Receivables Automation

Most companies have a very disjointed process for managing receivables, often with inefficient systems and procedures. Traditional A/R procedures require staff to manually open checks and photocopy them, create cash application postings to the A/R system, prepare and physically deliver a bank deposit and file backup documentation. 

To corral this chaos, companies are taking a fresh look at their receivables environment. The idea is to streamline A/R to achieve labor savings, increase posting accuracy and enhance service to internal and external customers. Creditron is leading the way with a robust solution that enables companies to capture and apply cash electronically. 

Our automated cash application solution is a proven Microsoft Windows® system featuring scheduled bank FTP pulls, PGP file encryption, optical character recognition (OCR) data reading for onsite scanning, SQL Server® 2000/2005 support, and user-configurable auto-matching rules. It also includes auto-match/auto-posting capabilities; enhanced reporting; productivity tracking; workflow management; online Web access to payments; centralized data warehousing; 24/7 system availability; and quick and accurate solution deployment. 

The solution allows companies to image-enable their receivables and automatically read checks to determine the amount and the check issuer (based on MICR data). Scanned checks then can be automatically matched to open invoices, with an electronic deposit file created simultaneously. When a check comes in where a discount, credit or return is applied, the software takes this into account and ensures correct cash application postings.

Authorized users can view images of any open invoice/waybill, anytime, via the Web or an intranet—allowing them to keep abreast of their customers’ current A/R status. Employees can search for any field or combination of fields keyed or captured from images. The solution also provides a snapshot of all unapplied cash available for rework in the cash application, with access to all open invoices/waybills; invoices and waybills can be added based on customer, invoice or waybill number. And the solution offers complete posting and audit information as well as centralized security administration.

Benefits

• Faster A/R posting
• 100 percent validation and accuracy of postings 
• Reduced its number of reversals
• Ability to reduce and reallocate staff to value-added functions
• Enhanced service to internal and external customers

Click here to learn more about Cash Application for the Microsoft Business Solutions-Great Plains.