Staffing Industry: Cash Application without 3-way Match between Timesheets, Bank Files and A/R

Key Takeaways

Reduce 85% lockbox remittance costs by automatically capturing remittance information from payments across checks, ACH, credit cards and wire
Eliminate 80% of the manual work required in matching payments across timesheets, bank payment files and open A/R information

Speakers

Bill Sarda, Senior Solution Principal, HighRadius

About The Webinar

Finance and A/R teams across the staffing industry continue to face the challenge of inefficient and delayed cash reconciliation. Aggregating timesheet data across multiple Vendor Management Systems (VMS) and using spreadsheets and pivots for a 3-way match between bank payment file, ERP invoice log, and VMS data make cash posting a cumbersome and error-prone process.

This adds to operating costs, delays account reconciliation and negatively impacts billing and payroll, financial reporting and forecasting activities. The results of complex and delayed revenue realization also manifest in the form of low working capital availability and a possible impact on service delivery.

There’s no time like the present

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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.