Lockbox Automation – OCR

Our OCR Lockbox Automation module caters for multiple locations, environments and ERP systems. Above all, it can be adapted to any bank file or format used in the US and Canada. Our tool uses images in the lockbox file to read the invoices, this eliminates the need for a separate BAI2 file from the bank. We create image recognition by customer and store these image patterns against customers. When we do this our system learns over time how to handle each type of remittance received.

This module is proven to be an excellent tool for ensuring cash application is handled in a consistent, controlled manner. Clean, efficient processing of bank Lockbox data reduces overall reporting time needed at month-end. The Cashbook automated process helps eliminate bank keystroke fees. Users can utilize the OCR Lockbox module for storing check images and remittances for as long as they are required. Reduce DSO by more rapidly processing customer receipts. Allows you to increase receipt volume without adding additional resources. An opportunity to redeploy resources to higher-value work.

Mass validation of numerical values and letters greatly reduces manual labour and increases process speed. Separation of payments and remittances can be handled and automatically linked together. Capability to add Email OCR extraction. Emails are delivered to a specific email address and data is read and extracted into Cashbook AR remittances. Ability to use OCR technology on Bank Lockbox image files to extract data from images which can be used to automate against your open invoice files.

Algorithms can also be easily modified or enhanced to handle specific reference fields or requirements. Automatic G/L write-offs are based upon your pre-determined tolerances (by amount or percentage). Deduction handling and auto-coding are also catered for.

Each Lockbox has its own ‘Cashbook’ journal, so multiple Lockboxes can be worked on simultaneously. Splitting of Lockbox’s is possible by bank account, company, collector or number of journal lines.