Lockbox Automation – OCR

Lockbox Processing Automation Software

Reduce time spent processing bank lockbox files by up to 95%. If your department is spending more than 2 hours a day processing lockbox data you should automate this process. By using OCR technology, we eliminate the read and key process and those expensive keystroke charges. This results in huge cost savings and more accurate data capture and storage.

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Our OCR lockbox automation module is powering an unprecedented level of lockbox processing automation throughout North America. With a highly intelligent, seamless integration with all major banking providers. If you are spending large amounts of money on lockbox keying fees, this product is essential. The return on investment will be immediate. Expect a 100% reduction in expensive lockbox keying fees.

  • The lockbox files can be uploaded directly into the Cashbook software.
  • Our OCR technology will scan the images to identify your customers.
  • The tool will auto-match the invoice numbers to open invoices for selected customers.
  • All invoices that are auto-matched are then closed off and your General Ledger is automatically updated.
  • Algorithms can also be easily modified or enhanced to handle specific reference fields or requirements.

Features of Lockbox Processing Module

Bank & ERP Integration

Powering an unprecedented level of lockbox processing automation throughout the US and Canada

Our OCR Lockbox Automation module caters for multiple locations, environments and ERP systems. It can be adapted to any bank file or format used in the US and Canada. Our tool uses images in the lockbox file to read the invoices, this eliminates the need for a separate BAI2 file from the bank. We create image recognition by customer and store these image patterns against customers. When we do this our system learns over time how to handle each type of remittance received.

Greater Financial Control

A clear window from which to observe your lockbox file processing

This module is proven to be an excellent tool for ensuring cash application is handled in a consistent, controlled manner. Clean, efficient processing of bank Lockbox data reduces overall reporting time needed at month-end. The Cashbook automated process helps eliminate bank keystroke fees. Users can utilize the OCR Lockbox module for storing check images and remittances for as long as they are required. Reduce DSO by more rapidly processing customer receipts. Allows you to increase receipt volume without adding additional resources. An opportunity to redeploy resources to higher-value work.

Advanced Intelligence

Specific functionality to cater for an array of lockbox processing needs

Mass validation of numerical values and letters greatly reduces manual labour and increases process speed. Separation of payments and remittances can be handled and automatically linked together. Capability to add Email OCR extraction. Emails are delivered to a specific email address and data is read and extracted into Cashbook AR remittances. Ability to use OCR technology on Bank Lockbox image files to extract data from images which can be used to automate against your open invoice files.

Algorithms can also be easily modified or enhanced to handle specific reference fields or requirements. Automatic G/L write-offs are based upon your pre-determined tolerances (by amount or percentage). Deduction handling and auto-coding are also catered for.

Each Lockbox has its own ‘Cashbook’ journal, so multiple Lockboxes can be worked on simultaneously. Splitting of Lockbox’s is possible by bank account, company, collector or number of journal lines.

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