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Transportation
As construction and other industries slow down, so does the volume for trucking firms. With set infrastructure costs and
rising fuel prices, expense management has become a strategic objective for the transportation industry. Accounts receivable automation with OPEN SCAN is an emerging new option for achieving these results.
Value Proposition: An LTL (less-than-a-load) firm with $1 Billion in annual revenues receives payments at regional lockboxes but keys the remit data directly from images provided by their bank. Twelve full time employees key payment data directly from the bank images into the accounts receivables system. The cash application process is manual, inaccurate and often takes multiple days.
Within a year, OPEN SCAN has:
- Achieved same day posting of all payments
- Reduced their in-house FTE requirements in half
- Improved the accuracy of their cash posting process
Their annual savings is approximately $240,000.
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