Cash application is one of the most manual, time-consuming activities in the receivables function. More than 40% credit and A/R departments are evaluating Optical Character Recognition (OCR) technology to eliminate manual cash reconciliation and posting. However, 90% of decision-makers are not aware of the additional opportunities and areas of automation which can be activated by enabling an OCR solution with more recent technology.
Join us as we explore the technical strengths and limitations of traditional OCR solutions and emerging operational and business requirements. We will also review Artificial Intelligence, machine learning and other technological advances which can enhance OCR to help achieve automation objectives across remittance and payment formats.
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.