Integrated Receivables Cloud Platform

Auto-Identification and Submission of Remittances in No Remittance Scenarios

For no remittance scenarios, leverage AI to automatically predict invoices as remittances against a particular payment based on past analyst actions. Eliminate the multiple to-and-fro with the customer by enabling them to submit remittances.

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Auto-Identification and Submission of Remittances in No Remittance Scenarios solutions diagram

NO MORE TO-AND-FROS WITH CUSTOMERS FOR
MISSING REMITTANCES!

Benefits

  • Leverage AI-based remittance predictions for faster cash posting

    For no remittance scenarios, leverage the AI capabilities to predict invoices as remittances against the payments made.

  • Enable your customers to submit remittances through collectors or portals

    Minimize the touchpoints with your customers and enable them to submit remittances through your collection teams. Notify your customers about the missing remittances and they can log into portals to submit their remittances.

  • Seamlessly integrate with Collections Cloud to leverage promise to pays as remittances

    Integrate data from Collections Cloud to automatically search promise to pays based on payment date and amount to consider them as potential remittances for no remittance scenarios.

How to get started

1. Identify potential remittances for no remittance scenarios

Automatically identify remittances by leveraging AI-based remittance predictions, promise to pays from Collections Cloud for missing remittance scenarios.

2. Enable auto-clearing rules or customers to submit remittances

Otherwise, automatically clear open invoices against a payment based on pre-configured rules or let your customers submit remittances through your collectors or by logging into a portal.

3. Match payments with open invoices using three-way match

Close open invoices by linking data captured from the payment, remittance, and ERP A/R extract

4. Identify and map deductions
and short payments

Identify deductions taken on payments based on short-payments or over-payments and assign them a reason code your ERP understands.

5. Post cash directly to your ERP

Generate enriched files in formats that are compatible with any ERP including SAP, Oracle, MS Dynamics, Infor, Sage, and other legacy systems and post cash directly to the system, eliminating time and productivity loss in manually changing file formats.

This is Why A/R Teams Love Us

HighRadius Customer: Johnsonville Sausage
Speed : The cash application team at Johnsonville Sausage reduced the time spent on cash posting from 40 hours to 17 hours with 80% of the dollars applied without any manual intervention.
Faster and accurate cash posting : Johnson and Johnson achieved a 95%+ hit rate in cash reconciliation with the help of automation

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Resources

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