Some companies receive large and complex remittance advices, but many more also regularly receive smaller and simpler ones in the form of e-mails, PDF-, Word- or Excel documents, says the software and consulting firm Hanse Orga.
These smaller remittance advices usually contain only a few lines with regard to the invoices paid. Typically they are mostly handled manually by many companies, leading to inefficiencies and delayed information for the credit and collection teams.
Hanse Orga says that the 5.1.2. release of its FinanceSuite AutoBank Automatic Cash Application, delivers an innovative solution to automate this process. The integration of the remittance advices is handled flexibly via the embedded optical character recognition (OCR) solution.
This OCR software is specifically designed for interpreting such remittance advices, subsequently link them with the bank statement and automatically process the open item to improve efficiency and make information available much faster.
For the first time, the entire end-to-end process is supported with this release to maximize the automation in the cash application process. Companies can realise significant time savings due to the high automatic assignment rates and reduced manual effort.
“Such a software solution was urgently required, since according to our experience companies increasingly receive such unstructured remittance advices which they could only process manually until today,” said Sven Lindemann, chief executive officer (CEO), Hanse Orga.
“With the new version of our FinanceSuite AutoBank Automatic Cash Application we are the first provider to deliver an automated processing functionality which is also integrated in SAP.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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