autorek

Match amounts received in the bank to paper and electronic remittances

VanguARd™ will eliminate the intense manual effort in analysing remittances and attempting to apportion the cash to the correct sales ledger account and “pay” the correct items. The instant that cash is received (bank statement or cash book), VanguARd™ sources the remittance details and allocates it to the appropriate unpaid. This will alert credit control instantly to deductions or failed promises to pay and speed up reaction times to delinquencies. Powered by the AutoRek reconciliations engine, hundreds of thousands of line items can be processed in an hour and with multilingual and multicurrency capabilities the interactive communication with clients can be automatic and instant.

Cash allocation can be a time consuming process which can be hampered by poor quality remittance advices (either late or none) making the timeliness of sales ledger information weak and laborious to interpret for robust and effective credit control.  As cash becomes tighter in the economy, companies must be on top of delinquent payers at the earliest opportunity and in the most cost effective way possible. By not being able to apply amounts to specific debts in the debtors ledger at the instant cash is received time is wasted analysing remittance advices and sales ledgers, making telephone or written enquires of the customer as to the composition of the remittance and reconciling remittances and cash received.

Matching amounts

VanguARd™ can match amounts received in the bank to paper and electronic remittances - even if they are not received on the same day, validate the values (e.g. invoice numbers and cash values) and apply the cash to sales ledgers to match to unpaid invoices. This can be done as soon as the data becomes available so VanguARd™ can apply direct debits which are received overnight or electronic remittance advices when they arrive by email for example. VanguARd™ can translate currencies and within a tolerance pre-set by the business (in absolute or percentage terms) can apply the cash and process a currency difference to the general ledger automatically to clear the invoice. VanguARd™ can also validate the correct deduction (or otherwise) of early settlement discounts.

Queries and alerts for payments

At the same time VanguARd™ can acknowledge receipt to the client, confirm the application of the cash, it will query any short payments, send chasers for older items as yet unpaid (we can do this at any point and as frequently as the client requires) and even automatically put a stop on the account of any preset limits are breached. All this can be done at any point in the day and as often in the day as information becomes available to VanguARd™ (usually automated bank feeds or a remittance advice being scanned or received electronically.

Benefits

• Be on the front foot on collections and credit control as soon as a problem arises
• Alerts as soon as an invoice or an account appears to be a problem
• Cleaner sales ledger, faster cash allocation, cleaner recoveries, a reduction in bad debts, an improvement in customer relations
• Improvement in sales as confidence in the good payers increases
• Data collected by VanguARd is rated and ranked for clients and builds a history 

Find Out More

To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download the following related Solution Brief: 

•  Cash Allocations Solution: VanguARd from AutoRek