Automatically capture data from customer remittances.
For years organizations have sought to rein in the high cost of remittance processing. Routing payments from the mailroom to your accounts receivable (AR) system is an expensive venture. And it’s even more costly if you’re manually keying in the data off your payments and remittances.
Lurking behind the more transparent labor costs indigenous to manual processing is a host of hidden costs—such as those associated with interpreting difficult-to-read columnar remittances, resolving payment exceptions, searching for misplaced or misappropriated payments, absorbing the impact of processing float, tracing data entry errors that have been propagated downstream, and extending compensations to ease strained customer relations.
But for many industries today, money isn’t the only business driver fueling interest in automated data capture and processing solutions. As the noose of increasingly stringent compliance requirements continues to tighten, the need to be able to quickly access accurate and verifiable remittance information is becoming paramount in the quest to stay as compliant as you are competitive.
Problems with Manual Processing
- time-intensive manual data entry
- data entry errors propagated downstream
- misplaced remittance documents and checks
- duplicate or misallocated payments
- restricted cash flow due to increased days sales outstanding (DSO)
- lost interest from excessive processing float
- duplication of effort from keying into multiple systems
- difficult-to-read machine print and columnar data
WATCH Video: Leggett & Platt speaks at IFO (formerly IAPP) Fusion 2011 on saving nearly $2 million annually with their AP & AR automated solution.
Easily export to your existing accounting system
AnyDocREMIT enables flexible data exchange with almost every accounting or ERP system including SAP using AnyDoc®EXCHANGEit®’s SAP Certified Integration.*
Improved remittance data accuracy
Manual processing invites the potential
for human errors, creating a ripple
effect of problems that could compromise
the efficiency and effectiveness
of your operations. With AnyDocREMIT,
you can rest assured that you are
only feeding your back-end systems
the most accurate data possible.
And, when combined with AnyDoc®INVOICE™,
you’ll experience a complete
accounting solution by automating
AP invoices as well.
Accelerated cash flow
Cash flow hindrances, such as excessive processing times, prevent you from meeting your business goals. Automating your data entry, as well as reducing the number of touch points each remittance must pass through, expedites the time it takes to transfer data to your financial systems and deposit funds into your coffers.
Reduced labor requirements
By automating preparatory tasks, such as validating remittance transactions against your back-end databases, matching incoming funds with outstanding invoices and deciding whether to charge a customer for underpayments, you can reassign your data entry knowledge workers to more business-critical tasks.
Intact business processes
AnyDocREMIT adapts to your business processes, instead of making you adhere to new ones to accommodate the software. It also allows you to use your business rules to verify remittance data, just as your AR clerks do now—but much faster.
Improved customer service
Automating allows you to proactively prevent customer service snafus, such as lost or misapplied payments, instead of reactively stamping out fires that spawn from them. The time required to research exceptions is also reduced because your remittance data is available sooner and accessible with a few clicks of the mouse.
AnyDocREMIT accommodates your accounting processes and rules.
Hundreds of built-in rules can be implemented with point-and-click ease, such as:
- Subtotal and columnar math checking
- Two-way matching between invoices and remittances
- Safeguarding against duplicate payments
- Ensuring dates are in a valid date range
- Verifying payment matches negotiated agreements
- Setting thresholds for supervisor review
Learn more about the latest automation capabilities for remittance processing in this ECM Connection podcast. Editor Vicki Amendola speaks with AnyDoc Software President Samuel Schrage on the latest with remote check deposit.
*SAP® Certified Integration using AnyDoc®EXCHANGEit® 5.1.12