Wake up and Smell the Coffee: A Starbucks Guide to Achieving 77% Zero-Touch, Straight Through Cash Posting for 2 Million Payment Line Items Annually

Key Takeaways

Improve working capital by driving the adoption of low-cost ACH payments by automating the reconciliation of all incoming e-payments
Refocus cash application resources on high-value tasks by eliminating manual consolidation of remittances from emails, web portals and EDI
Fast-track the deductions process by automatically coding deductions as and when a short-payment arrives
Achieve 77% straight-through processing rates even with challenges including incorrect or truncated reference numbers in the invoice

Speakers

Martha McElroy-Rojas, Director, Finance CPG Group, Starbucks Coffee Company
Tammy Colburn, Senior Accounting Manager - AR, Starbucks Coffee Company

About The Webinar

Starbucks, the million-dollar American coffee company and coffeehouse chain, experienced 16% CAGR for five consecutive years. Processing over 2 million payment line items annually, the customer financial team had to evolve in order to support growth and drive adoption of low-cost electronic payment formats including ACH and credit cards. Learn how Starbucks used a smart way to process cash application in a single platform .

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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.