Start reclaiming your unapplied cash
March 25, 2019
by Tim Ray
What if you could apply almost all of your cash the same day, and slash your unapplied cash?
It’s certainly possible, and there are a few key steps that I think will make it happen. But it’s best to start with why it’s not happening.
Why Accounts Receivable Teams Struggle
Cash teams are struggling with time-consuming tasks that keep them from doing their most important role – making sure all cash is applied quickly and correctly.
One of the greatest challenges I’ve seen for accounts receivable teams is month-end. There are a lot of associated tasks with closing out the month, many of which are manual and require a lot of resources. Investigating unapplied cash is one of them, especially when there are large volumes and complex remittances, which add to this challenge. When teams are burdened, efficiency slows and the greater the propensity is for an inaccurate or incomplete application.
With slow, manual processes, you risk delaying closing month-end. As you know, this affects the critical financial information you need to make accurate business decisions. And when cash is applied accurately and efficiently, you realize the money and release it for business use.
Automation and Artificial Intelligence Bring Efficiency
The struggle is real, but the quest to apply cash quickly is, fortunately, a surmountable problem.
Through significant advances in robotic process automation and artificial intelligence, the technology now exists to transform your cash application process. This intelligent automation software can take time-consuming and repetitive cash application tasks and perform them in seconds, while also learning and improving as new data comes in.
Unapplied cash, which can run into the millions, can be unlocked through intelligent invoice matching that allows complex and difficult payments to be matched in seconds, meaning your business can bring that money out of hiding and put it to use.
The Hackett Group reports that only 35% of companies are currently taking advantage of full cash application automation, and even many of those may not be using the latest technology to maximize their process. That’s a lot of cash left unapplied.
In the same study, a huge 90% were in some stage of consideration of, or planning for, automation. Obviously, the time to adopt automation is now, to avoid being left behind.
While at Rimilia, I’ve seen companies go from several millions of dollars in unapplied cash down to under $1,000 in a matter of months using our intelligent cash application software Rimilia Cash; just ask our customers.
In fact, using our cutting-edge AI, our customers regularly achieve 90% match rates without being dependent on remits, and automate around 80% of their manual effort, leaving their staff free for value-added tasks.
Start Generating Millions
With our AI-powered cash application automation, you no longer have to worry about high unapplied cash and agonizing over month-end. Get ahead of the curve and let our software take the strain. Speed up your application, unlock your unapplied cash and free up money for your business and time for your staff.
Make AI part of your team.
Contact us to arrange a free demo and see how Rimilia Cash can slash your unapplied cash.