Cash Applications are a critical component of an organisation’s Accounts Receivable (AR) process. They refer to the practice of recording and applying customer payments to their respective invoices in an accurate and timely manner. Automating the cash application process can help organisations streamline their AR operations, reduce manual errors, and improve overall efficiency.

The following is a sample case study showcasing the implementation of a cash applications automation solution in a fictitious company.

Cash Applications: Problem Statement

Our Client, a mid-sized manufacturing company, was facing challenges in their cash applications process. The manual process of recording and applying customer payments was time-consuming, prone to errors, and resulted in delayed cash inflows. The Accounts Receivable team was struggling to keep up with the high volume of customer payments, leading to long processing times and customer dissatisfaction.

Cash Applications: Key Challenges

• Complete the tasks had to be completed manually.
• Tasks steps involve:
  1. Data retrieval from the user’s inbox
  2. Data extraction from different file types
  3. Collating the same in a predefined format in excel
  4. Finally using oracle cash application to submit data
• Taking a long time to download the input files.
• Unacceptably high possibility of human mistake

Our Solution

We designed and developed a solution to automate the cash application process using RPA software bots based on customer payments.

• Bot download the files received in the mailbox
• Bot identifies files types and retrieves data appropriately, saving it on excel in a standard predefined format.
• Bot conducts the appropriate formatting for the data and verifies it.
• After uploading data is to the Oracle Cash application by the Bot.
• Bot produces a report and sends it to the appropriate stakeholders

Cash Applications: Automation Benefits

Here are some benefits of the process after using the RPA solution that helped the customer develop substantial confidence.

• Robotization level: Automated 100% of the task.
• Seen Reduction of errors to 0%.
• Significant reduction in manual labor
• Processing time was faster
• Workers were reassigned to perform higher-value tasks
• Operational quality was improved
• Maintains a high degree of consumer satisfaction