Thursday 8th October, 2020
Esker has announced the launch of its Cash Application solution that enables businesses to increase the efficiency and automation of the cash application process of matching open invoices to payments received.
As part of Esker’s Accounts Receivable financial suite and fully integrated into its Order-to-Cash (O2C) platform, Esker’s new solution simplifies cash application and takes the pain out of remittances.
According to a 2018 survey on digital transformation conducted by the Hackett Group, 57% of businesses manually apply a majority of payments they receive. Companies struggle with applying payments due to inconsistent channels, formats and data with payments and remittances. Accounts receivable (AR) teams spend more time downloading remittances, linking them with payments and matching those payments with open AR, than on managing exceptions and higher value tasks.
By automating the manually intensive process, Esker improves the speed and accuracy when capturing and reading data from remittances. Cash is allocated faster, AR teams can focus on more strategic tasks and businesses benefit from optimised cash flow, improved receivables visibility and collections efficiency.
Esker’s Cash Application solution provides a complete solution to automate every step of the cash allocation process, from the remittance capture to the reconciliation of matched invoices into the ERP system.