CASH APPLICATION
Accelerate Your Allocation Process
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CASH APPLICATION
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WHY ALLOCATE CASH WITH ESKER?
Managing multiple payment sources and formats (e.g., banks, lock boxes, emails, PDFs), not to mention the different levels of data in each document, can be a real pain for AR teams trying to allocate cash in a timely and effective manner. Esker's AI Engine automates the manually intensive process of matching payments received from all incoming payment information sources so your team can focus on higher value tasks and control cashflow in real time.
- Empower StaffAccelerate allocation & free up AR teams to focus on exceptions & strategic tasks.
- Strengthen RelationshipsSatisfy customers by ensuring account accuracy & resolving disputes rapidly.
- Enhance VisibilityGet insights into cash that's likely to be received as well as your total receivables.
- Accelerate DeductionsSpeed up your team’s deductions & dispute identification process.
Pamela Rochester │ Operational Team Leader | Laminex
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SIMPLIFIED REMITTANCE MANAGEMENT
POWERED BY AI TECHNOLOGY
Inefficient remittance management not only drains your AR team’s time and labour, it has a direct impact on company revenue. That’s why Esker’s digital solution, powered by AI technologies, eliminates these costly bottlenecks through:
- Email triage — extracting & routing remittances to the Cash Application solution
- Intelligent data extraction — extracting remittance advice information (e.g., header data, invoice, credit lines, etc.)
- Machine learning & teaching — extracting data from remittances & significantly speeding up cash allocation
MATCHING MADE EASY
No remittance included? Not a problem. Esker’s Cash Application solution comes equipped with powerful AI technology that makes it easy to auto-allocate payments without remittances — freeing up time for your team and cashflow to your business.
HOW IT WORKS
Esker’s AI Engine captures data from payment files and accurately extracts the necessary information (e.g., invoice number, customer name, PO, etc.). The solution analyses data in real time to always look for the best possible match; if several are possible, suggestions are provided to the user and can also create business rules to automate specific allocations or exceptions. Lastly, Esker’s solution also supports rapid reconciliation of payments with your ERP via native integrations or by extracting an output allocation file.
HANDLE EXCEPTIONS & SHORT PAYMENTS WITHOUT HASSLE
The road to rapid cash allocation can be a bumpy one due to obstacles like short payments, overpayments, discounts, claims, and more. Esker’s solution paves the way for an overall smoother, simpler, and smarter experience via our powerful AI technology and configurable rules to automate all types of exceptions.
SEE IT ALL, DO IT ALL FROM ONE INTERFACE
Even if user validation is necessary in the event of multiple allocations or complex exceptions, Esker ensures it has little to no impact on the speed of your process — enabling your team to access information and take action from a single interface. This can include viewing:
- Extracted payment information & check/remittance image
- Help messages & allocation suggestions via digital assistance
- Open items details (e.g., invoices, claims, credits, etc.) via a direct link to customer accounts & tooltips
- Internal & external conversations
- Quick action buttons to perform adjustment entries, skip or recycle payments, etc.
MONITOR INCOMING CASH ANYTIME
You can’t improve what you can’t see! Esker’s cloud solution empowers users by providing:
- Centralised payment information
- Clear KPIs on remaining cash to allocate
- Output file reports to facilitate reconciliation into the ERP or share allocation statuses
- Dedicated remittance automation trend dashboard to monitor & improve your automation rate
- Graphs to monitor activity (e.g., auto-allocation status, remittance processing, allocation per user, etc.)
- Workspace to easily navigate to your AR dashboard to view cash position (e.g., cash to collect, cash tied up in invoices not sent, etc.)
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