We were able to achieve our hit rate for cash application. A nice reduction in our outsourcing costs, a nice reduction in bank fees – cash savings. We implemented cloud based software as a service. And again that being HighRadius’ core system.
For every incoming payment, the cash application analysts at EmployBridge had to download remittances(timesheets) from Vendor Management System(VMS) portals, key in the remittance data and perform a complex excel-based 3-way match between the remittance, the payment file and the open invoice. Performing this repetitive task for 27,000 payments every month was a cumbersome activity.
EmployBridge’s cash application team consisted of in-house and overseas teams. The inhouse and 3rd party teams used to carry out a manual cash application process across 3 different financial institutions where they received payments from 15 banks. EmployBridge was paying bank lockbox key-in fees and still the analysts often ended up updating the lockbox file format. Considering the cost of outsourcing and lockbox data capture fees, their overall operational expenditure was high.
Due to the slow and error prone manual process of cash application, each of EmployBridge’s customers had multiple invoices open against their name even though they had already paid for those invoices. The collections team had no visibility on the cash application and ended up sending dunning notices to the clients who had already paid. This led to a negative impact on the overall customer experience.
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.
Staffing
North America
$3.1 Billion
Cash Application Software
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
Cash Application
HighRadius Cash Application Software enabled EmployBridge’s cash application team to automatically capture remittances(timesheets) from VMS portals by seamlessly integrating with the portals. With AI-based capabilities, Cash Application Software could automatically match incoming payments to open invoices, leading to 80% automated cash application.
With HighRadius Cash Application Software, the cash application teams were able to accurately capture check remittances with the help of AI-powered Optical Character Recognition(OCR) Engines. Additionally, they could also scan the check remittances using the Mobile Remote Data Capture (MRDC) application. It helped EmployBridge reduce 100% of their lockbox data capture fees and they saved $100,000 every year with automation.
HighRadius Corporation
Westlake 4 Building (BP Campus)
200 Westlake Park Blvd.
8th floor
Houston, TX 77079
