Esker, a worldwide leader in AI-driven process automation solutions and pioneer in cloud computing, today announced the launch of its Cash Application solution that enables businesses to increase the efficiency and automation of the cash application process of matching open invoices to payments received. As part of Esker’s Accounts Receivable financial suite (Credit Management, Invoice Delivery, Collections Management and Cash Application) and fully integrated into its Order-to-Cash (O2C) platform, Esker’s new solution simplifies cash application and takes the pain out of remittances.
According to a 2018 survey on digital transformation conducted by the Hackett Group, 57% of businesses manually apply a majority of payments they receive. Companies struggle with applying payments due to inconsistent channels, formats and data with payments and remittances. Accounts receivable (AR) teams spend more time downloading remittances, linking them with payments and matching those payments with open AR, than on managing exceptions and higher value tasks.
By automating the manually intensive process, Esker improves the speed and accuracy when capturing and reading data from remittances. Cash is allocated faster, AR teams can focus on more strategic tasks and businesses benefit from optimised cash flow, improved receivables visibility and collections efficiency.
“The launch of our Cash Application solution comes at an opportune time, as now, more than ever, cash and cash collections are vitally important to businesses,” said Jean-Michel Bérard, CEO at Esker. “With our integrated Accounts Receivables financial suite, Esker will play a bigger role in financial technology (fintech) and continue to provide tangible value to our customers’ business.”