Our goal is to do each and every cash application transaction completely, accurately and timely. This includes researching open issues and assisting customer account reconciliation.
There are no changes to normal customer invoicing, lock box cash application and process. All transactions receive the utmost attention so that payment gets resolved quickly and potential issues are quickly identified. Our approach focuses on rapid identification and correct resolution of cash application transactions.
We track and report all cash application transactions. Beyond the general quantifiable reporting information that we want to see, we also identify possible coinciding exception issues. Therefore, where a lock box is used, we often are able to work with you and the bank to modify the process and improve lock box performance hit rates. Also tied to reporting, we establish general cash application checkpoints to ensure cash application timeliness and accuracy. Furthermore, we become very familiar with specific customer payment tendencies and establish control notes in the system for applier reference. As a result, we are aware of customer habits and preferences and are able to reduce customer re-contact, re-work and re-education.
CASE STUDY – CASH APPLICATION SERVICE CUSTOMER
TRUCKING COMPANY
Situation:
The company is processing lock box cash application exceptions from lock box. Six (6) full-time employees perform the work.
Sales volume: $200 million
Employees: 400
Customers: 7,000
Customer of Bucar Group: 5 years
Solution:
Bucar processed all cash application exceptions.
Result:
Reduction of five (5) full-time headcount. 50% cost savings.
