Cash Application

Companies cannot properly reconcile the AR ledger and realize cash until payments have been properly matched and applied to the correct invoices of the right account. Relying on an outdated, manual process, can be time-consuming and labor-intensive, ultimately extending DSO. Furthermore, delays in cash application negatively impact a customer’s credit capacity for ordering goods or services, which then impacts a supplier’s business. Cash application automation often requires input from multiple data sources, including lockbox files, EDI files, other types of customer remittance information, and bank statements.

Cash application of SRM suite enables end-to-end automation of the cash application process that covers remittance aggregation from different sources/formats, automatic account identification and invoice matching, Deductions and dispute creation as well as ERP posting.

REMITTANCE PROCESSING

Process payments data coming from banks and other sources in different formats (BaI2 (Lockbox), CSV).

DISCOUNTS AND DEDUCTIONS

Configurable workflow rules to apply discounts in case of early payments and create disputes for short pays.

SEAMLESS DATA EXCHANGE

Configurable data-transfer frequency with the ERP and other source systems for exchanging the applied payment information.

AUTO MATCH USING AI/ML

Improving the throughput and quality of cash application through auto-matchING of accounts and invoices.

WHOLISTIC UI

Single screen to see invoices and payments information and different apply-payment options like oldest-match or closest-match for applying cash on open invoices.

FEATURES

  • Payment data aggregation from different sources/formats, account identification, invoice matching, deductions and dispute creation and ERP posting.
  • Auto-application of discounts in case of pre-payments and deductions along with dispute creation in case of short-pay scenarios.
  • Application of AI and ML to provide multiple payment matching options like closest match, oldest match.
  • Easily configurable business rules for payment reversal, transfer of payment, write-offs and refunds.

BENEFITS

  • Provides centralized view of company-wide cash flows on a daily or intra-day frequency.
  • Fully automated cash application requiring minimal to no-touch in some cases.
  • Daily cash receipt tracking and comparative trends valuable for CFO or Treasurer.
  • Application of robotics process automation, which improves controls and resource utilization.
  • Key metrics tracking and reporting.

TRANSFORM
YOUR CASH APPLICATION.

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