Maximizing Cash Management Through Automated Remittance
Automated Remittance In Cash Application
Predictably managing money has long been the source of worry for Finance Executives. In the order to cash process, ensuring accurate billing, sales, and cash flow takes money and resources of many kinds. Automated remittance software can significantly ease the burden of cash application for the C-Suite.
Automated remittance software expedit is collections and facilitates cash management by functioning as financial hub, aggregating all incoming payments and linking them directly to the organizations order and sales system. Cash application teams use the software to accurately apply incoming payments to customer invoices or orders, which reduces manual workload and potential effort errors. The automation process also affords reduced training and lower labor costs.
Using algorithms to compare remittance data against invoice data, automated remittance software eliminates manual input error and also clarifies discrepancies between payments and needed corrections. The software works across payment methods, including checks and digital payments such as ACH or mobile payment, and can parse information such as customer ID or invoice amount from payment documents to automatically identify and link payments to specific invoices. Additionally, automated remittance software can notify customers when payments are received and applied, providing clear and timely communication about customers overall balance.
With automated remittance software, finance executives have access to up-to-the-minute payment information. This information, which can be pulled into dashboards for analysis, also enables finance departments to more effectively forecast cash flow and other operational metrics, essential for organizational planning. Anticipated cash flow from real-time payment updates help business owners make informed decisions about inventory, payroll, and other working capital expenditures.
By deploying automated remittance software, the C-Suite can experience greater efficiency, accuracy, and visibility while managing their organizations cash flow. Automation streamlines the cash application process, freeing up staff to carry out more strategic projects, while providing insights into financial performance and supplying the necessary data for predictive analytics that enable Finance Executives to prioritize initiatives to maximize their organizations financial health.
