Start reclaiming your unallocated cash
April 4, 2019
What if you could allocate almost all of your cash the same day, and slash your unallocated cash?
It’s certainly possible, and there are a few key steps to make it happen. But it’s best to start with why it’s not happening.
Why Accounts Receivable Teams Struggle
Cash teams are struggling with time-consuming tasks that keep them from doing their most important role – making sure all cash is allocated quickly and correctly.
One of the greatest challenges accounts receivable teams face is month-end. There are a lot of associated tasks with closing out the month, many of which are manual and require a lot of resources. Investigating unallocated cash is one of them, especially when there are large volumes and complex remittances, which add to this challenge. When teams are burdened, efficiency slows and the greater the propensity is for inaccurate or incomplete allocation.
With slow, manual processes, you risk delaying closing month-end. As you know, this affects the critical financial information you need to make accurate business decisions. And when cash is allocated accurately and efficiently, you realise the money and release it for business use.
Automation and Artificial Intelligence Bring Efficiency
The struggle is real, but the quest to allocate cash quickly is, fortunately, a surmountable problem.
Through significant advances in robotic process automation and artificial intelligence, the technology now exists to transform your cash allocation process. This intelligent automation software can take time-consuming and repetitive cash allocation tasks and perform them in seconds, while also learning and improving as new data comes in.
Unallocated cash, which can run into the millions, can be unlocked through intelligent invoice matching that allows complex and difficult payments to be matched in seconds, meaning your business can bring that money out of hiding and put it to use.
The Hackett Group reports that only 35% of companies are currently taking advantage of full cash allocation automation, and even many of those may not be using the latest technology to maximise their process. That’s a lot of cash left unallocated.
In the same study, a huge 90% were in some stage of consideration of, or planning for, automation. Obviously, the time to adopt automation is now, to avoid being left behind.
Here at Rimilia, we’ve seen companies go from several millions of pounds in unallocated cash down to under £1000 in a matter of months using our intelligent cash allocation software Rimilia Cash; just ask our customers.
In fact, using our cutting-edge AI, our customers regularly achieve 90% match rates even without remits, and automate around 80% of their manual effort, leaving their staff free for value-added tasks.
Start Generating Millions
With AI-powered cash allocation automation, like Rimilia Cash, you no longer have to worry about high unallocated cash and agonising over month-end.
Get ahead of the curve and let software take the strain. Speed up your allocation, unlock your unallocated cash and free up money for your business and time for your staff.
Make AI part of your team.