Optical Character Recognition (OCR) technology has long been the only option for A/R Departments looking to reduce manual cash application tasks of reading remittances and posting cash. OCR-based solutions claim efficiency increases and high automation rates. However, those who have experienced OCR first-hand know that such claims are far from reality. OCR is just ‘eyes without a brain’ and requires frequent manual intervention to handle exceptions and create new templates for each customer remittance variation.
HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.