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Recommendations for A/R Automation Software

Greg Gay's Profile

We are a wholesale distributor with ~$500 million in sales. Most of our customer payments are still received by check and processed through our lock box, but increasingly we are seeing more customers move to payment by ACH and by credit card. We want to explore some of the A/R automation software to see if we can streamline and automate some of our processes. I have heard of Open Scan, which was recently acquired by BillTrust, but have not explored their offering. Any experience with them or any other recommendations for solutions providers in this space?

Answers

John Donovan
Title: Global BPM Consultant
Company: Arvato Finance
(Global BPM Consultant, Arvato Finance) |

Greg,
You did not mention what accounting system you are using so I would recommend looking at Cloud solutions. They vary in price and features, are generally reasonably priced and require little IT Support once they are configured.

HighRadius is another very robust solution and they have online webinars you can view to get a good idea of the features and functionality.

You may also want to consider combining your payment portal an online billing and payment portal (EIPP) which will reduce administrative and transactional costs. ROI in most cases is generally 1 year even with a conservative adoption rate.

Hope you find this helpful.

John

Greg Gay
Title: CFO
Company: Mac Papers
(CFO, Mac Papers) |

John,

Thanks for the response. We use a home-grown system that currently runs on a Unisys mainframe platform. It was designed to handle payments to the lockbox by check that match the invoice/statement very well. All other payment types are a manual challenge. Appreciate the recommendations.

Greg

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

Greg,

I am missing something. ACH and CC payments are just gaps on your existing home grown software. Isn't it better to contact the developers of your current system to include the other payment types?

If am assuming you are already downloading statements from the bank and would caution you about REprocessing data as it is a recipe for mistakes/errors.

Maybe you want to discard your current process/software and looking for an all/inclusive one? That being said, the majority of your payment and process still works, is it wise to shake things up just to include the 10-20% (assumption)?

Michael Sipos
Title: Enterprise Account Executive
Company: Trintech
LinkedIn Profile
(Enterprise Account Executive, Trintech) |

Greg:

It appears as though you main business issue is to reconcile payments received with your homegrown G/L system.

There are many robust Cloud delivered reconciliation solutions that specifically address the challenges of alternate payment types such as ACH and credit card. These solutions typically provide an automatic match rate of 90+% and some offer logic based methods to provide suggested matches for the non-matching items.

Michael

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