Cash Application Management

AI-guided Exception Management

2X Exception Productivity. Auto-suggest remittances, request for remittances via email, and guided exception handling.

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Exception Management Key Features

AI-based E-Mail Remittance Capture

Missing Remittance Prediction

Solve missing remittance issues. Predict remittance details from past payment patterns.

AI-based E-Mail Remittance Capture

Automated Remittance Requests

Request for remittances via email; Customers can pick from a list of open invoices.

AI-based E-Mail Remittance Capture

Payment Exception Worklist

Resolve exceptions faster. Auto-assign exception payments to an analyst’s worklist.

AI-based E-Mail Remittance Capture

Customer Profile Recommendations

Maintain accurate customer profiles. Update MICR and hierarchies based on payment history.

400+ Enterprise Customers
Enterprise Customers
600+ Mid-Market Customers
Enterprise Customers

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FAQs: AI-Powered AI-guided Exception Management Solutions

What is Exception Management Software?

Exception management software is a tool that helps businesses handle payment discrepancies, known as exceptions, efficiently. Exceptions occur when a payment doesn’t match the corresponding invoice or when remittance details are missing. This software automates the process of identifying, tracking, and resolving these exceptions, reducing manual work. 

By using AI-based solutions, it can predict missing payment details, request remittances, and assign unresolved issues to the right team members. Exception management software simplifies the entire process, saving time and improving the accuracy of payment handling, making it easier for businesses to manage cash flow.

How Does Exception Management System Work?

An exception management system works by automatically identifying payment mismatches or missing remittance details from the invoices. Using AI, the software can predict remittance information based on past payment patterns and request remittance details from customers via email. 

Once an exception is detected, the system assigns it to an analyst’s worklist for resolution. This process reduces the need for manual intervention and ensures quicker issue resolution. The software also updates customer profiles by tracking payment histories and automatically correcting any discrepancies. Overall, it streamlines the payment process and ensures smoother cash management for businesses.

How Does Exception Management Software Benefit Businesses?

Exception management software benefits businesses by automating the time-consuming process of handling payment discrepancies. It reduces the need for manual work and speeds up issue resolution, improving efficiency. 

With AI-powered features like remittance prediction and automated worklists, the software helps resolve exceptions faster. It also minimizes errors, leading to more accurate payment tracking and reporting. Additionally, by maintaining accurate customer profiles and cash application automation, the software helps businesses make better financial decisions. Ultimately, it saves time, reduces operational costs, and enhances overall financial performance.

Why Is Exception Management System Important for Businesses?

An Exception Management System is important for businesses because it simplifies the handling of payment issues. Payment discrepancies, such as missing remittance details or mismatched payments, can disrupt cash flow and lead to financial instability. This system automates the resolution process, ensuring faster and more accurate payment handling. 

By using AI to predict missing payment details and assign unresolved issues to the right team members, it reduces manual work and ensures quick resolutions. This efficiency improves the business’s financial operations, minimizes the risk of errors, and maintains smooth relationships with customers.

How Does Exception Management Software Drive Business Outcomes?

Exception Management Software drives business outcomes by improving efficiency, accuracy, and cash flow. It automates the resolution of payment discrepancies, speeding up issue handling and reducing the workload for finance teams. 

By using AI to predict missing remittance details and request information from customers, it ensures that payments are processed quickly and accurately. The software also updates customer profiles, leading to more informed financial decisions. With faster resolutions and improved accuracy, businesses can maintain steady cash flow, reduce operational costs, and enhance overall profitability, making it a crucial tool for financial management.

What is an automated remittance request in exception management software?

The exception management software automates remittance requests by emailing customers a list of open invoices, making it easy for them to select and provide the necessary remittance information.

How does the payment exception worklist function in exception management?

The payment exception worklist automates the assignment of exception payments to analysts, streamlining business process exception management and improving overall productivity.

What are customer profile recommendations in AI-based exception management software?

The software provides recommendations for maintaining customer profile attributes, such as parent-child relationships, by analyzing past payment behaviors, enhancing exception-based management.

How does exception management software handle exceptions efficiently?

Exception management software uses AI to handle exceptions efficiently with auto-suggested remittances, email requests, and guided exception handling, ensuring smooth operations and reduced manual effort.

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