Employment company automates cash application with VMS portals
$1.5M GROSS SAVINGS
Projected for 3 years
79% LABOR COST SAVINGS
49% PAYMENT PROCESSING COST SAVINGS
100% REMIT EXTRACTION
TEAM RETENTION & MORALE
For more than 40 years, this organization, which is one of the largest staffing companies in the U.S., has focused on aligning people and companies to create opportunities. They operate in over 400 locations, providing staffing solutions across a comprehensive range of disciplines.
Before Billtrust, this company was bogged down by the manual labor associated with their vendor management system (VMS) portals, specifically with manual invoice data entry. Additionally, their customers were requesting to feed invoices into their VMS as well as have the company apply cash from a variety of invoice formats. When it came to making payments, due to the complex style in which their customers made payments, there were often many exceptions requiring manual cash application. All of this was highly inefficient and a strain on the team’s time.
The company decided to partner with Billtrust and implement their Cash Application solution, which easily integrates into their VMS and automatically pulls remittance information to automate cash application. Billtrust Cash Application matches payments and remittances based on optical character recognition, automatically recognizing custom fields and using statistical analysis to predict the most likely match.
“Billtrust’s strength was their technology. They are using their bot to retrieve remittances out of portals, which will save us a huge amount of time.”-Senior Payroll Manager – Employment Agency
When implemented, it was projected that this staffing organization would see $1.5 million in gross savings in approximately three years. The solution and its automated features would also provide a 72% savings on their labor costs and a 49% savings on payment processing costs. Billtrust Cash Application would also provide a 100% remittance extraction for payments made through ACH emails, web portals and bank AP systems. Lastly, through implementing this tool, they stabilized the headcount of their internal accounts receivable team and boosted morale with a streamlined process.
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