Achieve more with smarter cash application

According to recent research, AR teams typically dedicate almost a quarter (22%) of their time to manual cash application, making it the most time-consuming activity within the order-to-cash cycle.

Machine learning can play an integral role in helping AR teams accelerate their cash application efforts. Although many automated cash application software solutions offer machine learning capabilities to enhance straight-through processing, not all machine learning is the same.

Some cash application software is marketed as having “machine learning capabilities”, but they still leverage inefficient rule-based cash applications that require custom programming every time an invoice matching rule needs to be updated. Updating rules can take several days and costs thousands of dollars in developer maintenance fees annually.

Your organization’s ERP is like a home. It’s built to support the unique requirements of your business and processes. Our custom machine learning model doesn’t just enable our solution to master your ERP - it allows it to master the way you use your ERP.

Your custom machine learning model:

• Learns from your unique invoice structure and adapts to any changes
• Is trained with your open balance data
• Learns your customer’s unique remittances and buyer patterns such as non-standard remittance information
• Automatically improves and learns how to handle new exceptions, all while eliminating the need for custom programming

Proactively modeling from remittances and data, trends are identified earlier resulting in industry-leading straight-through processing rates that improve over time as they learn from your behavior. Higher match rates allow your team to get through their worklist efficiently with fewer exceptions - meaning faster access to cash.

Billtrust Cash Application delivers a tailored cash application experience based on how your team works with your systems and data and provides the flexibility and accuracy that unique processes demand.

For too long, manual cash application has threatened to minimize AR’s value. With AI, though, you’re able to apply cash much faster and ultimately build your organization’s resilience against any economic challenges that come your way.

How Billtrust's machine learning algorithm works:

1. Electronic data extraction

AI extracts data from large files in seconds with no human intervention.

2. Precise character matching

Cash Application matches remits to invoices from Open AR data by character matching.

3. Match rate improves over time

Cash Application learns your unique invoice structure and automatically drops junk data. The custom machine learning model is optimized all the time for your business.

Learn more about Billtrust Cash Application and how it automates the process of applying payments so that your business can accelerate its cash flow and reduce days sales outstanding (DSO). Download our tip sheet "Smarter machines: Better cash application accuracy using AI and robotics."