Cash Application Outsourcing Services

Overview

C/LECT offers three options for outsourcing of your cash application, providing the maximum auto-applied rate and savings. Our services include Invoice Matching (Option I), Invoice Matching with Automated Deduction Processing (Option II) and Invoice Matching with Automated Deduction Processing and Manual Exception Handling (Option III).

Process Today’s Cash Today

The C/LECT Cash Application Outsourcing Service can move your application process up a full day by applying today’s cash today! The interface file from C/LECT updates your A/R system and can be available before noon the same day the cash is received.

Lower DSO With EFT

Additionally the service provides you an opportunity to convert your Lockbox Payments to Electronic Funds Transactions (EFT) without any additional software or support from your IT staff. By converting your customers to EDI payments, you can reduce DSO and strengthen your partnership with your customers. 

Flexible Features

·         Automated Invoice Matching provides the highest application hit rate at an affordable price. Bank keying of Invoice Number, Net Amount and Discount Amount (when applicable) is required.

·         Utilize your lockbox’s imaging system for C/LECT to review unidentified cash and unmatched invoices and credit memos.

·         Reports, spreadsheets and interface files created to your exact specifications.

·         Prefix, reverse lookup and PO matching provides invoice matching at the 98% level.

·         Customized lookup routines are created for specific large customers.

·         Handle discount exceptions (unearned, unused and variant) to your exact specifications.

·         Code non-A/R payments to your specifications.

·         Daily updates of new sales, or weekly replacement of the full A/R.

·         Automated Deduction processing using remittance and EDI 820 detail. Prefix/suffix information, location codes, EDI adjustment codes and free-form comments can be used to create a deduction with the proper reason code on the proper customer number! 

·         Manual Exception Handling utilizes your lockbox’s imaging system for C/LECT to review attached documentation to determine the reason for a deduction.

·         Roll-Up logic to summarize specific types of deductions.

·         Maintain / create parenting relationships.

·         Maintain an exact copy of your A/R system including manual removal of invoices.

·         Daily balancing between you’re A/R system and our copy of your system.

·         All processing done in our Chicago Offices.

·         Phone support 24 hours a day, seven days a week.

C/LECT Consulting, Inc.

847-854-4523

www.clectconsulting.com