Completed Type II Audit
The cash application should be simple, but this is not always the case. Lockbox hit rates vary between 60-70% and the cost of keying services and sometimes poor quality of data entry services can still make cash application a costly and inefficient process.
Having a team of people to handle exceptions where data provided by clients is not always clear, or where provided with other matching data apart from the invoice no or account no, like the asset no, purchase order, supplier order and then a raft of deductions or discounting can mean that whilst the lockbox can handle the simple one to ones, some of the larger volume and complex applications are still manually intensive. Spending time internally can result in delays to getting cash posted, resulting in unnecessary calls to customer who have already paid and wasting time reconciling already paid transactions not chasing outstanding ones.
Rimilia has taken the US cash application process and made it simpler and more efficient. Our leading cash application automation software; Alloc8 has a whole range of unique features that can increase lockbox hit rates to 95% + and can reduce or even eliminate lock box costs. ACH and Wire payment can also result in low match rates, with Alloc8 cash application software this is easy as we achieve high hit rates in excess of 90% and also provide a revolutionary remittance capture process that has an intelligent method of identifying remittances arriving before a deposit.
This allows collectors visibility to see any associated invoice and therefore not have to chase customers who are about to pay. With over 150 out of the box match rules you know that whatever sector and whatever deposits you take, with Alloc8 you are guaranteed unrivalled match rates, increased efficiency and a clear transparent pricing model.
Our unique award winning cash application automation software has its own intelligent engine that learns as it goes and can auto match upwards of 93% of all incoming payment using a library of pre-built match rules or suggested one click matches that allows you to clear down all incoming payments to invoice level within the first hour of business.