The automotive industry has seen huge changes over the years, Robotic Process Automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI) have helped transform the way cars and car parts are manufactured. These developments have also facilitated cars to become smarter now and more connected. Modern cars have internet connectivity, sensors, cameras, parking and lane assist functions, and voice control. The automotive industry has evolved tremendously over the years, and is always embracing the new developments in technology. Embracing technology in your financial processes should be of equal importance.
The new developments in Cash Application automation has seen RPA, ML, and AI push the boundaries of what can be achieved today. Cashbook are trusted experts in Cash Application automation. We use RPA, ML and AI in our software to automate and process key Cash Application procedures for our customers. This allows for labor-intensive, repetitive and complex procedures to be automated to exceptionally high levels. It reduces both the capacity for human error and the amount of time spent on Cash Management. These advances also help to maintain stronger cashflows, and allows prediction of when your customers are going to pay.
There are many cash application challenges that face the automotive industry today. One of the most common challenges is receiving a huge volume of payments that do not relate to invoices. Customers such as Ford, Chrysler, NAPA, and General Motors will send EDI files with a multitude of different reference data. There is a standard EDI format but it’s never completed the same way by each company. Suppliers in the automotive area need to be able to apply cash at an invoice level, or sometimes at a sub-line invoice level by using details provided in the EDI remittance files. A further challenge is the process of self-billing, so automotive clients are paying on order numbers or item numbers. Cashbook algorithms facilitate matching on multiple criteria, by linking from the order number provided to match to your invoice on the system. Cashbook also has a Lockbox automation tool designed to reduce the excessive keystroke fees for our customers in the US.
Another financial challenge is dealing with hundreds of deductions from your clients based on shortages, damages, and late deliveries. This can be a labor-intensive process, as some companies have inefficient business information systems and an over-reliance on paper. These deductions are usually for small amounts but can add up to tens of thousands off your bottom line. Cashbook’s Deductions Management tool provides extra capability to our Cash Application software. Our Deductions automation tool can read each deduction code supplied by these retailers. This facilitates rapid deductions processing, or it can highlight the deductions for further investigation by the designated person.
Cashbook has a number of customers in the automotive industry today, we have great experience in solving and automating all of the problems listed above. Cashbook has been integrated with multiple ERP Systems and banks, it also has multi-lingual and multi-currency capability. It is our vast experience and cutting-edge technology that sets us apart from the competition. Get in touch with us today, and request a product demo to see how we can transform your Automotive financial processes.