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By Tom Beasley
Inefficiencies that affect a company's bottom line often go unnoticed because they manifest themselves in necessary operations like accounting and customer service. However, under pressure in today's economic climate, many businesses are scrutinizing their A/R operations in an attempt to reduce headcount, streamline processes and improve cash flow. And this particular department is a great place to start, since there are significant opportunities to focus on cost savings and productivity while exploiting new opportunities offered by automated remittance processing.
Effectively managing your remittances by reducing laborious manual processes can reduce clearing costs and float. Streamlined in-house A/R operations that can leverage the right technology and automate processes can optimize visibility and flexibility and accelerate revenue collection. And gaining more control over the back office can help you make smart decisions during one of the most difficult economies of modern times.
In this issue of The AccuView, you'll find articles, ideas and solutions related to this important topic.
You've likely noticed that The AccuView has been redesigned to offer more information and greater variety in a condensed and easier-to-read format. This is your newsletter, and we want to continue to provide the kind of news and information you want to see from us every month. I invite and encourage you to share your feedback and ideas with me.
Enjoy!
Tom Beasley
tom.beasley@accuimagellc.com
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This Month's Topic: Remittance Processing
The Transition in Electronic Clearing
Image-based remittance solutions provide greater efficiency and effectiveness in the processing, managing, storing and retrieving of the tremendous amount of payments information that is required to properly service internal and external customers. This article discusses some of the fundamental elements, technologies and benefits of automating your remittance processing operations.
The Processing Revolution
The methods and choices for automated remittance processing are being revolutionized - and the benefits of this revolution are most worthwhile for businesses that still process their payments manually or outsource the process to a lockbox. Learn how affordable and sophisticated software and desktop scanners, and the Check 21 law, are making in-house automation a viable alternative.
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Maintenance on Existing Products
When we design, develop and deploy business process management solutions for our customers, we help to ensure the longevity of the system and its components by supporting and maintaining the hardware and software. We offer all of our customers a variety of service and support options.
But did you know that we can maintain your systems even if you didn't purchase the hardware or software from us? We support a variety of products from all the leading vendors - including software, scanners, servers and other peripherals. Our support services include routine maintenance, on-call support, product upgrades, and much more.
We are committed to providing the very best customer service and technical support available to all of our customers, regardless of where you purchased your technology. We welcome the opportunity to provide you with a competitive quote, based on your specific needs. Please call 615.242.7226 or e-mail ps@accuimagellc.com.
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Evelyn Pennington, Operations Dispatch Manager
In addition to assigning work orders and service tickets in her role as operations dispatch manager, Evelyn assists our account managers in monitoring orders and maintenance contracts. She also handles orders for scanner peripherals and consumables. Evelyn is typically the first person our customers speak to when phoning the office, so there's a good chance you've talked to her. She joined AccuImage over eight years ago as a part-time employee indexing for our document imaging service bureau. Once she came on board full-time, her duties quickly expanded.
In her spare time, Evelyn enjoys watching football, spending time with her family, and cheering on her granddaughter's little league softball team. She also recently celebrated her birthday!
If you are an existing customer needing to log a service ticket, or you need information concerning placing your scanning equipment under maintenance with AccuImage, or for general information about our company, please e-mail Evelyn at ps@accuimagellc.com and she will route your ticket to the first available technician.
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Custom Remittance Processing Solutions
Automated remittance processing solutions can benefit any organization that processes customer payments. This includes small and medium-sized businesses, since the barrier to entry has been lowered thanks to today's more affordable check scanners and data capture applications. In addition to gaining more streamlined in-house remittance operations, the right solution can reduce or eliminate a variety of problems associated with manual remittance processing, including ...
- Laborious and Costly Manual Data Entry
- Data Entry Errors Propagated Downstream
- Misplaced Checks and Remittance Documents
- Duplicate or Misallocated Payments
- Restricted Cash Flow Due to Slow Processing
- Lost Interest from Excessive Float
- Slowed Decision-Making
- Inquiry and Customer Service Delays
These solutions typically consist of hardware and software that work together to scan checks, payment coupons and other remittance documents, automatically extract data from all documents, feed information into your A/R system, and if electronic deposits are desired, sends the images and data to your bank for electronic clearing and posting.
However, while there are similarities to be found among different remittance processing operations, and the components of successful solutions are fairly consistent from one to the next, we understand that each business is unique and therefore must be presented with a solution that meets their unique A/R processes and applications.
AccuImage can help you determine how best to maximize the latest technologies - and which technologies specifically will benefit your business - to streamline your A/R operations. Contact your AccuImage account manager or call 615.242.7226 to discuss a custom remittance solution.
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Now Featuring: AnyDocREMIT
AccuImage partner AnyDoc Software offers software for automated document and data capture. Its suite of products eliminates the need to manually enter the valuable data off the millions of paper documents - forms, invoices, remittances, etc. - received daily in businesses worldwide.
To streamline remittance processing operations, AnyDocREMIT automatically captures data from remittances. With AnyDocREMIT, you can ...
Easily export data to your accounting system. AnyDocREMIT enables flexible data exchange with almost every accounting and ERP system.
Improve remittance data accuracy. Manual processing invites the potential for human errors, creating a ripple effect of problems that could compromise the efficiency and effectiveness of your operations. With AnyDocREMIT, you can rest assured that you are only feeding your back-end systems the most accurate data possible.
Accelerate cash flow. Cash flow hindrances, such as excessive processing times, prevent you from meeting your business goals. Automating your data entry, as well as reducing the number of touch points each remittance must pass through, expedites the time it takes to transfer data to your financial systems and deposit funds into your bank.
Reduce labor requirements. By automating preparatory tasks, such as validating remittance transactions against your back-end databases, matching incoming funds with outstanding invoices and deciding whether to charge a customer for underpayments, you can reassign your data entry knowledge workers to more business-critical tasks.
Retain your business processes. AnyDocREMIT adapts to your business processes, instead of making you adhere to new ones to accommodate the software. It also allows you to use your business rules to verify remittance data, just as your A/R clerks do now - but much faster.
Improve customer service. Automating allows you to proactively prevent customer service snafus, such as lost or misapplied payments, instead of reactively stamping out fires that spawn from them. The time required to research exceptions is also reduced because your remittance data is available sooner and accessible with just a few quick clicks.
For more information about AnyDocREMIT or any other AnyDoc application, call us at 615.242.7226.
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Cleaning Check Scanners
All scanners require routine cleaning and maintenance. This is particularly true for those devices used to scan checks and remittance documents because many of these scanners use inkjet endorsing features. Checks are usually endorsed with an inkjet printer just prior to passing the lens and other critical areas of the scanner. This ink will leave residue on the scanner glass and transport rollers within the scanner. The removal of this ink buildup is essential to the clarity of this legal document image. If not properly maintained, the check could potentially display an erroneous decimal point, or worse, cause deposit errors.
Check scanner cleaning cards remove endorsement ink buildup from scanner lens covers, check transport rollers and belts. The cleaning card will also remove paper dust and dirt from the check pathways, ensuring a clean and working unit.
Please contact AccuImage Support for scanner cleaning supplies and cleaning recommendations.
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What We've Seen and Heard
Although electronic payments are on the rise, more than 40% of American consumers still pay most of their bills via paper check, according to Celent Communications and Crone Consulting.
Did you know? The first computer mouse was made of wood ... really.
Windows 7 will be available on October 22nd. Please contact us to inquire about compatibility and support with your existing hardware and software.
AccuImage End of Support Schedule
www.accuimagellc.com/eos.html
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