Cashbook has over twenty years supplying Cash Application software around the world. During that time, we’ve come across many different cash automation challenges. The three key challenges of Cash Application automation are outlined below:
Lockbox services involves banks collecting checks from a designated address (usually a P.O. Box) then process these checks on your behalf, and deposit them directly into your bank account. To eliminate bank keying fees, we take images of checks and remittances and use OCR functionality to digitize the data. Special challenges encountered and resolved here include:
Using the latest OCR technology, we have facilitated the most simplified Data Extraction and verification process on the market. We demystify the digitization process and put the power into users’ hands.
Being able to automate different file types is another challenge that has been met and overcome by Cashbook. Different file types here include:
Auto-identifying document types is a key first step in the automation process. Followed by identification of the layouts of the files, and retrieval of the data in a common layout for ease of automation.
Once you’ve pre-formatted all the various files received in their many different formats. You need a tool to link those images with the bank statement data received. Cashbook has experience with linking bank formats (over 200 in our library) with the relevant customer remittance files. In the B2B space, different payment methods require different matching rules, some examples encountered here include:
All of the above challenges of Cash Application have been worked on by Cashbook over the last twenty years. We have experienced project managers who are ready to deliver the most cost-effective solution on the market.
If you would like to discuss how Cashbook’s OCR/Data Extraction tool can automate these AR processes for your company, get in touch with our team. You can call us on +353 61 338 400 (Intl.) or 630-352-2228 (North America). Alternatively, you can email Global Sales Manager, David Rushe to get more info. We are looking forward to showing you how Cashbook can help your company realize the benefits of Cash Application automation.