An all-inclusive Cash Management software solution.

A single solution to automate Global Payments, Bank Reconciliation, Cash Application, and the Bank Lockbox process.

Nice-Pak/PDI, founded in 1955 and headquartered in Orangeburg, NY is the largest global producer of pre-moistened wipes, including brands such as the original Wet-Nap® Moist Towelettes, Sani-Hands® Instant Hand Sanitizing Wipes, and Sani-Cloth® Germicidal Disposable Wipes. The company pioneered the development of pre-moistened wipes as the optimum dispensing system for cleaning, sanitization and disinfecting in healthcare, household, cosmetic and personal hygiene applications. Nice-Pak/PDI leverages state-of-the-art product development and manufacturing capabilities to supply superior, leading-edge products to every class of trade.

Challenge

Nice-Pak/PDI is using LX as their ERP system across their organization. Prior to the Cashbook implementation, the company was struggling with:

  • The LX AP Payments process which was manual, and all payments were in-house checks.
  • The Bank Reconciliation process which was also manual.
  • Using LX ERP for the Cash Application process.
  • The Deductions process which was completely manual.
  • Other financial processes for AR Netting and Write-Offs were completely manual.

Solution

Nice-Pak/PDI wanted a solution that could automate all the above manual processes for them. They felt they were spending a lot of time on repetitive manual work that could be avoided. Nice-Pak/PDI decided that Cashbook was the best solution available to solve these issues. Nice-Pak/PDI decided to implement all modules of Cashbook’s Cash Application automation software, in different phases. The Cashbook Cash Application automation solutions for Nice-Pak/PDI were all fully customized to suit their specific business requirements.

The different phases of implementation of all Cashbook modules for Nice-Pak/PDI went as follows. Firstly in 2011, Nice-Pak/PDI implemented the Cashbook Global Payments and Bank Reconciliation automation solutions. In 2014, they implemented the Cashbook Cash Application automation module. 2015 saw the Cashbook Cash Manager module with AR and AP aging, and Excel imports for automation of AR Write-Offs and Netting. In 2016, Nice-Pak/PDI implemented the Cashbook Global Payments module for their operation in Canada. They also added FX Wires to the Integrated Payments solution for both the US and Canada. In 2017, they implemented EDI 820 Imports and Algorithms for their large big-box retailers in North America. All these Cashbook modules brought a high level of automation to each process for Nice-Pak/PDI, the results and benefits were immediate and highly effective. See the full detailed results of the transformation below:

Full Bank and ERP Integration

  • Bank Statements: are imported directly from the bank to Cashbook. This allows for auto-matching of the bank statement data against transactions from the General Ledger and cash received.
  • AR Cash: an integrated receivables file is used for the Lockbox Checks, ACH’s and Wires. This allows the receipt of one consolidated data transmission in a single file. The automation of the Lockbox process for Nice-Pak/PDI reduced costly bank charges from charges per keystroke.
  • Deductions automation: deductions were created with reason and deduction codes directly from remittance data. The deductions codes are assigned to individual customers and used to automatically identify the deductions amount. This automation made it much quicker and easier for Nice-Pak/PDI to verify. The automation of the deductions process results in huge time savings, and lost revenues being recovered each year.

Automation of the Bank Rec process

  • Bank Rec: to facilitate the automation of the Bank Reconciliation process for Nice-Pak/PDI, Cashbook imports the bank statements directly. The data from the bank statements are then auto-matched against the General Ledger data in LX.
  • The auto-matching rates currently stand at 55% and is getting higher all the time.

A single Global Payments automation solution

  • Global payments: Cashbook facilitated an integrated payments file for all outgoing ACH, Wires and Checks for domestic and FX payments. Direct Transmission is via encrypted file transfer of an XML file.
  • The outsourcing of checks also helped to streamline the process for Nice-Pak/PDI.
  • Email remittances are generated for ACH and Wire vendors.

Greater financial control

Cash Manager: our software pulls in all Bank, ERP, and Cashbook data. Cash Manager sits on top of all other Cashbook modules and gives Financial Controllers, CFO’s, Treasury, and CEOs a better handle of their cash flows. The information in real-time, reflecting the latest changes on your ledger or the latest bank statement uploads. Cashbook stores information about every bank account. We track information about every bank account’s receipts and payments on a daily, weekly, and monthly basis. Cashbook Cash Manager provides look-ups and exports of:

  • All open AR Items, all AR and/or by Customer.
  • Customer Payment History.
  • Paid Invoices History.
  • Deductions History.
  • GL Splits History.
  • Customer Aging, automatically updated daily.

Results
Automation of the Deductions process, resulting in significant savings.
Automated the AR Cash Receipts process with an integrated receivables file.
Streamlined Global Payments process with an integrated payments file for all vendors – domestic and foreign.

Nice-Pak/PDI have been relying on Cashbook for all of our Cash Processing since 2011. Mary O’Brien on behalf of Cashbook has provided 10 years of wonderful support to Nice-Pak/PDI. We cannot imagine life without Cashbook.

Sandy Giga, Senior Director of Financial Services, Nice-Pak/PDI.