AUTOMATING CASH APPLICATION FOR FASTER CASH

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Albert Walton
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1 AUTOMATING CASH APPLICATION FOR FASTER CASH BILLTRUST CASH APPLICATION 100 American Metro Boulevard, Suite 150 Hamilton, NJ

2 AUTOMATING CASH APPLICATION IF ASKED IF I WOULD EVER GO BACK TO OUR OLD PROCESS, I D SAY ABSOLUTELY NOT! THE BILLTRUST SYSTEM ALLOWS MY CASH APPLICATION TEAM TO DO THEIR JOBS AND RECONCILE INVOICES MORE EFFICIENTLY, WHILE OUR COLLECTORS CAN NOW FOCUS ON THEIR IMPORTANT WORK. The invoice-to-cash process is comprised of three general segments: Presentment, Payment, and Cash Application. Billtrust not only integrates these functions, it also automates them. Often, the third leg in the payment cycle, Cash Application, is the most troublesome. Companies cannot realize cash until payments are properly matched and applied to the right account. That can be time- consuming and labor intensive, to say the least. TOM JORDAN CREDIT AND ACCOUNTS RECEIVABLE MANAGER ROYAL CUP The Cash Application Challenge Historically, there have been three options for remittance processing. 1. Outsource to a bank lockbox, which typically charges by the keystroke to manually capture remittance data 2. Receive payments in-house and manually key the data 3. Receive electronic payments and manually associate them with separately delivered remits The problem is, lockbox data is expensive and riddled with errors - leaving staff to rework it later. And in-house processing is simply too manually labor intensive. The problem with these options are electronic payment processing has no structure or workflow around it so it creates more work than it s worth. Billtrust s cash application service solves these cash application challenges. 100 American Metro Boulevard, Suite 150 Hamilton, NJ sales@billtrust.com

AUTOMATING CASH APPLICATION WE ARE ABLE TO ABSORB FAR MORE VOLUME THAN WHAT WE WERE CAPABLE OF HANDLING PRIOR TO BILLTRUST. WITH BILLTRUST, THE NUMBER OF AUTO MATCHES THAT WE HAVE NOW IS HUGE.

3 AUTOMATING CASH APPLICATION WE ARE ABLE TO ABSORB FAR MORE VOLUME THAN WHAT WE WERE CAPABLE OF HANDLING PRIOR TO BILLTRUST. WITH BILLTRUST, THE NUMBER OF AUTO MATCHES THAT WE HAVE NOW IS HUGE. NOW WE CAN ACTUALLY CONCENTRATE ON THE ACTUAL ITEMS WE KNOW WILL ALWAYS BE A PROBLEM. DEANNE WHITLEY CASH APPLICATION MANAGER, WESCO DISTRIBUTION Transforming the Way Businesses Get Paid As the premier provider of automated cash application, Billtrust is revolutionizing its clients enterprise cash application processes with automation technology. Companies can accept and manage payments and remittances in almost any format from distributed and centralized locations, resulting in an immediate and measurable impact on credit effectiveness, collections efficiency and treasury performance. Corporations are no longer restricted to manually-intensive methods to process receivables. The Billtrust Intelligent Payment SaaS platform revolutionizes conventional cash application approaches with an automated workflow that saves both time and money. Wherever or however your customers choose to pay you at any location, via paper checks and remittances, or electronically Billtrust extracts the transactional data and does so accurately. Once images and data are imported, The Intelligent Payment engine intelligently matches them to existing open balance information, producing the highest match rates available. Once matched, the data is posted to the ERP on the same day. Benefit Snapshot 1-3 Days Reduction in DSO 100% Elimination of Data Entry Costs 70% Reduction in Exceptions The Billtrust Cash Application Service 100 American Metro Boulevard, Suite 150 Hamilton, NJ sales@billtrust.com

AUTOMATING CASH APPLICATION 100% Elimination of Data Entry Costs 90-120 Days Typical Implementation Time <30 Hours Typical Total IT Time Needed 70% Functional Overview Function Benefit/Value/Return

Visibility and control of short pays Simplified Exception Handling ERP File Share ERP Agnostic Reduction in Exceptions 1-3 Days Reduction in DSO SAAS BENEFITS No upfront software license cost No

4 AUTOMATING CASH APPLICATION 100% Elimination of Data Entry Costs Days Typical Implementation Time <30 Hours Typical Total IT Time Needed 70% Functional Overview Function Benefit/Value/Return Dynamic Correlation Simplification of Electronic Payments Dynamic Extraction No manual data entry Intelligent Matching Dynamic Deductions Receivables Workspace Industry-leading A/R Match Rates Visibility and control of short pays Simplified Exception Handling ERP File Share ERP Agnostic Reduction in Exceptions 1-3 Days Reduction in DSO SAAS BENEFITS No upfront software license cost No large implementation commitment Predictable monthly fee Automatic upgrades and updates Complete scalability The single-screen user interface simplifies descisioning and exception handling. Users are guided directly to line-item exceptions so there is no need to sift through pages to find them. 100 American Metro Boulevard, Suite 150 Hamilton, NJ

THE COMPANY BILLTRUST KEEPS Billtrust has earned the reputation as a trusted provider of comprehensive, next-generation invoicing, payment, and cash application services.

5 THE COMPANY BILLTRUST KEEPS Billtrust has earned the reputation as a trusted provider of comprehensive, next-generation invoicing, payment, and cash application services. There are partnerships with more than a dozen software companies, buying groups, and trade associations who have selected Billtrust as their recommended billing service provider. Billtrust s extensive client base spans multiple verticals and many of these names are among the most known and respected companies in North America. This is a partial list of corporations that rely on Billtrust for superior cash application services. 100 American Metro Boulevard, Suite 150 Hamilton, NJ sales@billtrust.com

6 NEXT STEP To find out more about best practices for automating your invoice-tocash process contact Billtrust at or call Billtrust American Metro Boulevard, Suite 150 Hamilton, NJ Office: Fax: ABOUT BILLTRUST Billtrust is the premier provider of payment cycle management solutions, helping businesses accelerate invoice-to-cash. By integrating the three key areas of the payment cycle: invoice presentment, invoice payment, and cash application, Billtrust is committed to delivering a flexible solution to improve buyer satisfaction and DSO. In 2014, the Billtrust invoice-to-cash solution processed over $250 billion in receivables for leading companies including Kraft Foods, Under Armour, Ryder and CDW. To learn more visit

INVOICE-TO-CASH BEST PRACTICES STUDY

www.billtrust.com INVOICE-TO-CASH BEST PRACTICES STUDY A BILLTRUST BUSINESS PERSPECTIVE 100 American Metro Boulevard, Suite 150 Hamilton, NJ 08619 609.235.1010 sales@billtrust.com THE STRATEGY QUESTION