Cash Application

Automating Cash Applications has several advantages for companies, especially in accounting and finance departments. By automating this process, companies can significantly reduce the time and resources required to process payments and post them against invoices manually. This, in turn, leads to faster and more accurate payment posting, reducing the risk of errors or delays. Automation also enables companies to identify and resolve payment discrepancies more efficiently, improving customer satisfaction and reducing the workload on staff. Furthermore, automated Cash Applications can provide real-time visibility into payment status and trends, enabling better decision-making and improved cash flow management. Ultimately, automation can help finance departments work more efficiently, reduce costs, and improve overall operational performance.

Function:

Accounts Receivable

Steps

Collect payment data: The bot would collect payment data from various sources, such as bank accounts, payment gateways, or credit card processors. The data might include the payment amount, transaction ID, date, and any associated fees.
Match payments to invoices: The bot would then match each payment to the corresponding invoice in the ERP or Accounting system. This step involves comparing the payment data with the invoice data to ensure that the correct invoice is being paid.
Post payments to the ERP or Accounting system: Once the bot has matched the payment to the correct invoice, it would post the payment to the ERP or Accounting system. This step involves updating the accounts receivable ledger and the general ledger to reflect the payment.
Reconcile payments: The bot would reconcile the payments received with the invoices issued. This step involves comparing the total amount of payments received against the total amount of invoices issued to ensure that all payments have been accounted for.
Generate reports: Finally, the bot would generate reports to provide visibility into the payment collection process. Reports might include a summary of payments received, outstanding invoices, and any payment discrepancies that need to be resolved.

Popular Applications

Our services are not limited to these applications. This automation is available for any cloud based application.

Bill.com

Infor

NetSuite

ProfitBooks

Sage Intacct

Xero

Cash Application

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