Accounts Receivable Manager
Accounts Receivable Manager
The Accounts Receivable group is a critical factor in your corporation’s credit, sales, and cash management performance. As the manager of this important team, on a daily basis you are looking to:
- Expedite cash posting with complete remittance data to the A/R system
- Maximize the accuracy of cash posting data
- Identify tools that allow your team to process electronic payments with decoupled remittance information including wires, EDI 820s, EFTs, and emails.
- Reduce and lighten the work load your team will have to perform to post cash and handle exceptions
Implementing the Open Scan solution will have an immediate and daily impact on your receivables process:
- In an environment where payments are received at a lockbox, payment and remittance information will be available the same day they arrive at the bank
- If operating in an environment where your internal team is manually extracting the payment and / or remit information, the entire data capture process will be automated
- Significant hit-rate accuracy improvement while reduction in the time it takes to handle exceptions
- Deduction and short pay identification and processing can be automated
- Electronic payment credits will be matched to decoupled remittance information and integrated into the standard receivables processing workflow
- Workers can handle exceptions from a single user interface, thereby eliminating the need for multiple terminals and access to the bank’s image portal
For the Accounts Receivable professional, these changes improve your daily activities:
- The enhanced speed and accuracy of the cash application process will positively impact A/R Aging as well as providing your team with more time to spend on account analysis rather than manual data entry and transaction processing
- Minimize inadvertent credit holds on valuable customers
- Give your team more effective tools to better perform their exception research making them far more productive and happier
As an important component of the Order-to-Cash process, this automated solution will positively impact Accounts Receivable contribution to Treasury performance, enhance the interaction with Credit and Collections, as well as cutting the overall transaction cost to post cash by as much as 40%.