America's Largest Staffing Company Saves $350K in Payments Processing in a Year

  • 80% (Hit Rate) Payments Applied by the System Automatically
  • 100% Elimination of Lockbox Fees
  • $350k Cost Savings in a Year
Cash Application
Business Transformation Stories

This annual savings number ($100k) that’s really attributed to the bank lockbox fees. We’re able to basically just rescind those bank services and stop paying for that. That number has actually gone up because we’ve eliminated it (lockbox) now.

Jason Herrington
Former VP, AR, Credit & Collections
EmployBridge
Challenges
How did HighRadius help
Impact

Difficulty in Managing $3.3 Billion in Collective Transactional Activities in 2 Separate Erp Systems

EmployBridge and Select Staffing, two of the top global staffing companies merged to serve a broader base of customers with an expanded suite of services, wider geographic reach and enhanced professional opportunities for the combined team.

These two staffing giants were managing $1.3 billion and $ 2 billion in transactional activities in 2 ERP systems (Lawson and iSearch), respectively.

Manual Identification of 27k Payments From 15 Bank Accounts in 3 Financial Institutions

The cash application process at EmployBridge was completely manual and managed by a combination of large in-house and overseas teams. The manual process of managing 27,000 monthly payments from 15 bank accounts in 3 different financial institutions was cumbersome, to say the least. The complicated process had an adverse effect on the scope of credit management, collections, and client interface. Cash was not applied on time, there were delays in credit approval, dunning notices were being sent to clients who had already paid and clients complained of poor customer experience.

Due to the nature of their business, each of EmployBridge’s customers had multiple invoices open against them at any point in time. EmployBridge was found it difficult to close these invoices due to manual workflows and dated legacy systems. Unstructured input of data in different formats from varied geographies further added to the complexity.

EmployBridge was paying huge lockbox fees and keying in costs to the banks, and the process was not cost-effective. Moreover, there was a constant need to review and resolve numerous exceptions as the manual process was error-prone.

Employbridge Needed a Cloud-Based Solution to Boost Process Efficiency

EmployBridge was looking for a strategic solution that could help them boost process efficiency and drive cost savings. They were looking for a cloud-based solution that could seamlessly integrate into a plug-and-play model, with minimal intervention to the existing process and near-zero dependence on their internal IT teams. HighRadius Cash Application Software was a perfect match for their requirements.

ABOUT EMPLOYBRIDGE

Headquartered in Georgia, EmployBridge is the national leader in industrial staffing and workforce solutions in the US. This staffing giant has more than $3.1 billion annual revenue and is the backbone behind America’s leading workforce experts. 

With a presence in over 400 locations across the country and a robust annual workforce of 400K, EmployBridge serves more than 10000 supply chain and service industry clients.

GEOGRAPHY

North America

INDUSTRY

Staffing and Recruiting

REVENUE

$ 3.1 Billion+

PRODUCTS

Cash Application Solution

Employbridge Zeroed in on Highradius Cash Application Software

HighRadius proposed and implemented its Cash Application Software, an analytics-led solution capable of accurately predicting invoices as missing remittances, thus improving analyst productivity and faster exception handling. It auto-matches invoices to payments in complex business environments such as EmployBridge. Further, it enables same-day cash posting with automated cash systems.

HighRadius also implemented the Mobile Remote Data Capture (MRDC) application. It cut the lockbox fee expense and keying-in processing charges while achieving end-to-end deposit and reconciliation for check payments.

Employbridge Standardized Processes, Increased Automation Rate, and Boosted Process Efficiency

Achieved 50% automation on the very first day to reallocate 47% of the workforce from the Cash Application process into high impact decision-making tasks, eliminating the need for offshore teams from day 1. EmployBridge gained visibility into factors that impacted the KPIs of their cash application process.  The automated matching engine linked payments and remittances and applied cash automatically, thus saving many person-hours.

The HighRadius Cash Application Software enabled a seamless flow of information amongst the global teams in diverse locations and automated tasks such as invoice matching, sending automated correspondences, coding deductions, and discounts, resulting in standardized processes across geographically diverse teams. And it also reduced the manual payment reconciliation, decreased the high volume of exceptions, and achieved 80% straight-through processing.

HighRadius Cash Application Software is the most comprehensive solution available for automating cash application across all payment and remittance formats. Driven by customer-specific business rules, automated on-invoice hit rates of 98%+ are typical with the solution. A cloud-based solution available as software-as-a-service, Cash Application Software is easy and cost-effective to deploy and maintain.

Enhanced Operational Efficiency and Decreased Payment Processing Cost With Cloud Based Solution

(hit rate) payments applied by the system automatically
elimination of lockbox fees
annual cost savings

Autopilot for Order to Cash

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