Wake up and Smell the Coffee: A Starbucks Guide to Achieving 77% Zero-Touch, Straight Through Cash Posting for 2 Million Payment Line Items Annually

Key Takeaways

Improve working capital by driving the adoption of low-cost ACH payments by automating the reconciliation of all incoming e-payments
Refocus cash application resources on high-value tasks by eliminating manual consolidation of remittances from emails, web portals and EDI
Fast-track the deductions process by automatically coding deductions as and when a short-payment arrives
Achieve 77% straight-through processing rates even with challenges including incorrect or truncated reference numbers in the invoice

Speakers

Martha McElroy-Rojas, Director, Finance CPG Group, Starbucks Coffee Company
Tammy Colburn, Senior Accounting Manager - AR, Starbucks Coffee Company

About The Webinar

Starbucks, the million-dollar American coffee company and coffeehouse chain, experienced 16% CAGR for five consecutive years. Processing over 2 million payment line items annually, the customer financial team had to evolve in order to support growth and drive adoption of low-cost electronic payment formats including ACH and credit cards. Learn how Starbucks used a smart way to process cash application in a single platform .

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HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.