Cash application is a highly manual, repetitive, time-consuming process. One that is rife with inefficiencies, audit and compliance issues and increasing bank costs. Many organisations accept the implications of manual cash application as a “necessary evil”. However, organisations who avoid utilising cash application automation software are hurting their bottom line. In doing so, organisations are avoiding a key opportunity to streamline business operations.
There are 3 indisputable reasons why organisations dealing with a high volume of transactions need to leverage cash application process automation.
If cash payments are not posted promptly, inefficiencies can then be created in your organisation’s credit, collections, and deductions management processes. Cash application automation software speeds up processes significantly. It selects, reads, auto-matches, transmits, posts and stores data automatically for your team.
With cash application automation software, you can apply cash the same day the funds hit your bank. Bank accounts can therefore be reconciled on a much more frequent basis, ensuring closer cash control and reducing month end pressure.
Not only that, you can automate and re-allocate resources to higher value activities such as DSO reduction and deduction resolutions. Why spend so many hours manually processing high volume, repetitive cash application transactions? Cash application process automation software ensures much more efficient use of staff hours.
Large organisations are continuously looking for ways in which they can streamline and simplify finance processes. Cash application automation software offers a wealth of new capabilities, with new functionality continuing to be enabled in the future. You have a software solution in place that will deliver continuous finance process improvement and cater for your future business needs.
With ongoing use of the Cashbook cash application software solution, you’ll likely find that cash application automation rates continue to climb, customer satisfaction will increasingly reach new heights and overall organisational productivity will steadily improve.
Perhaps the core benefit offered by cash application software is a significant increase in the accuracy of cash application hit rates. Automated on-invoice hit rates of 95%+ are typical with Cashbook cash application software. Cash application automation software enables a deeper, fuller, more accurate, real time picture of financial standings. The result is naturally improved cash management.
Automating cash both simplifies and dramatically accelerates the cash posting process. It enables better credit decisions based on the availability of more current information. It also ensures that organisations can have a closely linked cash allocation and bank reconciliation process. In trn, the software providing new levels of automation that will be a paradigm shift for your finance department.
Discover a better way to cash management. Global organisations such as Exide Technologies, Formica, Petzl and Camloc have dramatically transformed their cash application processes with Cashbook software.
Request a demo of Cashbook cash application software to discover how your organisation can achieve unprecedented levels of cash application automation.