Increase Auto Cash Productivity and Accuracy

Many forms of technology today enable companies to efficiently and quickly resolve any variety of tasks. However when it comes to managing their money and processing their cash, many corporations resort to manual methods that are often time-consuming and can lead to inaccurate results. Payments are handled through printing or viewing image documents and reconciling them against an electronic General Ledger System.With your A/R Department handing a large influx of payments, deductions and disputes it is key that all information is properly recorded and matched to the appropriate open invoices.

Cforia Software’s OCR Auto Cash Application provides companies with the ability to leverage automation to improve cash application productivity by 100% or more,while also increasing accuracy. This application can automatically download and extract data from Treasury Service Lockbox check and remittance image files as well as support both United States and International banking formats including BAI, BAI2 and MT940. Eliminate the hassle of manually comparing documents or images to open invoices. As a result, your company’s accounting system remains constantly updated and improves A/R workflow.

Seamlessly handle data, paper and image based remittance:

Supports multiple site, disparate ERP systems and multiple lockboxes
Auto Processing of BAI, BAI2, MT940, EDI 820, Excel and CSV data
Automatically download and OCR extract data from Treasury Service Lockbox check and remittance .pdf and .tif image files
OCR data extraction from scanned paper remittances
Flexi-Template technology automatically extracts data without having to createOCR scanning templates
Create automated matching rules to support custom and customer specific reference fields
Automatic correction of typical customer numbering problems that prevent straight through processing
Automate deductions coding
Apply cash directly into your ERP system via synthetic BAI2, any flat file format or server side scripting.

Key Features

MT940 File Format
BAI2 File Format
EDI Remittances
Spreadsheet Remittances
OCR Extract Images
OCR Extract Paper Remittances
Cash Application Auto Matching

Suggested Resources:

Why Cforia?: Cforia Product & Solutions Overview

Financial Shared Services: Cforia Global Order to Cash Management

Cash Application
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