Invoiced, an Accounts Receivable Automation platform, today announced the availability of an expansive new AI-based cash application engine, offered as part of the Invoiced A/R Cloud.
The new cash application engine includes many new features that enable accounting, finance and operations teams to automatically identify, import and match unapplied payments with invoices, balances and customers.
Key features that are part of the new cash application engine include:
● Cash Application Rules – Configurable automation rules for matching unapplied payments with invoices
● CashMatch AI – Invoiced’s proprietary algorithm for recommending matches between unapplied payments and invoices or balances
● Multi-Invoice Application – The ability to match unapplied payments to balances across multiple open invoices, with short-pay and over-pay options
● Data Integration – Payment data import via bank feed, lockbox BAI file or spreadsheet
● Remittance Automation – Automatically detect and process remittance advice
As part of the new cash application engine, Invoiced is also introducing an innovative virtual lockbox feature that makes it possible for check payments to be automatically scanned, deposited, presented within Invoiced, analyzed via OCR (optical character recognition) and matched via user-defined rules or via Invoiced’s predictive CashMatch AI recommendation algorithm.
The new virtual lockbox capability represents a breakthrough in accounts receivable automation by making it possible for physical checks to be digitized and applied automatically, saving businesses countless hours of manual processing and data entry errors commonly experienced by accounting and finance teams handling paper checks or separate lockbox files. The virtual lockbox feature requires a Checkstream-enabled account provided by Invoiced partner Earth Class Mail.
“Our new cash application engine is a powerful addition to our industry leading accounts receivable automation platform,” said Jared King, co-founder and chief executive officer for Invoiced. “Because businesses spend so much time applying all manner of offline payments to invoices and balances, we believe automating those work steps represents a natural challenge area for our platform to address,” he added.
The new cash application features, including the virtual lockbox service, are generally available and can be purchased according to Invoiced’s pricing plans.