Automatically Capture Data From Customer Remittances
For years organizations have sought to rein in the high cost of remittance processing. Routing payments from the mailroom to your accounts receivable (AR) system is an expensive venture. And it’s even more costly if you’re manually keying in the data off your payments and remittances.
Lurking behind the more transparent labor costs indigenous to manual processing is a host of hidden costs—such as those associated with interpreting difficult-to-read columnar remittances, resolving payment exceptions, searching for misplaced or misappropriated payments, absorbing the impact of processing float, tracing data entry errors that have been propagated downstream and extending compensations to ease strained customer relations.
But for many industries today, money isn’t the only business driver fueling interest in automated data capture and processing solutions. As the noose of increasingly stringent compliance requirements continues to tighten, the need to be able to quickly access accurate and verifiable remittance information is becoming paramount in the quest to stay as compliant as you are competitive.
Problems with Manual Processing
- Time-intensive manual data entry
- Data entry errors propagated downstream
- Duplicate or misallocated payments
- Lost interest from excessive processing float
- Difficult-to-read machine print and columnar data
- High labor costs
- Misplaced remittance documents and checks
- Restricted cash flow due to increased days sales outstanding (DSO)
- Duplication of effort from keying into multiple systems
- Slowed Decision Making
Easily export to your existing accounting system Our remittance solution enables flexible data exchange with almost every accounting or ERP integration system including SAP.
Improved remittance data accuracy- Manual processing invites the potential for human errors, creating a ripple effect of problems that could compromise the efficiency and effectiveness of your operations. With our solution, you can rest assured that you are only feeding your back-end systems the most accurate data possible.
Reduced labor requirements- By automating preparatory tasks, such as validating remittance transactions against your back-end databases, matching incoming funds with outstanding invoices and deciding whether to charge a customer for underpayments, you can reassign your data entry knowledge workers to more business-critical tasks.
The ACT Remittance Processing solution accommodates your accounting processes and rules.
Hundreds of built-in rules can be implemented with point-and-click ease, such as:
- Subtotal and columnar math checking
- Two-way matching between invoices and remittances
- Safeguarding against duplicate payments
- Ensuring dates are in a valid date range
- Verifying payment matches negotiated agreements
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