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Thompson CAT

Heavy equipment distributor sees improvement in cash application accuracy

Outcomes

80% MATCH RATE
Achieved in first 30 days

60% REDUCTION
Unapplied cash

TOTAL REDUCTION
Misapplied cash

ELIMINATED
Misc. journal entries

The Challenge

Thompson Machinery sells, leases and rents Caterpillar equipment and other products for construction, agriculture, mining, trucking and more. The company provides its products through its stores in Tennessee and Mississippi, as well as online store locations.

Thompson handled invoicing through the CAT Dealer Business enterprise resource planning (ERP) system, and payments were processed through a bank lockbox and value-added keying. Their process helped them manage nearly 100 payments a day, but it didn’t address the inefficiencies of a manual process. They had a tenured cash application employee who manually matched remittances and understood customer payment behaviors. When that individual left, Thompson filled the position but found that they couldn’t replicate the first-hand knowledge of the last employee.

The Solution

Thompson was now dealing with mounting unapplied and misapplied cash. There were also problems involving clearing daily payments, delays in posting and all-time-low customer confidence and cash application accuracy. Thompson turned to Billtrust’s Cash Application solution which provided immediate efficiency and accuracy. They eliminated the need for value-added keying, which cost more than $2,000 a month. Billtrust Cash App helped Thompson with operational efficiency, cost management and customer satisfaction.

The Results

Now with Billtrust Cash App, more than 80% of line items automatically match on a daily basis. Thompson can easily process 1,500 payments a month, with the bandwidth to also manage any additional workload and projects that come with business growth. Complaints from customers and internal credit have also been resolved. Finally, the cash application specialist can now focus on more strategic activities like managing old AR balances and resolving short pays and double pays for the credit department.

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