Cashbook. A streamlined cash application automation solution with deeper reporting, reduced reliance on manual data entry and a clear audit trail
In 2012 Petzl USA decided to set up a bank lockbox to help process their payments received from customers. Their bank, Wells Fargo in turn created a BAI2 file with the information received in the lockbox each day. The local ERP system which is operated by Petzl America is PRMS and did not have the built in capability to fully automate this BAI2 file format. Petzl America looked for a fully integrated software solution that could accept the bank file and match the details with the open AR items in PRMS. They identified Cashbook as the best solution for their project due to our history of working with multiple ERP systems and providing integration and updating of PRMS. Cashbook proceeded to create a live, two-way integration with PRMS.
Full Bank & ERP Integration
Automated updating of files, regardless of country, ERP or bank
- Simultaneous updating of files in both Cashbook and PRMS.
More Advanced Intelligence
Powering an unprecedented level of automation; massively reducing manual entry
- Automation rate of >90% of invoices received.
- Custom algorithms created to maximise the automation rate of the lockbox file received from the bank.
- Users can automatically create deductions, on-account payments and G/L splits entirely within the Cashbook solution.
- Reduction in the time taken to process receipts.
- Eliminates need for employees to deposit checks in the bank.
Greater Financial Control
A clearer window into reporting and auditing for Petzl
- A complete, clear, audit trail for all transactions.
- Better reporting insight into the cash application process.