Bill Payment is Changing—Is Your Accounts Receivable Process Ready?

Rapidly Changing Trends in Bill Payment Requires Active Accounts Receivable Process Reconfiguration. Are You Ready? The seismic shift in payment media witnessed over the last five years is picking up steam. Paper checks—those documents for which the banking industry has developed a decades-old lockbox solution—are becoming a thing of the past.  Enter Biller Direct processing and the rise of the electronic payment such as ACH—with an increasing number of remittance advices sent as a static file via email. Unfortunately, this means an increase in the amount of remittance processing shifting from the bank to your cash application team. The volumes may necessitate increasing staff to deal with the additional manual keying…but of course, hiring freezes and cost containment programs often prevent us from supplementing our teams. Meanwhile, customer payment variances continue to grow in complexity and volume. Meeting the challenges above are solutions that automate capture of remittance data, provide instant visibility to critical sales, delivery, invoicing and payment documents, and streamline discrepancy management processes. Intelligent workflow permits the accelerated routing of exceptions with automated tracking and reminders. What’s more, it integrates with your SAP system and SAP’s Financial Supply Chain Management solutions, and delivers increased visibility to payment documents—the remittance image is actually attached to the clearing document in SAP saving your team valuable steps and time from having to access a bank’s website, CD ROM, or heavens, a MicroFiche. Other benefits are:

  • Easy to use discrepancy case management
  • 360 degree visibility to all images in the Sales Document Flow, including critical signed proofs of delivery
  • Scalability allows exponential processing while containing human resource costs
  • Flexibility in accepting varying payment types and more rapid application of receipts means enhanced visibility to cash flows
  • Cost reduction for bank processing
It’s time for a serious overhaul of your AR processes—are you ready?

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Bill Payment is Changing—Is Your Accounts Receivable Process Ready?

Rapidly Changing Trends in Bill Payment Requires Active Accounts Receivable Process Reconfiguration. Are You Ready?

The seismic shift in payment media witnessed over the last five years is picking up steam. Paper checks—those documents for which the banking industry has developed a decades-old lockbox solution—are becoming a thing of the past. 

Enter Biller Direct processing and the rise of the electronic payment such as ACH—with an increasing number of remittance advices sent as a static file via email. Unfortunately, this means an increase in the amount of remittance processing shifting from the bank to your cash application team. The volumes may necessitate increasing staff to deal with the additional manual keying…but of course, hiring freezes and cost containment programs often prevent us from supplementing our teams. Meanwhile, customer payment variances continue to grow in complexity and volume. Meeting the challenges above are solutions that automate capture of remittance data, provide instant visibility to critical sales, delivery, invoicing and payment documents, and streamline discrepancy management processes. Intelligent workflow permits the accelerated routing of exceptions with automated tracking and reminders. What’s more, it integrates with your SAP system and SAP’s Financial Supply Chain Management solutions, and delivers increased visibility to payment documents—the remittance image is actually attached to the clearing document in SAP saving your team valuable steps and time from having to access a bank’s website, CD ROM, or heavens, a MicroFiche.

Other benefits are:

  • Easy to use discrepancy case management
  • 360 degree visibility to all images in the Sales Document Flow, including critical signed proofs of delivery
  • Scalability allows exponential processing while containing human resource costs
  • Flexibility in accepting varying payment types and more rapid application of receipts means enhanced visibility to cash flows
  • Cost reduction for bank processing

It’s time for a serious overhaul of your AR processes—are you ready?