Companies of all sizes can experience challenges with their accounts receivable operations, especially if they deal with a large number of transactions or offer variable payment terms and methods.
Accounts departments must deal with a large number of documents, including invoices, credit/debit notes, remittance advice and payment notifications. What’s more, these documents can be received in a variety of formats ranging from PDFs to spreadsheets or emails and customers each have their own varied processes that your accounts department needs to adapt to.
Manual reconciliation processes to deal with all these variances can be time consuming and costly - and worse still - is inherently error prone, which can lead to errors, disputes, and delays in settlements.
AlgoriQ from Global PayEx automates cash application and reconciliation, with software that combines OCR, NLP and machine learning that reads PDFs, e-mails, statements, remittance advice and other documents in multiple digital formats, removing the need for manual data entry. Furthermore, the software automatically reconciles your ledger with payment advice and cross-checks it with actual payments to your bank.
The benefits are clear to see with a huge reduction in payment advice processing time and automatic posting direct to your ERP system of choice.
Unfortunately, a glaring barrier to entry up until now has been that there are no means of connecting AlgoriQ to NetSuite. However, all of these benefits are now in reach as ERP Experts is launching the AlgoriQ AR Connector app to SuiteApp in quarter one of 2024.
ERP Experts has teamed with Global PayEx and is in the final stages of customer acceptance testing, following a rigorous specification and development process. The app is certified Built for NetSuite and follows NetSuite’s standards and guidelines for SuiteCloud Developer Network (SDN) Partners.
Ric Wilson, CEO of ERP Experts said “Our NetSuite experts have worked alongside Global PayEx to open up their machine learning and AI assisted technologies to NetSuite users. The app means that accounts reconciliation is more efficient with a huge reduction in processing errors, streamlining inbound payments and increasing an organisation's working capital efficiency.”
The AlgoriQ AR Connector app will become available to all ERP Experts customers on our Gold Aftercare plan, joining a suite of other apps, as well as being available via NetSuite’s SuiteApp extensions store.
For more information and to register your interest in the AlgoriQ AR Connector app, call 01785 336 253 or complete our contact form.