Cash application refers to the process of accurately and efficiently recording and reconciling incoming payments, typically in the form of cash, checks, electronic transfers, or other methods, to the corresponding customer accounts or invoices.
This process is essential for maintaining accurate financial records and ensuring that a company's accounts receivable are up-to-date and properly accounted for.
Gaviti launched a brand new system, integrated into the Gaviti Core service that allows you to reach near full automation of the process.
To Save Time and Resources: By automating the cash application process, businesses can streamline manual tasks, reduce errors, and allocate resources more effectively, leading to a more efficient and productive accounts receivable function.
To Shorten the Matching and Receipt Process: Implementing a cash application solution accelerates the matching of payments to invoices, allowing for quicker reconciliation and the prompt generation of receipts, ultimately expediting the overall financial workflow.
To Improve Cash Flow Visibility: Implementing a cash application solution provides real-time insights into outstanding invoices, payment statuses, and cash inflows, enabling better cash flow management and forecasting.
To Elevate Customer Satisfaction: A robust cash application solution ensures accurate and timely allocation of customer payments, resulting in improved customer experiences, stronger relationships, and increased customer trust.
Gaviti's Cash Application system allows you to match payments your customers made, with existing invoices in the Gaviti Core service, saving you time and effort.
Accurate Payment Matching: 100% automated payment matching accuracy
Multi-Bank Connectivity: Seamlessly integrate with multiple bank accounts. Consolidated in one place.
Time Savings: Experience remarkable time savings – up to 1,200 working hours annually for every 1,000 monthly invoices.
Holistic: connected to the collection process for accuracy and client experience
If you have any questions regarding the service, please reach out to our support team at [email protected]