Faster, more accurate financial reporting
Cashbook algorithms automate much of the deductions management process, significantly reducing the time for the cash application person to apply cash and close off. A streamlined process, allowing the cash application team to focus on more value added tasks.
Less work for the deductions team
Assigning deduction codes at the cash application stage means they feed into the accounts receivable ledger when posting cash, thus eliminating the need for the deductions management team to manually work with each deduction. Instead, they simply need to check codes and then ‘credit’ or ‘re-invoice’. A smoother, quicker process.
Reduced workload for the credit collections team
The credit collections team get their figures updated faster, meaning that they save time previously wasted by phoning customers who have already paid. Now, the team can focus on truly delinquent customers rather than being led astray due to time lags in the system.
A more active sales team
Any delays in recording cash received directly impacts on the sales team ability to sell. The faster invoices are recognized as being paid, the more the sales team can sell to these customers. An automated deductions management process helping to drive more revenue.
Unlocked trapped capital
Working capital is directly influenced by having a more intelligent deductions management process. Auto assignment of reason codes has reduced the number of unknowns within the system, while deduction bundling allows for the capture of smaller values that would have previously been written off. A smart deductions management process driving more business capital.