Companies today are challenged with processing payments from a large number of customers. In the absence of automation, this is a manual, repetitive effort that requires a large team to spend time on low-value, frustrating tasks. The manual nature of the work makes it difficult to quickly process payments and to reliably apply cash the same day as the payments are received. Most Enterprise Resource Planning (ERP) systems require heavy and expensive customizations for remittance parsing and advanced rules to get a high hit rate.
Learn how Johnson & Johnson Sales and Logistics Company automated their cash application process and achieved cash application best practices, driven by dynamic remittance processing templates and business rules in order to maximize their on-invoice hit rate and overall cash application process.
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.