Apply Cash, Automatically and Accurately.
This AI agent streamlines the cash application process by automatically matching incoming payments from various sources (bank statements, remittance advices) to open invoices, significantly reducing manual effort and errors.
The Problem
Problem Solved:
Manual cash application is labor-intensive, error-prone, and slow, especially with high volumes of payments, varied remittance formats, and complex matching scenarios (e.g., short-payments, multiple invoices per payment). This leads to delays in recognizing revenue and inaccurate customer account balances.
Key Features & Benefits
Key Features & Benefits:
- Faster Cash Posting: Accelerates the recording of payments, improving cash flow visibility.
- Reduced Unapplied Cash: Minimizes the amount of cash sitting unallocated.
- Improved Accuracy: Reduces errors common in manual matching processes.
- Frees Up FTEs: Allows AR staff to focus on more strategic tasks and exception handling.
- Handles Complexity: Can manage partial payments, discounts, deductions, and payments without full remittance details using advanced matching logic.
How It Works
How It Works:
The agent leverages Machine Learning (ML) for advanced matching algorithms that can link payments to invoices even with incomplete or ambiguous information. OCR/IDP (Intelligent Document Processing) is used to extract data from remittance advices (PDFs, scans). NLP can help interpret unstructured text in remittance details. It integrates with bank feeds and ERP systems.
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