MarkView for Accounts Receivable Exception Processing
Enabling Efficient Accounts Receivable Processes
An efficient Accounts Receivable (AR) process has a direct, positive impact on cash flow, reduces bad debt, reduces days of sales outstanding (DSO) and improves valued customer relationships. MarkView for Accounts Receivable Exception Processing dramatically streamlines processes in the AR lifecycle including credit management and cash applications, while strengthening internal controls, reducing costs and increasing customer satisfaction.
Cash Applications -- The Bottleneck
AR organizations struggle to apply all the cash they receive -- even with lockbox feeds and electronic payments. Typically feeds don’t contain enough information to allocate payments correctly. When payments are not allocated automatically by the ERP system, cash applications employees become part detective, part psychologist and part translator as they decipher, research, resolve and explain the short payments, possible duplicate payments and overpayments. Electronic feeds do not include full remittance advice in a standard format, forcing AR to go to backup information, whether that is a remittance advice, packing slip, proof of delivery documents, original invoice or original purchase order. Best-in-class organizations try to allocate payments the day they are received; the time-consuming resolution process is a critical bottleneck to achieving this level of service.
MarkView for Accounts Receivable Exception Processing
MarkView for Accounts Receivable Exception Processing eliminates much of the tedium that characterizes the cash application process today. MarkView provides the ability to automatically associate check images, remittance advice and other backup with the ERP system’s payment information. Unallocated payments are routed to the appropriate finance professionals along with all of the backup information -- online. Employees research and apply cash in a timely manner because they can now see all the relevant data online, without needing to chase down information in other systems, filing cabinets or faxes.
Using MarkView’s web inquiry tool, users can query receipt records directly from the ERP. This allows them online access to additional information, such as the receipt image.
Credit Management
Credit management qualifies potential customers, establishing a sound foundation for all other AR functions. Today’s credit check processes are paper intensive. Credit Managers chase credit reports, faxes, financial documentation, emails, analyst reports and other forms of supporting documentation. This disjointed documentation contains critical data that managers need to make decisions concerning potential customers.
MarkView for Accounts Receivable Exception Processing enables the online capture of this information. Credit Managers access the information with ease from within the ERP system, eliminating trips to filing cabinets, lost and misfiled documents, copying, printing, mailing and faxing. All information is available, in a secure fashion, to all individuals in the organization who require access. A credit manager in London makes a decision involving a global account, relying upon research done by her counterpart in New York. The same documents and information are available to both, online, at the same time.
Benefits
Labor productivity improvements in many facets of the AR lifecycle:
- Cash application productivity. Payments can be allocated immediately, since AR backup information can be accessed quickly and apply all cash received is applied correctly.
- Managing credit efficiently. Credit Managers can make decisions based on information available to them from anywhere in the company, regardless of location. Potential customers can be engaged more quickly while ensuring the organization doesn’t incur any liability.
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