Revolutionize cash application integration with VMS portals
VMS portals have changed the game for staffing
Vendor Management Software (VMS) portals streamline the management of staffing firms’ activities. Originally designed to automate and bring governance over staffing suppliers, they have grown to become talent portals for managing a flexible workforce.
Customers are asking staffing companies to feed invoices into VMSs and are demanding a variety of invoice formats. Payments are made and remittances are matched by employee name and week-ending date instead of using invoice numbers.
As a result, cash application has become overly manual and very time-consuming. FTEs are slowed down. Match rates are low and errors are high.
Billtrust delivers automated solutions to VMS challenges
Billtrust Cash Application empowers payroll professionals to automate existing cash application processes, increase straight-through processing with machine learning models and accelerate cash application exception handling.
Our machine learning models are tailored for your firm, your unique customer invoices and your VMS invoices. We integrate with the most widely used vendor management systems like Beeline, SAP Fieldglass and Simple VMS.
What staffing customers are saying
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
Control your cash flow
Getting cash in the door and applying it to open balances is mission critical. Fast cash application gives your business the cash it needs – and frees up customer credit.
Top cash flow challenges
REMITTANCES DON’T ARRIVE WITH PAYMENTS
Payments and remittance advice do not arrive together. For example, payments could arrive from ACH email, virtual credit card or paper check. The payment hits your bank, while the remit is emailed or must be retrieved from a portal. This is more manual work!
MANUAL CASH APPLICATION
AR teams are manually keying remittance data into their ERPs by hand, adding hours or even days to cash application. As an AR department scales operations, manual processes become unscalable.
Billtrust rebuilds processes with automation
Billtrust’s Cash Application empowers customers to process and apply any payment regardless of how it is sent, whether by ACH, check, wire, card or AP portal.
Our solution is the only cash application tool on the market that simplifies your most complex customer payments by taking large, complex remittance data from disparate sources and standardizing it for easy and automated cash application.
Make digital payments easier for cash application
Billtrust has developed an expertise in running email and phone campaigns on behalf of our buyers to drive more electronic payments. We create custom email templates and phone scripts and leverage proprietary data to run effective campaigns. This makes cash application easier because we reduce manual work and lockbox fees for processing paper checks. Learn more about how we can help you meet your electronic payments goals and improve your cash application process.
KEY BILLTRUST CASH APPLICATION FEATURES:
- Single inbox for electronic payments
- 100% remit extraction: ACH emails, web portals, bank AP systems
- Email credit card processing
- Standardization of electronic remits
- Automated electronics correlation
- Paper check lockbox integration
- Confidence-based matching engine
- Automated deductions
- ERP integration
Achieve industry-leading straight-through processing with machine learning
Billtrust Cash Application utilizes a dedicated machine learning model. The solution focuses on:
- How your team uses your ERP
- Your buyers’ payment patterns
- Your customers invoices and remit data
With a smarter solution, higher levels of automation and greater accuracy become available to your team.
Faster, happier cash application teams
EXCEPTIONAL EXCEPTIONS PROCESSING
Process exceptions twice as fast as other solutions (average of 40 exceptions per hour).
User-friendly UI allows for complete training in a single day, accelerating onboarding.
U.S.-BASED CUSTOMER SUPPORT
Local, U.S.-based customer support teams ensure same-day issue resolution in most cases.
Automation reduces errors that slow down work and require backtracking.
Fast matches, exception handling and workflows
Funds and remittance data from disparate customer channels are automatically matched and applied at the invoice line item level within your ERP, even if remittance information is missing or incomplete. Intelligent exception handling provides smart suggestions that bring resolutions in a few clicks.
Work smart from anywhere
Our Cash Application platform can work on any device and is browser-based, which means your team can efficiently work their queue from their homes without further stressing scarce IT resources. Managers have a centralized view across their team and can dynamically reprioritize workflows based on business needs and productivity. Crucially, the tool allows managers to remotely monitor productivity across their team and get ahead of any trends that may slow cash application.
For cash application departments that are struggling with uneven staffing and system access, Cash Application can help you stay on top of your workflow and reduce manual data entry
Contact us today
Speed up your cash application today. Fill out the contact form and a Billtrust expert will be in contact with you soon!