Deductions are a huge problem for many businesses. Imagine losing 5-10% of your business to deduction claims. For some companies those deduction costs can run into the millions of dollars.
For many years, Cashbook has helped companies set-up deductions on their systems for review and analysis. We auto-generated and auto-coded thousands of customer deductions. Saving our customers thousands of hours of tedious work. Once these were analyzed, we once again became involved in the clearing & writing-off of deductions.
Deductions Management Automation
Recently our customers and interested parties have challenged Cashbook to do more. We were asked if you create the deduction from lockbox remittances, EDI files or web portals. Why couldn’t you provide a tool to reconcile and manage these awkward debits and credits on the AR subledger? What about providing a tool to manage the communication of deductions as they often bounce around a company. What about categorizing them, aging them and the root cause analysis of deductions?
With a real can-do development approach. We have surprised ourselves that the technology within Cashbook – the portals, attachments, database & reports are all set-up for this very important task.
We will be hosting a webinar on January 28th on this, demonstrating how users can:
- Automate up to 75% of your Deductions.
- Reduce your deduction team resources by 30-50%.
- Recover up to 40% of revenue that is usually lost in the deduction process.
- Create reason and deduction codes directly from remittance data for any ERP.
- Adapt deduction management to any bank file or customer remittance format.
- Access customer portals with backing information such as proof of delivery notices.
- Route deductions throughout an organization for review & approval.
If you are interested in discussing how Cashbook can automate the Deduction Management process, or other areas within the Cash Application process. Get in touch with our team, by calling us on +353 61 338 400 (International) or 630-352-2228 (North America). Alternatively, you can email email@example.com. We look forward to helping your company realize the benefits of Cash Application automation software.