This process typically involves identifying the payment, matching it to the correct invoice, and updating the AR system accordingly.
Provide corporate governance, helping clients manage responsibilitie of running a corporam responsibilities financial field.
Provide corporate governance, helping clients manage responsibilitie of running a corporam responsibilities financial field.
Provide corporate governance, helping clients manage responsibilitie of running a corporam responsibilities financial field.
Provide corporate governance, helping clients manage responsibilitie of running a corporam responsibilities financial field.
Our cash receipts process was overwhelming, preventing customer payments from being entered in a timely, accurate basis.
We looked to eAlliance to help us with challenge by automating as much of this process as possible while keeping a “human in the loop” for verification.
We now apply cash on a timely basis with little to no errors in the process, and have eliminated the need to onboard a new employee.
An industry leading global bathroom & kitchen fixtures manufacturer firm were not able to keep up with applying cash because of volume and the different formats of the receipts. They also received large payment batches from multiple buying groups consisting of thousands of lines.
The AR analyst could not keep up with this volume, and also experienced data entry errors because of the volume and complexity.
eAlliance analyzed, designed and built an automated cash application solution according to the firm’s specific business requirements and rules using Robotic Process Automation (RPA) and Machine Learning. The firm’s customers now email their remittances directly to the RPA software robot, which then uses Machine Learning to extract the remittance data.
The AR analyst verifies the extracted payment data, then the RPA software robot validates the remittance data and math against the open receivables, and then posts the valid transactions to the accounting system and sends exceptions to the AR analyst.
“We automated location tracking for the majority of our shipments. We automated AP invoicing for over 7,500 shipments per month, along with automating AR invoicing.
With the help of eAlliance, we combined RPA and Machine Learning to accomplish this and more, saving us over 130 hours weekly.”
Mayur Shah, Chief Financial Officer Globe Union
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