80% hit rate is a good goal, but for many it has been hard to achieve.
ROB ROGERS Payment Processing Practices Median distribution of payments:54 percent paper check46 percent electronic paymentsTIM OLIVEROne quarter of respondents report electronic payments of 10 percent or less – what happened to the promise of paperless payments? ROB ROGERSCheck processing:74 percent bank lockbox26 percent in house Bank fees:Bank fee per depositMedian: $0.15Average: $2.63 Archival fee per image:Median: $0.02Average: $0.96The dramatic difference between the median and the average is accounted for by the number of companies who report paying no deposit fees (of course, those fees usually end up somewhere else – no free lunch). The alternative is Remote Deposit Capture [this utilizes a check scanner placed at the company location]:38 percent of companies use some RDC.
Bold statement (Tim)
Bold statement (Tim)
Understand what prompted the meeting:Specific need or requestGeneral meeting or inquiry Understand the audience’s current awareness of The Hackett Group and its capabilities. Tailor the presentation whenever possible to the audience’s circumstances and specific points of interest. Consider: The company’s long- and short-term goals (obtained through conversations with contacts within the organization and supplemented by company research reports from AskGRC such as earnings calls and analyst reports)Current company performance trends (obtained through company research reports from AskGRC such as the Capital IQ Tear Sheet report, Capital IQ Detailed Financial report or OneSource OneStop report)Broader industry issues (obtained through industry research reports from AskGRC such as analyst reports)
A/R top performers use fewer resources. (Bryan)
Simplification, Standardization, & Automation help Reduce Staffing (Bryan)
Automatic Matching (hit rate) positively influences hit rate. (Bryan)
(Bryan and Tim)
We need to make some changes to this slide. For one change the square to cloud. Create a progression that better articulates a corporations brain damage in handling the correlation and data extraction process.A significant new service offering opportunity – Automated Electronic Deposit & Cash application. We are very excited to be able to offer this to you!The problem - Decoupled Remits emailed to Client, Electronic payments (Deposits) via ACH, Wire to the bank (with later transmission to client), fosters a significant process problem area for corporate cash application resources. We think you will agree that the very Decoupled nature of electronic deposits and remits causes delays cash recognition. (Corporations waiting for Deposit (Payment) information to arrive. Remit information arriving in all forms of transmission and format. Then requiring a manual intervention to extract the pertinent data needed for correlation, extraction and Open A/R matching all before cash is recognized.) The Challenge – Eliminate the “multi – source”correlation (brain damage) and time lag in handling, data extraction and matching in order to apply cash. ( Enter Open Scans Dynamic Receivables processing engines!) So…What IF! – 1) Your Bank could offer a “state of the art” cash application engine that could accept source remit documents from all transmission sources into one comprehensive processing application? 2) But lets not stop there! Lets also make it easy via automation to correlate the needed data, extract it to automated open A/R matching functions and do it all “electronically”. 3) And…. Then, lets receive cash and apply to Open AR all in the same dayWould this not open the door of new business potential with corporate business clients for your institution? Our research with client companies and banking institutions like your says that the answer for most banks is yes. Imagine Portal Client Access - Offering your clients cloud access to these same application engines to allow them to “Auto-magically” handle payment imbalances (deductions, freight fees, and determine short pay exceptions) to speed cash recognition in their ERP’s. Would this be a valuable service that your bank can offer? With the ability to accept decoupled remits and payments electronically into correlation as well as import ACH , Wire, with or with out CTX/CCD+ for electronic data Extraction Banks now have the application functional horse power to facilitate the full benefits of an automated Cash Application processing engine. Our thought is that this is an expanded business opportunity for a bank service offering. Expanded from just Electronic Deposit to a full Applied Cash capability not previously available to clients.
What do you want to see?
Skies Clear for Receivables Automation - Managing Electronic Payments in the Cloud