WAUSAU Financial Systems Acquires Best-in-Class Cash Application Management Solution
MOSINEE, Wis. – November 8, 2010 – WAUSAU Financial Systems, a premier provider of payment and receivables processing solutions, today announces the acquisition of The Revere Group’s cash application and deduction management solution.
WAUSAU Financial Systems’ Cash360 provides an integrated solution that completely automates the cash application and deduction resolution process. The best-in-class cash application and deductions management service alleviates the pain and inefficiencies experienced from accounts receivables and payment processing issues, including customer payments not matching invoiced amounts and excessive staff devoted to managing deductions manually.
According to an Aite Group July 2010 survey of 80 large U.S. companies, nearly 60 percent aren’t fully satisfied with their receivables processing, with one in four primarily or extremely dissatisfied. Adding to the headaches, only slightly more than half of receivables are processed as straight-through transactions without an operator’s intervention. Cash360 provides a seamless, automated approach to handling the vexing issue of customer deductions and cash application, providing an immediate impact on recovery and positive bottom-line results.
“Cash application and payment processing are pivotal processes for companies to better manage their accounts receivables in a difficult economic environment. However, the shift to electronic payments mixed with substandard receivables technologies is inhibiting the efficient posting of cash, hurting the bottom lines of many companies,” said Kathy Strasser, executive vice president of solution management for WAUSAU Financial Systems. “With Cash360, corporate clients will see immediate return on investment, especially given the solution eliminates manual processing, allowing the reallocation of staff to focus on other value-added tasks. In addition, companies will benefit from the expedited identification of unauthorized deductions and root-cause analysis of compliance issues.”
Employing business rules and workflow engines, Cash360 serves as the bank/lockbox and company intermediary, matching customer payments with invoices, identifying non-matching payments based on pre-established business rules, and routing deductions for resolution almost instantaneously.
Companies can review non-matching payments and make adjustments via Cash360’s interface, allowing 100 percent of incoming cash to post and enabling them to focus their attention on deductions, and the true exceptions. By using workflow routing of items to designated internal experts, accessing images from their lockbox provider and attaching supporting documentation to digital folders, deductions are effectively managed. On the back end, extensive reporting and a management dashboard provide access to key metrics, as well as drill-down access to write-offs and dispute information sorted by customer and customer type.
Cash360 offers support in three significant areas: cash application, deductions management and reporting, each is crucial to the overall wellbeing of a company’s cash posting process.
Key benefits of Cash360 include:
- Reallocation of staff to other essential work through improved straight-through posting of cash utilizing dynamic business rules and a workflow engine.
- Increased rate of collections by decreasing day sales outstanding, identifying and resolving deductions earlier before they become stale and subject to write-off.
- Improved credit-line access by reducing the dilution associated with deductions.
- Improved customer relationships through more timely and accurate data for the review of outstanding invoice deductions.
- Offered as SaaS, Cash360 does not require either a large IT project or capital expenditure to achieve almost immediate payback.
Cash360 is a key addition to WAUSAU Financial Systems integrated receivables suite, designed to manage the comprehensive payment demands of businesses by simplifying overall payments capture time, improving the handling of exception items and monitoring workflow in real time, all while automating, aggregating and accelerating the entire receivables cycle, resulting in increased access to cash for corporations.
For more information on Cash360, visit www.wausaufs.com.