Synseal, one of the largest UPVC extrusion companies in the UK has implemented Rimilia’s award winning cash allocation software and achieved great success as a result
Rimilia worked with the cash team at Synseal at their head office in Mansfield to implement Alloc8 to automate their cheque, BACS receipt cash matching process and subsequent banking. Prior to this implementation, cash processing was a resource intensive task for the team that required higher levels of manual intervention for cash allocation over collections.
The go live date for Alloc8 was back in January 2014 and the Synseal cash team now benefit from increased control and efficiency of their cash processing with the credit controllers focused on collecting cash much faster than they used to.
Current combined automatch rates for Synseal using Alloc8 are 94% which mean they are achieving higher than the world class standard and widely recognised industry benchmark. Manual processing has been reduced to 6% as a direct result.
Rimilia Project Analyst Tony Harvey commented;
“Alloc8 has helped the cash team at Synseal to increase compliance and control in cash allocation. It has also enabled the credit controllers to move away from the time intensive and repetitive manual task of allocating cash, which used to be part of their routine before, to more area specific work.
Providing capability of cheque scanning and remittance capture as part of Alloc8 means that the team are now able to process their cash much faster and earlier in the day”.
Dave Hughes, Senior Credit Manager at Synseal said;
"Cash allocation had previously been a time consuming process for our department and combined with an increased volume of small invoices through a glass acquisition, we decided to review an automated solution.
Striving for best practice and continuous improvement, it was at one of the networking events that we experienced a demo of Alloc8.
At the beginning of our journey we were provided with a vision of what to expect, including suitable milestones for review in a test environment which underpinned our progress. This gave traction to the team and offered a psychological contract that what we were about to unleash, worked and worked well.
At the commencement of go live we knew what to expect and how we were going to quantify a return on investment for our key stakeholders.
The journey since then has been seamless and I quote, “the support post integration has been nothing short of world class”.
Don’t expect the achievements of the finance revolution to be limited to those of the last, AI has the potential to transform finance functions even more drastically.
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