The Elephant in the Cash Application Room
The Elephant in the Cash Application Room: Best Practices to Achieve 90%+ Straight-Through Reconciliation for Electronic Payments
About the Video:
Electronic payments present a growing challenge for organizations. On one hand, companies aim to increase electronic payment volumes because of the reduced processing costs and time receive the funds. Electronic payments are also expected to process faster, because the data is in a digital format. However, most organizations are struggling to reap these benefits due to issues with disjoint payment and remittance and multiple, non-standard, remittance formats associated with email, file attachments, web portals and EDI. Manually handling the various remittance files slows down electronic payment reconciliation, reduces efficiency and increases the time needed to realize the cash into accounting systems.
In an era where cash flow visibility is of prime importance to the A/R leaders, and high levels of process efficiency are expected across workflows, organizations cannot become complacent about electronic payment processing.
It’s time to tackle the elephant in the room, and figure out how to improve the efficiency of electronic payment processing. A/R teams need to figure out how to make the cash application process faster, and more accurate to achieve the promised savings of electronic payments.
Elaine Nowak, VP, Product Marketing, HighRadius