Cash application is one of the most manual, repetitive, error prone, and low value tasks in the accounts receivable department. Cash application teams are required to reconcile remittance information from thousands of customers, in various formats, and manually apply cash in the system, preventing the realigning of resources from low value tasks to high value tasks such as collecting payments due and resolving disputes. To handle the workload many companies have opted to outsource the manual remittance keying part to their bank. Although it reduces the manual task, the data keyed in by the bank is error prone and companies end up paying banks a very high cost for the service.
In this webinar, we will review new advances in artificial intelligence technology and how it is now possible to automatically capture remittance information at a fraction of bank cost and are now able to save thousands of dollars every month.
HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.