Treasury
Treasurer
As Treasurer, you are the steward of the financial resources for the company and are constantly looking to optimize your cash position in three fundamental ways:
- Collect faster
- Minimize borrowing
- Invest excess funds
OPEN SCAN improves the receivables process in several important areas:
- All payment and remit information is posted same day as receipt
- Significant hitrate accuracy improvement
- Fully loaded transaction costs to complete the cash application process will decrease by 40 to 50 percent
From a Treasury standpoint this translates into a number of benefits that directly impact your ability to control cash:
- Dramatic reduction in lockbox and / or internal payment processing fees lower Order-to-Cash operational costs
- Same day remit posting positively impacts A/R Aging, thereby minimizing debt requirements and interest fees
- More accurate and timely data feeding into the A/R system assist collectors in capturiung outstanding monies faster
The end result is management of receivables that more efficiently meets working capital goals and insures the maximum amount of funds available for investment flexibility.