By Austin Graham, KeyMark Inc.
Your organization’s accounts receivable (AR) department has many varied responsibilities, from matching customer payments to invoices, to posting payment data into your accounting system, to submitting bank deposits. Despite the fact that many of the daily tasks performed within your AR department are typically repetitious, one of the department’s most important roles is to create a stable, controlled foundation for your organization’s cash flow.
The combined usage of Optical Character Recognition (OCR) and a supporting exceptions management workflow enables AR departments to streamline functions and dramatically increase efficiencies. The same document management automation tools frequently used in accounts payable departments can provide similar types of benefits for accounts receivable processes. In an environment where large volumes of remittance mail are handled each week, it’s easy for critical transactions to get lost or delayed. Manual processes can slow down work and raise the potential for errors, which in turn can cause high Days Sales Outstanding (DSO) and slower payment reconciliation. That’s when automation in the accounts receivable department can help.
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