Streamlining Cash Reconciliation to Achieve a 99% Hit Rate on Invoices

Impact Achieved

50%

cut down in cash posting time

99%

item level hit rate

60%

increase in team productivity

“”The HighRadius solution has significantly reduced cash posting time by providing an intuitive platform for matching payments and orchestrating the link between the bank and FactorFox. The solution’s impact on our operations can be summarized in two words: accuracy and speed.”

case-study-speaker

Raj Parikh

Co-owner

Parikh Financial LLC

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About Parikh Financial LLC

With over a decade of experience in the industry, Parikh Financial LLC provides exclusive and customized factoring services and helps transform its client's invoices into cash within minutes. They specialize in transportation receivables and also provide small loan assistance to their clients to help them keep their businesses up and running.

Region

Houston, Texas, USA

Industry

Financial Services

ERP

FactorFox

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Top Challenges

  • Manual gathering of remittances from different sources
  • Manual matching of payments with remittances
  • Manual process of posting cash into ERP
  • Manual investigation of no remittance scenario

Business Benefits

  • Auto-aggregation of remittances across various sources
  • Automated payments and remittance linking, and invoice matching
  • Straight-through cash posting
  • Faster exception handling

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