Staffing Industry Cash Application
Staffing Industry Cash Application without 3-way Match between Timesheets, Bank Files and A/R
About the Video:
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 accounts reconciliation and negatively impacts billing and payroll, financial reporting and forecasting activities. The effects of an inefficient cash posting system also percolate to the downstream processes of collections, credit and deductions. 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.
Bill Sarda, Senior Solution Principal, HighRadius