Leverage AI-based data capture and matching algorithms to achieve a 90%+ automation rate for same-day cash allocation.
Eliminate bank key-in fees by 100% and boost analyst productivity by 30%.
Trusted by 1000+ Global Business
Just complete the form below
AI algorithms capture payment and remittance details from emails, checks, and bank statements, then match them to the correct invoices in your system—reducing manual work, speeding processing, and ensuring payments are accurately posted.
Download Feature GuideWhen remittance information is missing, our system automatically sends follow-up emails to customers, requesting the necessary details. This ensures that no payment is left unmatched, streamlining your Cash Allocationprocess and reducing the need for manual follow-up by your team.
Download Feature GuideEnsure every discount is accurately applied with our automated validation. The system checks if customers have taken the correct discount according to your payment terms, ensuring your books are balanced without manual review.
Download Feature GuideKeep track of all incoming payments in real-time. Our system provides instant updates as payments and remittances are received, allowing you to stay on top of cash flow without waiting for end-of-day reports.
Download Feature GuideUtilize multiple OCR engines to capture crucial details including MICR data, payment amounts, payee details, and any invoice references, ensuring that every check is processed accurately.
Download Feature GuideGenerate customized reports that provide deep insights into your Cash Allocationprocess - from matched and unmatched payments, discount validations, and customer payment patterns to detailed exception reports, aging analysis, and real-time cash flow updates.
Download Feature GuideHighRadius minimizes IT investment needs by integrating with 110+ banks, 40 credit agencies, 50+ ERPs, and 15+ billing systems globally
HighRadius was able to provide a solution that eliminated manual operation by providing efficiency throughout our A/R processes
Result
Laurent Gueritaine
Global Process Owner, Invoicing to Cash
HighRadius has the cash application cloud that goes beyond what the banks and traditional ERP programs do, to support faster payments processing.
Result
Carolyn Etress
Director of Accounts Receivables
Cash Allocation Automation software simplifies the process of three way matching with remittances, payments and invoices. It uses technologies like artificial intelligence and machine learning to automate this process.
1. Functionality: It performs remittance auto-matching, reducing manual effort.
2. Efficiency: Speeds up the cash allocation process and reduces errors.
3. Integration: Works with accounting systems for seamless operations.
4. Visibility: Provides real-time insights into payment statuses.
The cash allocation software improves cash flow management, reduces processing time, and enhances accuracy, making it a valuable tool for businesses.
A Cash Allocation Solution offers several benefits. It automates the matching of payments to invoices, reducing manual effort and processing time, which enhances efficiency. The use of advanced algorithms and data validation minimizes errors, ensuring greater accuracy.
Additionally, real-time insights into payment statuses and cash positions provide better financial visibility. Automation reduces administrative costs by eliminating repetitive tasks, reducing bank key-in fees, and improves customer satisfaction by accurately reflecting payments and reducing disputes. Overall, a Cash Allocation Solution streamlines operations and boosts financial management.
A Cash AllocationSystem addresses several challenges businesses face. It solves the problem of manual cash posting by automating the matching of payments to invoices, reducing errors and saving time. It also streamlines the reconciliation process, ensuring that payments are accurately reflected in accounts receivable. This system handles discrepancies between payment amounts and invoices, minimizing the need for manual intervention.
Additionally, it improves cash flow visibility by providing real-time updates on payment statuses. By reducing the administrative burden and enhancing accuracy, a Cash Allocation System helps businesses manage their finances more efficiently and effectively.
The Cash Allocation process can be complex due to several factors. First, there are often discrepancies between payment amounts and invoice totals, requiring manual adjustments. Second, multiple payments can be received in a single transaction. Third, payments may lack sufficient remittance information, complicating the identification process.
Additionally, the process involves handling different payment methods, such as checks, ACH transfers, and credit card payments, each with its own reconciliation requirements. Finally, managing high transaction volumes and maintaining accuracy adds to the complexity. These factors combined make the Cash Allocation process challenging and time-consuming. Cash Allocation automation can help simplify the entire process.
Yes, the Cash Allocation software seamlessly integrates with your ERP and supports API integration for other financial management systems. For low-volume ERP data imports, it also supports Excel and CSV formats, enabling easy extraction of accounts receivables.
The implementation time for HighRadius Cash Allocation Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.
The HighRadius Cash Allocation Automation Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.
AI-powered automation software, like HighRadius Cash Allocation Management, significantly enhances the Cash Allocation process. It automatically captures & matches remittance data from various sources, integrates with customer portals, processes electronic payments, and handles exceptions with AI solutions. The software reduces manual tasks, eliminates bank fees, and boosts analyst efficiency, resulting in faster, more accurate cash posting and substantial cost savings.
Yes. The HighRadius Cash Allocation Software is capable of handling multiple lockboxes.
It is common practice for banks, such as Bank of America, to send files multiple times a day. Depending on the chosen architecture, we can either provide you with a consolidated file after receiving all files from the bank or deliver them to you within 2 to 4 hours of receiving each file.
