Fixing Cash Application to Achieve 95% Straight-Through Processing

Speakers


Julie Weaver

Director of Treasury, Caliber Collision Centers

Transcript


Julie Weaver: This is a case study, this is how Caliber Collision implemented the HighRadius cash application tool for ACH payments. So basically, our challenge was that we had a million payments that were processed manually, which was done annually but that was also manual and we had ten different processes for ACH reconciliation. As a collision repair company, our ACH payments were coming in from our insurance companies and State Farms. And we had ten different processes, one for each. So what we did with HighRadius is we achieved a 95% hit-rate with our matches and then our FTEs were able to be reallocated to more important tasks. So we’re going to go over a little bit about Caliber Collision, our receivables process where we were going to talk about the major challenges, the key considerations of automation, the solution, and the results. Julie Weaver: So a little bit about Caliber. Caliber is America’s largest collision repair company and I’d extend that even to the world as the world’s largest. We recently merged with Abra Collision, so we have now over 1000 locations. We have a presence in 37 states. We had a million payments, different processes for each…

What you'll learn


It’s very easy to lose the speed and cost benefits of e-payments if your cash application process isn’t optimized. Caliber Collision had 10 different processes to tackle the variance in the capture and processing of ACH payments! Learn how to eliminate labor-intensive processes, spreadsheets and formulae to transform cash posting into an efficient, controlled and standardized machine.


Still Curious?

Get on the mailing list for details on the next Radiance event