Cash allocation (or cash application) can be a time consuming process. This can be further hampered by poor quality remittance advices, making sales ledger information slower and harder to interpret for effective credit control.
As cash becomes tighter, organisations want to get on top of delinquent payers at the earliest and most cost effective way possible. Without applying amounts to specific debts in the debtors ledger at the instant cash is received, time is wasted analysing remittance advices and sales ledgers.
In complex businesses, there are many reasons for short payments, and "deductions management" is a complex commercial and administrative burden.
Accelerate your Cash Allocation Process
Our automated cash allocation tool - VanguARd™ - will quicken your cash allocation process by:
- Matching amounts received in the bank to paper and electronic remittances
- Validating the values (e.g. Invoice numbers and cash values)
- Applying 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.
- Typical savings of 75% on FTE costs on posting cash
- Increased productivity and effectiveness of credit control
- Reduction in DSO and improved customer experience
Find Out More
For more information, download VanguARd from AutoRek - Automating Cash Allocation or Schedule a VanguArd Demo.