in any one of the processes might lead to longer resolution time in deductions management.

EFTs and Check payment

The firm processes more than 27,000 payments every month, and 82% of the processed payments are made through checks thus they were looking for 100% manual cash application work for these manual & electronic payments. To put themselves out of this dreadful situation, they shifted towards an intelligent, easy-to-deploy solution that automates painlessly. They adapted the Automated AR Platform which allowed them to master these challenges in their cash application process.

Key Features Of The Automated Cash Application Platform:

Key features of Cash Application

It’s High Time To ‘Apply It In Your Books’

The pain of slow-witted & error-prone cash application does not need to be felt any longer with AR automation platforms on the market. With an efficient cash application process, EmployBridge achieved progressive results:

  • 80% Hit-Rate For Cash Application
  • 62% Reduction In Outsourcing Costs
  • outsourcing cost

  • 95% Decrease In Bank Key-in Fees
  • bank key-in fees

  • Same Day Cash Posting
  • $100,000 In Annual Savings
  • Delighted Customers

thumbnail jason herrington

Never miss an

Update

Subscribe to our NEWSLETTER

Recommendations


  8 min

13 Everyday Remittance Scenarios: Unlucky for Cash Application?

Abstract

This e-book is an actionable summary that drills down the challenges in remittance processing and best-practices to build a robust remittance processing workflow for checks and e-payments

  8 min

  2 min

Automation: A Catalyst In The Cash Application Process

Abstract

Introduction 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…

  2 min

  4 min

Leverage automation to sky-rocket your Cash Posting rate up to 95% and beyond

Abstract

Top secrets @ American Greetings American Greetings is a creator and manufacturer of innovative social expression products such as paper cards and digital greetings. Companies that approach the process of cash posting with…

  4 min