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Cash Receipt Automation

Julie Lam's Profile

Does anyone have experience implementing or working with an automated cash receipt application process?  I'm looking to do this for my company.  In past research I've found that many companies have written applications in house, but due to resource constraints I'm now looking for a software that can perform this function.  Any suggestions or implementation tips?

I'm considering a collection mangement software to also help us track our collection efforts and would appreciate recommendation for that as well.

Thank you

 

Answers

Christopher Staab
Title: Director
Company: MBIA
(Director, MBIA) |

What kind of cash receipts are you working with? Are the related to investments of general A/R? There's a large population of tools specifically geared towards investments. Some may also have more general functionality to handle non-investment related cash matching. Here's a few companies I've come across over the years with various solutions:
Fiserv
TLM On Demand
Electra Information Systems (STaArs)

Scott Gunn
Title: CFO
Company: In-Transition
(CFO, In-Transition) |

Most companies automate cash application for lockbox receipts. There is an electronic file that is sent (or pulled automatically from) from your provider that is uploaded into your ERP for cash application. This does take some IT effort on your part, but good Lockbox providers are coopreative in helping you optmize your hit ratae (% of receipts that you apply without manual intervention). It is harder to automate cash application for wires due to the lack of remittance detail. I hope this helps.

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Julie
Does your ERP package have a module/features not yet configured to help you define rules to match cash received against invoices (or are you trying to match POS data-which is different)? As Scott indicated, once you can receive a file from your lockbox provider, you need a tool/feature that allows you to set matching rules, exception handling etc.
Are you also looking to automate disputed amount handling?
Your transaction size/volumes also will drive what you may need.
In other words, have you defined your business requirements end-to-end?

Regards
Len

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