Greg Coulter, CEOThe vast data-oriented nature of ERP systems has huge potential for streamlining processes and creating a connected environment in the banking industry. Implementing high-performing ERP systems can be expensive and time-consuming. Additionally, legacy ERP systems today are unable to address many industry-specific pressures. In such a scenario, bridging the gap between banks and ERP systems, Cashbook automates and streamlines the banking processes. “We bring the data together and let them work in a cloud environment with all the data in one place and we take care of the data integrations,” says Greg Coulter, CEO, Cashbook.
BankConnect—Cashbook’s auto processing solution— reads and automates the bank statement against open invoices of the customer base. This provides the bankers with sufficient information regarding the payments. “We use HTML files, pattern recognition capabilities, OCR capabilities for extracting paper based and hard copy information. Post extraction, we automate it and feed it into our bank statements,” he adds.
Cashbook’s cash management software acts as a central system for cash application, accounts payable and bank reconciliation. “Instead of upgrading the legacy ERP system, we enable a seamless and simplified integration between banks and existing ERPs,” notes Coulter.
The company also offers global premier software through which banks are able to get outbound payment files and create payment files. “We have a single platform banking hub that facilitates workflow and gives you more control on your outbound cash,” he adds.
Cashbook have built up a library of 200+ banks and integrations with 12 different ERP platforms but their integrations don’t stop there. “In recent years we have built integrations with 35+ customer remittance files. The likes of Home Depot, Lowes, Menards, and Walmart. Lowes pay a lot of invoices and also generate a lot of deductions.We understand these remittance files and can auto-match invoices and auto-code deductions using our knowledge of the remittance file types.
With 10+ ERP connectors and 200+ bank connectors we enable a seamless and simplified integration between banks and existing ERPs
We now can auto-download from AP portals, read EDI files and also upload Excel and PDF files,” states Coulter.
With expertise in blending finance and technology, Cashbook has maximized the automation of high scale financial transactions around the globe. Their solutions help bankers transform their operations to more intelligent, automated, and feature-rich financial operations. For instance, Formica, a global provider of surfacing solutions, needed its banking data to be integrated with ERP systems, along with, automating the payment processing globally. Initially, the client was struggling with aspects like payroll management, lack of visibility on cash management across Europe, processing French draft receipts, and much more. With the implementation of Cashbook’s cash management solution, the client’s bank statement and bank reconciliation process was automated, saving countless hours in comparison to ERP system. In cash processing, the client gained better financial control and noticed advanced intelligence with the automation of bank reconciliation. Formica had 100 percent of European payments going through the solution. The transactions were auto-coded to specific general ledger accounts and invoices were auto-matched for automating cash applications by 90 percent. Cashbook also automated their inbound and outbound bank processing by 95 percent.
While simplifying the banking processes, keeping an eye on security is also an essential aspect. Cashbook is constantly working toward developing more diverse as well as safe and efficient banking experience for customers in the near future. Cashbook envisions cash forecasting as a key aspect in the future of cash management and seeks to incorporate the research around this subject in its solutions. “As per our vision, cash forecasting is the holy grail of financial process,” concludes Coulter.