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Building a corporate synergy led to a broader product portfolio, consumer base, as well as global reach for EmployBridge. While EmployBridge made an effort to imbibe the transition, operational gaps and inconsistencies across multiple, disparate business units emerged as a significant challenge. Also, managing all the transactional activities through a set of two distinct ERPs was extremely difficult for them.
Like any other Staffing firm, the cash application procedure at EmployBridge requires all the payments received to undergo a three-way match under close scrutiny. They had all their transaction-related data stockpiled in the Vendor Management System (VMS).On receiving the payment files from the bank, analysts had to go ahead and manually retrieve all their respective remittance data from the VMS and map them. The corresponding open invoice had to be then sought out manually from across the ERP. However, the payment and remittance data, often incompatible with the ERP format, claimed further formatting by the analysts.
The cash application team at EmployBridge was a blend of in-house and overseas teams. They had to manually apply cash for all the payments received from 15 Banks. So, EmployBridge procured the bank lockbox keying-in services as an attempt to ease the manual workload on the team. However, the heavy investment failed to yield results as the team nonetheless devoted a significant part of their work hours manually keying-in the missing remittance data and updating the lockbox payment file format.
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 in annual revenue and is the backbone behind America’s leading workforce experts.
The HighRadius Cash Application Software helped bridge the data gaps and inconsistencies across all the geographically diverse teams. As a result of its ERP-agnostic configuration, the solution was easy to integrate with any system. Moreover, a centralized solution helped EmployBridge smoothly establish standardized operating procedures across all its BUs.
A custom-defined Cash Application solution enabled an easy and touchless 3-Way match at EmployBridge. The solution also allowed automated aggregation of remittance data, all the way from the VMS portal, saving analysts’ work hours.
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 save $100,000 every year with automation.