Automating the allocation of payments without remittances
One of the easier parts of the cash allocation process is where the customer sends a payment and along with it a remittance telling the recipient what they are paying. The process of then working through the lines of the remit, while time-consuming, results in all the right invoices being paid and cash being posted.
This time-consuming process of working through the remit can be automated with a number of solutions that use clever OCR technology to do so. It’s a quick win and one that can provide an impact on the remittance management process, reducing the manual effort required and most importantly, freeing up expensive time.
However, a typical business deems themselves lucky to see around 20% of their invoices paid with any instruction from the customer, rendering the benefits from using OCR technology limited in their scope.
Automating without remittances
So, what can cash allocation software that relies on this instruction do with the remaining 80%?
The answer for the vast majority of cash allocation software on the market is ’not much.’ You’re left to allocate these manually, as before. However, there is a solution…
Alloc8 Cash, cash allocation automation from Rimilia can use remittances, but the key for us and our customers is that they aren't essential to the automatching process - in fact, most of our customers reduce their reliance on remits, letting the intelligence of the system do the matching for them, making the process even faster. This also means they haven’t got to wait for a remit should they get the money first, reducing the amount of money just posted on account or left unallocated.
Alloc8 Cash is built with 3 levels of robotic process automation, which enables our customers to break the reliance on remittances.
The inbuilt AI engine never stops learning; as customers pay you the system learns the link between the payment and the customer, so next time a match can take place without anyone having to get involved. Alloc8 uses many different tools, from RPA and AI to clever filters and algorithms to help our customers automate cash allocation to beyond world class levels as standard – even without instructions.
To see the inbuild AI engine of Alloc8 in action, book a free demo at a time that suits you.