For most organizations, the Accounts Receivable collection process is the most important one. However, debt collection is typically a tedious and time-consuming, paper-driven, process involving many documents. Processing receivables documents and managing cash applications can be a challenge. In the past, there have been two options when managing receivables:

• Outsource processing to a lockbox who typically charges by keystroke, to manually capture the data from payment advices; or
• Manually key the data in-house.

The reality is that for years, organizations have likely been overpaying hundreds of thousands of dollars annually to lockbox providers for capturing data from their accounts receivables documents, while still having to process a large percentage of the work internally.

CDIT’s A/R Solutions are based on specific technology innovations designed to capture, extract, correct, validate and post data. Through our A/R Solutions, clients can open, scan and extract key information from incoming documents and payments while maintaining the integrity of the envelope. The solution components “plug” into and complement any existing receivables/payments processing platform without interruption to the application workflow, delivering the highest levels of automation, data accuracy and operational savings for receivables processing environments.

CDIT’s A/R Solutions allows you to keep more of your receivables dollars than ever before by reducing your dependence on lockbox processing and truly automating your own internal processes. No more excessive bank fees, no more manual data entry of unstructured receivables forms such as check & lists, check & skirts, and check only exceptions and no more painful data reconciliation. Realize higher data quality for your accounting systems and rapid access to data and images. Maximize the value of your receivables process.

Key Technology Differentiators
Key technologies differentiators of CDIT’s A/R Solutions include:

• Forms recognition technology that learns from an operator during standard data entry covering 100% of all incoming payments and fully automates the process thereafter.
• High-speed correction of OCR misreads across an entire batch instead of only by an individual page.
• Innovative data reconstruction that utilizes fuzzy logic and intelligent parsing to automatically and accurately correct, complete, validate, balance and post transactions to the accounting system without ever having to involve an operator.
• Intelligent table and column technology that extracts information from receivables transactions even if it is stated within multiple rows or nested tables.