Staffing Industry: Cash Application without 3-way Match between Timesheets, Bank Files and A/R

Key Takeaways

Reduce 85% lockbox remittance costs by automatically capturing remittance information from payments across checks, ACH, credit cards and wire
Eliminate 80% of the manual work required in matching payments across timesheets, bank payment files and open A/R information

Speakers

Bill Sarda, Senior Solution Principal, HighRadius

About The Webinar

Finance and A/R teams across the staffing industry continue to face the challenge of inefficient and delayed cash reconciliation. Aggregating timesheet data across multiple Vendor Management Systems (VMS) and using spreadsheets and pivots for a 3-way match between bank payment file, ERP invoice log, and VMS data make cash posting a cumbersome and error-prone process.

This adds to operating costs, delays account reconciliation and negatively impacts billing and payroll, financial reporting and forecasting activities. The results of complex and delayed revenue realization also manifest in the form of low working capital availability and a possible impact on service delivery.

There's no time like the present

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Learn More

HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.