LYON, France, & MIDDLETON, Wisconsin – (COMMERCIAL THREAD) – Esker, a global leader in AI-driven process automation solutions and a pioneer in cloud computing, today announced the launch of its Cash Application solution that enables businesses to increase efficiency and automating the cash application process by matching open invoices to payments. has received. Part of Esker’s Accounts Receivable Financial Suite (Credit Management, Invoice Delivery, Collection Management and Cash Enforcement) and fully integrated with its Order-to-Cash (O2C) platform, Esker’s new solution simplifies the application of cash and simplifies remittances.
According to a 2018 digital transformation survey conducted by the Hackett Group, 57% of companies manually apply the majority of payments they receive. Businesses struggle to enforce payments due to inconsistent channels, formats, and data with payments and remittances. Accounts Receivable (AR) teams spend more time downloading remittances, linking them to payments, and matching those payments with the AR open, than managing exceptions and higher-value tasks .
By automating the intensive manual process, Esker improves speed and accuracy when capturing and reading remittance data. Cash is allocated faster, AR teams can focus on more strategic tasks, and businesses benefit from optimized cash flow, better visibility of receivables, and efficient collections.
“The launch of our Cash Application solution is timely, because today more than ever, cash and receipts are of vital importance to businesses,” said Jean-Michel Bérard, CEO of Esker. “With our integrated Accounts Receivable Financial Suite, Esker will play a larger role in financial technology (fintech) and continue to deliver tangible value to our customers’ businesses.
End-to-end cash flow application automation
Esker’s Cash Application solution provides a complete solution to automate every step of the cash allocation process, from entering discounts to reconciling reconciled invoices in the ERP system. The main features of the solution include:
- Data entry and extraction: All bank and remittance files are captured regardless of the channel through which they arrive. Esker’s AI-powered data recognition engine extracts payment data using machine learning technology to improve allocation rates.
- Corresponding to: Payments are automatically attributed to the customer and to the invoices concerned. “Smart” suggestions are made to the user if self-assignment is not possible.
- Exception handling: Discrepancies and exceptions can be easily managed from a user-friendly interface, displaying all the information needed to help with validation.
- Monitoring: Smart dashboards display real-time KPIs to monitor allocated liquidity and team performance (eg, payments to be allocated, rate of payments automatically allocated, allocation per user).
- ERP integration: Allocated payments can be easily extracted and reconciled in any ERP system.
“The O2C process is one of the most critical and complex business processes,” said Maud Berger, AR Product Manager at Esker. “Newly integrated into a Cash Application solution, Esker’s Accounts Receivable financial suite enables more efficient use of resources, healthier cash flow, transparency and better customer service.
Esker’s Cash Application solution is currently available worldwide.
Esker is a global leader in AI-driven process automation software, helping financial and customer service departments digitally transform their procurement (P2P) and order-to-cash (O2C) cycles. Used by more than 6,000 companies worldwide, Esker’s solutions integrate artificial intelligence (AI) technology to increase productivity, improve visibility, reduce fraud risk and improve collaboration with customers, suppliers and internally. Founded in 1985, Esker operates in North America, Latin America, Europe and Asia-Pacific with global headquarters in Lyon, France, and US headquarters in Madison, Wisconsin. For more information on Esker and its solutions, visit www.esker.com. Follow Esker on Twitter @EskerInc and join the conversation on the Esker blog at blog.esker.com.