Solutions
Automatically capture data from customer remittances.
For years organizations have sought to rein in the high cost of remittance processing. Routing payments from the mailroom to your accounts receivable (A/R) system is an expensive venture. And it’s even more costly if you’re manually keying in the data off your payments and remittances.
Lurking behind the more transparent labor costs indigenous to manual processing is a host of hidden costs—such as those associated with interpreting difficult-to-read columnar remittances, resolving payment exceptions, searching for misplaced or misappropriated payments, absorbing the impact of processing float, tracing data entry errors that have been propagated downstream and extending compensations to ease strained customer relations.
But for many industries today, money isn’t the only business driver fueling interest in automated data capture and processing solutions. As the noose of increasingly stringent compliance requirements continues to tighten, the need to be able to quickly access accurate and verifiable remittance information is becoming paramount in the quest to stay as compliant as you are competitive.
The Benefits
Improved remittance data accuracy
Manual processing invites the potential for human errors, creating a ripple effect of problems that could compromise the efficiency and effectiveness of your operations. With AnyDocREMIT, you can rest assured that you are only feeding your backend systems the most accurate data possible. And, when combined with AnyDocINVOICE, you’ll experience a complete accounting solution by automating A/P invoices as well.
Accelerated cash flow
Cash flow hindrances, such as excessive processing times, prevent you from meeting your business goals. Automating your data entry, as well as reducing the number of touch points each remittance must pass through, expedites the time it takes to transfer data to your financial systems and deposit funds into your coffers.
Reduced labor requirements
By automating preparatory tasks, such as validating remittance transactions against your backend databases, matching incoming funds with outstanding invoices and deciding whether to charge a customer for underpayments, you can reassign your data entry knowledge workers to more business-critical tasks.
Intact business processes
AnyDocREMIT adapts to your business processes, instead of making you adhere to new ones to accommodate the software. It also allows you to use your business rules to verify remittance data, just as your A/R clerks do now—but much faster.
Improved customer service
Automating allows you to proactively prevent customer service snafus, such as lost or misapplied payments, instead of reactively stamping out fires that spawn from them. The time required to research exceptions is also reduced because your remittance data is available sooner and accessible with a few clicks of the mouse.
AnyDocREMIT accommodates your accounting processes and rules.
Hundreds of built-in rules can be implemented with point-and-click ease, such as:
