Esker Launches New Cash Application Automation Solution and Strengthens Its Accounts Receivable Financial Suite

Esker, a worldwide leader in AI-driven process automation solutions and pioneer in cloud computing, 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.

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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 optimized 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.”

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End-to-end cash application automation

Esker’s Cash Application solution provides a complete solution to automate every step of the cash allocation process, from the remittance capture to the reconciliation of matched invoices into the ERP system. Key solution features include:

• Data capture and extraction: All bank files and remittances are captured regardless of the channel by which they arrive. Esker’s AI-powered data recognition engine extracts payment data using machine-learning technology to improve allocation rates.
• Matching: Payments are auto-allocated to the related customer and invoices. “Intelligent” suggestions are made to the user if auto-allocation is not possible.
• Exceptions management: Mismatches and exceptions can easily be managed from a user-friendly interface, displaying all necessary information to help validation.
• Monitoring: Intelligent dashboards display real-time KPIs to monitor the cash allocated and team performance (e.g., payments to allocate, auto-allocated payments rate, allocation per user).
• ERP integration: Allocated payments can easily be extracted and reconciled in any ERP system.

“The O2C process is one of the most critical and complex businesses processes,” said Maud Berger, AR Product Manager at Esker. “Newly integrated with a Cash Application solution, Esker’s Accounts Receivable financial suite enables more efficient use of resources, healthier cash flow, transparency and greater customer service.”

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