Customer Payments & Reconciliations
Kanbina BR streamlined customer payments & reconciliations
An international waste management company spent considerable time ensuring cash allocations were correct and reconciled on a monthly basis from bank payments.
Account queries were time-consuming and difficult to correct, whilst also impacting on the customer relationship, therefore significant effort was spent ensuring multi-invoice payments were correctly matched to corresponding invoices based upon the remittances received from customers.
This was a manual process involving up to five staff across the monthly period.
Kanbina was approached to provide a solution which would automate the reconciliation process as much as possible, to ensure timely and accurate allocation of customer payments.
Kanbina’s state-of-the-art AI Intelligent Document Processing platform, machine-learning models and APIs orchestrated by a single application, were able to identify the relevant customer from a remittance document, then match to invoices based upon the client’s own ERP data.
The APIs were able to physically allocate invoices in the client’s ERP against bank transactions where necessary.
Only those remittances which required supervisor review were serviced to the Accounts Receivable manager.
Impact of Solution Provided
Rather than having to match and reconcile all customer payment remittances, only those 5 % which had incorrect payment amounts or queries required manual intervention. This reduced the effort to two members of staff as part of their monthly routine.
Queries were also managed more quickly meaning most account disputes were resolved within the accounting period which payment was received.
Kanbina BR, Kanbina AI Platform