Receivables Process Management

Corporate Accounts Receivable Process Management Solution

We really understand Wholesale Accounts Receivable. Your business’ financial health is closely tied to the accurate and timely collection and transaction posting of your receivable assets.

Corporations have automated portions of working capital management such as accounts payable or inventory management to achieve cash management improvements. Accounts Receivable, unfortunately, has been a different story. Unpredictable and difficult to control, the best that could be done was outsource a portion of the process to a bank.

Now, for the first time, there is a viable and cost effective alternative for finance, A/R and credit professional’s to manage their entire A/R process. Traditionally, you've had only two options when processing receivables: outsource to a bank lockbox that typically charges by the keystroke to manually capture data from your payment advices, or manually key the data in-house. Either way, the front end of this process is very costly. But more importantly, it introduces data accuracy and cycle time inefficiencies that negatively impact credit & collections activities and customer relationships.

The OPEN SCAN® Corporate A/R software suite is the only receivables management solution for business that addresses every aspect of the A/R process including:

  • Remote deposit and/or branch capture
  • POS integration
  • Integrated receivables workflow
  • Paper or electronic payment processing
  • Cash application
  • Exception management including short pay and deduction identification
  • Electronic deposit
  • Financial reporting

The benefits that these capabilities bring to the management of receivables assets will help your company to achieve “world class” financial performance.

  • Provides the lowest processing costs
  • Elimination of lockbox data entry fees
  • Reduction in DSO
  • Same-day posting of all payment information
  • Highest hit rate accuracy for cash posting
  • Minimal exception handling
  • Automated deduction processing
  • Accept payments from remote locations
  • Seamless integration of all receivables into a single workflow
  • Optimized employee productivity
  • High yield / low impact project for IT
     

 

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