Cash Application Automation

The Problem

Cash application teams at SMB and mid-market companies face significant challenges with manual processes. Hours are spent daily on decoding remittance information, matching payments from lockbox files, and resolving exceptions. These time-consuming tasks often lead to backlogs, which distort accounts receivable (AR) aging and slow down the collections process. For finance teams without a dedicated collections department, the manual application of cash can be overwhelming, impacting both operational efficiency and cash flow.

How Most Providers Handle It (And Why It Falls Short)

Many providers in the cash application space offer partial automation solutions that require extensive configuration and manual oversight. Traditional systems often rely on predefined rules that can falter when faced with incomplete or unclear remittance data. These systems lack the adaptability needed to handle exceptions effectively, leading to persistent backlogs and errors in AR records. Additionally, most solutions require integration projects that disrupt existing accounting practices and demand significant IT involvement.

This Company's Approach

ARPilot revolutionizes cash application by integrating seamlessly with existing accounting systems like QuickBooks, NetSuite, Xero, and Sage without the need for data migration or parallel systems. Our AI-native platform ingests payments directly from bank feeds, lockbox files, and payment processors. It uses advanced AI to match these payments against open invoices, even in the absence of clear remittance information. Exceptions are intelligently routed to specialists, complete with full context, reducing manual intervention and ensuring accuracy.

Key Benefits and Measurable Outcomes

ARPilot's innovative solution automates 85-95% of cash application tasks, transforming the efficiency of finance teams. By clearing lockbox files in minutes and effectively managing exceptions, ARPilot eliminates cash application backlogs and improves AR aging accuracy. Finance teams can enjoy a more streamlined process, resulting in faster collections and enhanced cash flow. With a transparent per-invoice pricing model and a 15-day free trial, ARPilot offers a risk-free opportunity to experience these benefits firsthand.

FAQ

What is cash application automation, and why is it important?

Cash application automation involves using technology to match incoming payments with open invoices automatically. It's vital for finance teams because it reduces the manual workload, eliminates backlogs, and ensures accurate AR aging, directly impacting cash flow and financial stability.

How does ARPilot integrate with existing accounting systems?

ARPilot integrates seamlessly with systems like QuickBooks, NetSuite, Xero, and Sage. It reads invoice and customer payment data and writes back outreach activities without altering your existing records, ensuring no disruption to your accounting processes.

What makes ARPilot different from other cash application solutions?

Unlike traditional solutions, ARPilot uses advanced AI to adapt to incomplete or unclear remittance data, automating up to 95% of cash application tasks. Our platform requires no data migration or extensive IT involvement, offering a self-serve, transparent pricing model and a free trial.

How does ARPilot handle exceptions in cash application?

ARPilot intelligently routes exceptions to specialists with complete context, ensuring that any manual intervention is informed and efficient. This minimizes the time spent on resolving discrepancies and enhances overall process accuracy.

Can ARPilot improve collections and cash flow?

Yes, by automating the majority of cash application tasks and improving AR aging accuracy, ARPilot accelerates the collections process. This leads to faster revenue recovery and improved cash flow for your business.