J&B Software's Cash Application solution enables businesses to automatically apply deposited payments to their associated invoices and accounts receivable files with minimal human intervention. The solution uses intelligent document recognition technologies to automatically match lockbox files, EDI, ACH's Wire Transfers, paper documents and other forms of payment and remittance with open accounts receivable invoices. The result to your organization is improved productivity, reduced errors and improved cash flow.
Today, many A/R departments receive and apply lockbox information from their bank manually by fax, overnight mail, U.S. Mail, or by printing reports available through banking software. The Cash Application solution does all of this electronically and automatically, significantly reducing operator workload in the check deposit and cash application processes-in some cases, by up to 50%.
To implement the solution, the J&B team works closely with your IT and finance teams to understand your matching criteria and all other business rules that may be required. The CA solution can be implemented at a single site or when using J&B Hub and Spoke multiple site implementation across multiple geographies.
Key Benefits
- Significantly reduces A/R processing time for greater staff productivity
- Allows for additional receipt volume without additional resources
- Reduces manual entry errors
- Reduces costly training costs
- Improved audit management with daily SOX reporting
- Statistical reporting metrics to improve operational productivity
- Reduces reporting time
- Improved cash flow
The Technology
The Cash Application solution uses industry leading intelligent document recognition (OCR) software to manage remittance advices, checks or paper remittances. The recognition technology identifies key data fields on document images and matches it with receivable data from your ERP system.
Unresolved transactions are presented in an exception data-entry module to process the unapplied transactions. The solution automatically associates invoice details with payment details and, if a match is found, the transaction is automatically removed from the unapplied queue without manual intervention. Transactions can be stored in the unapplied data entry application for an unlimited number of days, which then can be forwarded to the collections groups with appropriate details.
Core Modules
TMS Rules Engine - Defines and applies appropriate logic and completes the bank deposit process.
Exception Data Entry - Allows users to apply exception items, either same day or as and when additional information is received.
Lockbox Portal - Today, many A/R departments receive lockbox information from their bank manually by fax or by printing reports available through banking software. The Lockbox Portal ensures that information is received electronically in the correct format.
ePortal - Automates the uploading and cash application of customer remittance data and payment from an EDI 820, 821 & 824, Wire transfer and ACH file directly.
Scan Portal - Provides the ability to scan paper transactions using low speed desktop scanners or high speed scanners.