Automate ECI M1 Account Receivable with a bot!
What the AR Robot does
Robot extracts customer details from CRM or other sources. It can create custom invoices by determining the line-items for each customer in ERP system and send them via email. Send text/robocall reminders for aging invoices. The robot can also respond to customer requests for a copy of the invoice.
This process is also called ‘cash posting’, ‘cash receipts’, ‘payment application’, etc. The robot can read check images, ACH deposits, Wire receipts and credit card transactions to apply payments from customers toward their open invoices. It can apply complex rules and logic for refunds, partial-payments, credit memos, etc. The robot will ag any discrepancies for human review.
The robot will extract check details from the lockbox provided by the bank to perform cash application process mentioned above.
Perform reconciliation on deposits and report on any uncleared items or missing transactions. Especially useful in high volume credit card transactions from POS or e-commerce portals.
Depending on which method of accounting (cash/accrual) is used, the robot will record receivables and account for bad debt. The robot can also use ASC 606 standards to compute and enter deferred revenue entries.
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