Rimilia acquired by BlackLine, the leading financial close and accounting automation platform

The Problem

In a sector where accurate and detailed client info is fundamental to success, too often they’re missing vital historical data. That means payments are reviewed in isolation without context – as if each one was entirely new.

The Pain

In a sector where accurate and detailed client info is fundamental to success, too often they’re missing vital historical data. That means payments are reviewed in isolation without context – as if each one was entirely new.

The Solution

Rimilia automates the accounts receivable function with intelligent cash application, optimising collections and providing the insights asset-based lenders need to serve clients better.

By centralising data collection and automating manual tasks, accounts receivable teams can focus on core functions like collections that add value to the business. Automated analysis of customer payment behaviour creates a broader view of client history and helps identify propensities for late payment.

The Results

Tavistock Group-backed Ultimate Finance was growing rapidly, but cash application was being held back by slow, labour-intensive manual processes. A team of six in accounts receivable devoted the majority of each day to processing cash and matching payments to invoices via spreadsheets.

Rather than capturing trends and behaviours, each payment had to be reviewed individually and without reference to previous activity.

Since implementing Rimilia Cash, Ultimate Finance is now applying 75% of its incoming cash without any manual intervention. They’ve also seen:

  • An 85% auto-match rate
  • All cash is applied within 5 hours on average
  • Increased productivity and motivation
  • Improved availability of funds for clients

Ultimate Finance Case Study

Read the full case study.

Intelligent AR Automation

By applying artificial intelligence to the accounts receivable function, Rimilia matches payments to invoices faster, with greater accuracy, and at a volume of output human intervention alone can’t deliver. The hours logged by AR teams keying in data, searching, checking, and double-checking, simply disappear. Clients see cash allocation happening faster. Errors are reduced, and more time is made available for credit control.