"Money Stuck in the Mail is a Missed Business Opportunity”
The longer a check is in the
mail, the more delayed
the incoming money or
The biggest disadvantage for companies is missing out on any future business opportunities due to lack of timely investment funds.
Eliminate Manual Data Entry
Reduce Processing & Rework Costs
Accelerate Mailroom Operations
Lower Chances of Lost Revenues or Business
Reduce Days Sales Outstanding (DSO)
Reduce Collections Disputes
Improve Cash Flows & Be Debt-Free
Prioritize Valued Customers & Service
Fortunately, technology is an enabler and Artsyl’s RemittanceAction is a doer. RemittanceAction transcends traditional banking lockbox operations to accelerate accounts receivable management and payments processing — automatically.
RemittanceAction shortens the time it takes for customer payments to be deposited to your business account, saving you the costs of manual effort and prolonged DSO.
With intelligent document processing of checks, remittance advice slips, proof of payments, and related receivables paperwork, RemittanceAction enables automatic remittance processing and sets your business up for best-in-class accounts receivable (A/R) management.
RemittanceAction is an intelligent process automation solution with transformation capabilities like AI, Machine Learning, Intelligent Data Capture, Robotic Process Automation (RPA), Business Process Automation, and advanced OCR/ICR/OMR technologies.
If you’ve enagend in endless data entry work to process checks before, now with RemittanceAction, you have the advantage of straight-through processing of checks and related remittance documents. No manual effort, no processing errors!
Traditional remittance processing involved accounts receivable staff performing sorting and manual data entry of checks, remittance advice slips, receipts, etc. to an A/R system or database. The staff had to systematically match checks against outstanding invoices, including validating such information as customer details, amount, terms & conditions, if any, before proceeding to payments processing.
The legal amount is the money mentioned in words on a check whereas the courtesy amount refers to the numerical figure that the payee must receive. The CAR/LAR feature helps to automatically extract and transport check details into the Artsyl intelligent process automation workflows for the next stage of processing, saving you from having to manually key-in the details.
RemittanceAction’s image preprocessing capabilities help prepare check images for easy recognition and extraction. This results in a very high recognition confidence score for extracted images.
At the end of it, you have a system that captures 99% of all data from checks and related documents. All the data is validated automatically for authenticity. Any exceptions that come about during the validation stage are duly taken care of by a verification manager to whom the checks are automatically routed- in minutes, you have critical remittance information in your hands that is accurate and current.
Automated Routing and Notification
Artsyl offers direct API-level connectors to SAP Business One, Microsoft 365, Acumatica Cloud ERP, NetSuite Cloud ERP, DocuWare database management system, and several other line-of-business applications.
With automatic remittance processing, RemittanceAction improves accounts receivable management and revenue generation for businesses.
Want to change the way you handle mailroom operations. Why not call us to know how we help companies like yours with our intelligent automation solutions!