The Coleman Company, a leading manufacturer of outdoor recreation products was experiencing an accounting operations bottleneck. With an expanding customer base, the Accounts Receivable and Cash Application department was faced with processing payments as varied as bank checks, ACH, Wire transfers, EFT and manually reconciling them with an equally diverse mix of remittance comprising of check stubs, bank lockbox files, e-mails and e-mail attachments, information on websites and EDI.
Coleman needed to move away from paying thousands of dollars in bank key-in fees on top of a highly labor-intensive, time-consuming, inefficient and error-prone manual cash application process. Coleman leveraged Artificial Intelligence-enabled technology to automatically reconcile and post over 94% of all payments – saving on bank lockbox costs, freeing up critical resources from manual tasks and achieving error-free cash posting in the process.
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.