Send Email :
info@telic.digital
Call us :
0303 666 5438
Send Email :
info@telic.digital
Call us :
0303 666 5438
Automated Cash Allocation means matching incoming payments to the right debtor invoices. These payments can come from cheques, BACS, FPS, credit cards, or debit cards. A manual cash allocation process involves individuals in the accounts receivable team with significant amounts of time attempting to match individual payment transactions to invoices.
Our platform uses advanced technologies like AI (Artificial Intelligence), Machine Learning, and RPA (robotic process automation). These tools help automate manual tasks. They also allow for ongoing self-learning, which improves accuracy. Additionally, they provide predictive analytics to better identify and manage potential issues.
To discover how you can automate your cash allocation process, book a demo to see the platform at work
Reduce your operational costs by 90% with an automated cash allocation platform
Use process automation technologies to identify and track query and exception transactions
Gain visibility of critical transactions allowing your organisation to act promptly and make informed decisions
Automate cash allocation to achieve accurate, same-day cash posting and highlight exceptions for early resolution. The platform will automatically process any remittance, match it to received payments, and apply it to the ledger. This saves a significant amount of time compared to manually matching data. It also lets teams focus on resolving queries and chasing unpaid invoices.
Accounts receivable teams are often under significant pressure to perform cash allocation processes. This often comes about because of peak periods or an organisation’s financial period end and is intensified by the multitude of ways that payments can be made, difficulties in matching poorly referenced transactions as well as part payment or payment of multiple invoices in one transaction. With teams under pressure and difficulties matching individual transactions, it can lead to human error, which only further add to future matching issues.
Our platform allows ingestion of remittance data from any source, including email and email attachments, portals, and EDI (Electronic Data Interchange) and will perform automated matching with data gathered from bank accounts. Once matched, the pre-built framework for data export allows updating of ledgers into any ERP or Finance system including Oracle, SAP, Microsoft Navision, Sage, Infor and Epicor.
Kofax AP Essentials seamlessly integrates with your current financial systems, streamlining the end-to-end process and minimising the need for manual data entry. This boosts efficiency and saves valuable time.
Granular dashboards provide insight on allocation status and visibility of all payment information in one place giving accounts receivable teams information needed to action queries and exceptions.
