Cash Application via BACS, Wire, ACH, Lockbox, Cheque, Check, Faster Payment or Card payments remains one of the manually intensive processes in the AR department today. The data flow itself is often still paper based or emailed PDF with remittance advices arriving at different times to the payment. Invoice references get lost in translation between AP & AR functions, multiple sales ledger accounts get paid as a single payment which can lead to delays in processing, customer satisfaction issues which only gets worse when staff are absent.
Alloc8 has a revolutionary self learning capability which makes Cash Allocation easy and enables you to bring on more customers without any increase in processing manpower and additionally a simple ‘one click match’ function for exceptions which leads to fast clear down. Add to this the most comprehensive and powerful remittance management functionality available to enable paper, PDF, excel, csv or xml files to be interpreted and over 90% of your receipts can be applied to invoice level on your sales ledger in a matter of minutes.
The benefits of automating Cash Application or Cash Allocation are endless, having reduced manual activity by more than 75%, eliminated unallocated cash and provide via your sales ledger a real time view of invoices outstanding it reduces calls into your collections team and enables them to focus on those customers that have not paid rather than reconciling accounts for the ones that already have.
Automated Cash Allocation
Alloc8 is an award winning ‘out of the box’ cash application software solution that enables the matching of cash receipts to outstanding invoices to be automated by up to 90% with or without a remittance advice. Payments can be received:-
• electronically into your Bank account
• via cheque/check
• over the counter
• credit/debit card
• paid direct to the member of your team delivering the service
The system also has a unique ‘self learning’ ability to ensure that as your business grows the system automatically grows with you. Additionally, with all of the increasing Control & Compliance requirements provided for as standard, an implementation timeframe of less than 6 weeks, immediate realisation of benefits and project payback typically within 6-9 months making your cash application or cash allocation processing activity World Class has never been easier.