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Cash Application Software

AI-based data capture and matching algorithms to achieve 90%+ automation rate for same-day cash application.

Eliminate bank key in fees for checks by 100%. Increase cash app analyst productivity by 30%.

Recommended Resources

Cash App Datasheet

On-Demand Demo

Cash Application Software Modules

AI Remittance Aggregation

AI Remittance Aggregation

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Automate 90%+ of Email & Check Capture. AI-powered OCR to aggregate remittance data. More

Remittance Portal Automation

Remittance Portal Automation

Automate Remittance Capture from Portals. Out-of-the-box integration with 100+ portals. More

Remittance Auto-Matching

Remittance Auto-Matching

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Link Payments to Remittances and Invoices. Auto-match customers to the right invoices. More

AI-Guided Exception Management

AI-Guided Exception Management

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2X Exception Productivity. Auto-suggest remittances, request remittances via email. More

Deduction Auto-Coding

Deduction Auto-Coding

Reduced Revenue Leakage. Pre-built algorithms to auto-code deductions & discounts. More

Bank Connectivity Manager

Bank Connectivity Manager

Library of Bank Integrations. Out-of-the-box integrations with 75+ banks globally. More

Additional Modules for Cash Application Automation | Remote Deposit Capture

PRODUCT

Key Modules

  • AI Remittance Aggregation
  • Remittance Portal Automation
  • Remittance Auto-Matching
  • AI-Guided Exception Management

VALUE

Improve Operational KPIs

  • 90%+ Item Automation Rate
  • 40% Faster Exception Handling

Deliver Business Outcomes

  • Eliminate Bank Key-in Fees for Check Lockbox Processing
  • Increase Cash App Analyst Productivity by 30%

Key Modules

  • AI Remittance Aggregation
  • Remittance Portal Automation
  • Remittance Auto-Matching
  • AI-Guided Exception Management

Improve Operational KPIs

  • 90%+ Item Automation Rate
  • 40% Faster Exception Handling

Deliver Business Outcomes

  • Eliminate Bank Key-in Fees for Check Lockbox Processing
  • Increase Cash App Analyst Productivity by 30%
400+ Enterprise Customers
Enterprise Customers
600+ Mid-Market Customers
Mid-Market Customers

Be our next success story

Danone Logo
95% Automation Rate
Achieved within 90 days of implementation. Read More
LifeStraw Logo
95% Hit Rate
Increased employee productivity by 75%. Read More
Sanofi Logo
94% of Payments Auto-Cleared Across 50 Countries
100% of deductions auto-coded. Read More

HighRadius Cash Application Solution Overview

Collections Flow Diagram

Recommended Resources

How North American SMBs Could Save More than $1.3 Billion in Lockbox Fees

How North American SMBs Could Save More than $1.3 Billion in Lockbox Fees

This e-book will walk you through the options for processing checks on the parameters of processing cost, check float reduction and resource requirement.

Download the Ebook
Cut Down Costs, Efforts and Time: 5 Ways to Automate Cash Application

Cut Down Costs, Efforts and Time: 5 Ways to Automate Cash Application

Read on to find out how Artificial Intelligence and Cloud-Based Machine Learning can help you cut down costs, effort and time!

Download the Ebook
Business Case Template For Cash Application Automation

Business Case Template For Cash Application Automation

This package contains an excel sheet and an ebook for A/R leaders for justifying a business case in an automated cash application system.

Download the Template

FAQs: AI-Powered Cash Application Software Solutions

What is Cash Application Automation software?

Cash Application Automation software simplifies the process of matching incoming payments with corresponding invoices. It uses technologies like artificial intelligence and machine learning to automate this process.

  1. Functionality: Automatically matches payments to invoices, reducing manual effort.
  2. Efficiency: Speeds up the cash application process and reduces errors.
  3. Integration: Works with accounting systems for seamless operations.
  4. Visibility: Provides real-time insights into payment statuses.

This cash application software improves cash flow management, reduces processing time, and enhances accuracy, making it a valuable tool for businesses.

What are the benefits of Cash Application Solution?

A Cash Application Solution offers several benefits. It automates the matching of payments to invoices, reducing manual effort and processing time, which enhances efficiency. The use of advanced algorithms and data validation minimizes errors, ensuring greater accuracy.

Additionally, real-time insights into payment statuses and cash positions provide better financial visibility. Automation reduces administrative costs by eliminating repetitive tasks, reducing bank key-in fees, and improves customer satisfaction by accurately reflecting payments and reducing disputes. Overall, a Cash Application Solution streamlines operations and boosts financial management.

What challenges does the Cash Application System Solve?

A Cash Application System addresses several challenges businesses face. It solves the problem of manual data entry by automating the matching of payments to invoices, reducing errors and saving time. It also streamlines the reconciliation process, ensuring that payments are accurately reflected in accounts receivable. This system handles discrepancies between payment amounts and invoices, minimizing the need for manual intervention.

Additionally, it improves cash flow visibility by providing real-time updates on payment statuses. By reducing the administrative burden and enhancing accuracy, a Cash Application System helps businesses manage their finances more efficiently and effectively.

What makes the cash application process complex?

The cash application process can be complex due to several factors. First, there are often discrepancies between payment amounts and invoice totals, requiring manual adjustments. Second, multiple payments can be received in a single transaction. Third, payments may lack sufficient remittance information, complicating the identification process.

Additionally, the process involves handling different payment methods, such as checks, ACH transfers, and credit card payments, each with its own reconciliation requirements. Finally, managing high transaction volumes and maintaining accuracy adds to the complexity. These factors combined make the cash application process challenging and time-consuming. Cash application automation can help simplify the entire process.

Can the HighRadius Cash Application Software integrate with my ERP?

Yes, the Cash Application software seamlessly integrates with your ERP and supports API integration for other financial management systems. For low-volume ERP data imports, it also supports Excel and CSV formats, enabling easy extraction of accounts receivables.

How much time does it take to implement HighRadius Cash Application Software?

The implementation time for HighRadius Cash Application Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.

How much IT involvement is needed to maintain HighRadius Cash Application Software?

The HighRadius Cash Application Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.

Why consider AI-powered automation software for Cash Application?

AI-powered automation software, like HighRadius Cash Application Management, significantly enhances the cash application process. It automatically captures & matches remittance data from various sources, integrates with customer portals, processes electronic payments, and handles exceptions with AI solutions. The software reduces manual tasks, eliminates bank fees, and boosts analyst efficiency, resulting in faster, more accurate cash posting and substantial cost savings.

I have multiple lockboxes, can the HighRadius Cash Application Software handle this?

Yes. The HighRadius Cash Application Software is capable of handling multiple lockboxes.

I get multiple files from the bank during the day, how does HighRadius handle this?

It is common practice for banks, such as Bank of America, to send files multiple times a day. Depending on the chosen architecture, we can either provide you with a consolidated file after receiving all files from the bank or deliver them to you within 2 to 4 hours of receiving each file.

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Schedule your 30 minute personalized demo for a live walkthrough of our Autonomous Finance capabilities.