Wells Fargo automates accounts receivables
The group says that its newly-launched tool saves time and improves efficiency for accounts receivable departments.
The group says that its newly-launched tool saves time and improves efficiency for accounts receivable departments.
Wells Fargo has added enhancements to the Receivables Manager service offered to its treasury management customers, which saves time and improves efficiency for accounts receivable (AR) departments. Receivables Manager now offers three distinct capabilities – remittance advice matching, automated clearing house (ACH) and wire repair, and an integrated receivables file – that together streamline and automate the receivables application and posting processes.
With the shift from paper to digital transactions, what is efficient for payers is now inefficient for receivers, says the group. Currently, AR staff must search for remittance advices, connect them to payments, and then manually key information into accounting or enterprise resource planning (ERP) systems.
Receivables Manager addresses receivables challenges through: