Achieving operational savings in cash application is a critical objective for organizations focused on increasing working capital and maximizing cash flow. While this may be a key emphasis of an organization’s operation, the day-to-day processing of payments could be complex, time-consuming and wrought with multiple challenges that hinder optimized operations. The speed of receipt of electronic payments has improved, but processing the de-coupled remittance from even a single large customer requires valuable man-hours. In addition, customers may claim a tedious number of deductions that require proper coding or may send payment with partial or no remittance information.
Handling these and other customer-related issues could significantly reduce the rate of straight-through processing, thereby increasing operational costs and impacting the overall working capital of an organization.
Fortunately, there are ways to successfully address these issues. Join Elaine Nowak, Director of Product Marketing and Management from HighRadius as she shows how companies have successfully achieved high hit rates for straight-through processing using automation technology.
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.