Remit21^® B2B Accounts Receivable Application

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Business-to-business payments typically consist of a commercial check and a payment coupon and/or a commercial check skirt. Typically, invoice numbers are printed on a payment coupon which may or may not accompany the payment. When the coupon isn't returned, the invoice numbers generally appear on the check skirt. The values on the check skirt don't conform to any particular standard, so research is required to verify the invoice numbers and amount and a data entry operator has to enter the amounts and invoice numbers to fully process the payment.

A New Way to Process

With Tangent's Remit21 B2B, accounts receivable transactions (single check / multi doc with single / multi check) are first captured and imaged. Invoice numbers are retrieved from the coupon or, using Tangent's SPICE engine, from wherever on the check skirt the information can be found. These numbers are automatically validated against known values retrieved from a database, thereby saving the majority of research and data entry. Data completion for the validated values and any associated values are applied without further manual data entry. The deposit may be accomplished via Deposit21 or a 2nd-pass capture and encode process.

The business case and competitive marketing benefits of this automated approach are:

• Reduces labor associated with researching and entering invoice numbers with A/R payments
• Further reduction in labor can be achieved using other types of character recognition like courtesy amount recognition on checks
• Reduces processing costs by minimizing the number of items that are considered exceptions
• Processes both standardized payment forms and check skirts with the same application at no additional cost.

Adding Deposit21 to the mix brings these additional savings:

• Later deposit cutoffs
• Elimination of courier costs
• Increased funds availability
• Fewer item passes
• Reduced labor

Case Study

Click here to review a brief case study of a typical customer implementation (Acrobat PDF file).

For More Information

For more information about the Remit21 Accounts Receivable Application call our sales department at (847) 882-3833 or contact us at sales@tangent-systems.com.