6 Features of an Ideal Cash Application Software

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October 29, 2020 Business

Are you tired of spending time processing repetitive cash application transactions? Do costly manual errors happen all the time? Do you want to improve your cash flow and cash visibility? Here’s the solution: automate the process. Start using cash application software and enjoy all the benefits it gives your company.

Having top-quality software is critical for accounting, but finding such software can be challenging. This is why we have prepared a checklist of five features, which you’ll find in the ideal cash application software.

6 Features of an Ideal Cash Application Software

Complete Cash Application

You wouldn’t want to manage your payments in different apps, would you? It will only be time-consuming and allowing more possibilities for a mistake. Choose a software where you can handle checks, wire transfers, ACH, and credit cards all in one place – for example, check Versapay cash application software. This program should also work with emails, web portals, check stubs, and documents in EDI format.

Even though most of the 2020s cash application software offers this feature, you still can come across one which doesn’t. Choose carefully.

You may also consider using cash advance apps, which will help you to top up your bank account whenever needed. You can find some of the best cash advance apps on this website and compare them easily. Just make sure to check the fees before you choose one.

ERP Compatibility

Not all ERP solutions are the same – they are often focused on a specific business sector. It’s essential to make sure that any cash application software you choose is compatible with your own ERP system, and no problems will occur.

If your system and the software are compatible, you will get the most extended benefits – like automatically posting final processed files in the ERP.

Bank Integration

Even if you work with only one bank, you can always decide to change it – so the cash application software should be able to work with any of them. If it doesn’t, or it won’t be able to work properly, some issues will appear when you choose to change banks.

Providers of the software should offer you true versatility. Long-term planning is important in running a business, so think about all your current and future plans that can be connected to the cash application software.

Tools

Decide what tools you use to manage accounting in the company and what means the software should have to wholly automate the process. It can be automation, crawling portals, scanning inboxes, OCR, and many more, depending on the type of accounting system and your needs.

You should also take a look at what modules the software has. You may need just a number of them today, but every company is growing and modernizing, so what if you need more tools tomorrow? Learn what other cash management modules are available.

Customer Account Identification

This will allow you to automate the ability to match customer accounts with the customer database. Technology should be able to process all data like MICR and IBAN numbers, account numbers, and any other necessary details.

An ideal cash application software should also be able to deal with deduction, discounts, and short-pays. When choosing the software, ask yourself questions: will it be possible to deal with corporate customers or alternate payers? Will you be able to split cash across multiple customers on one receipt? Think about what other issues can emerge in your company and check if the software can deal with them.

Level of Automation

Depending on how much automation you want your company to achieve in the financial area, choose the cash application software accordingly. It can be your most used tool or just some additional help for your experienced team of accountants.

It can help you plan for the future and expand your financial capacity, or provide automotive notifications and reminders. Either way, it will surely save you a great deal of time thanks to the automation of many routine tasks.

Get Started

Accounting is one of the key departments in every company. And because of much manual work, this department is often vulnerable to human mistakes. A cash application software comes as a solution for all the tiresome, monotonous tasks that accountants have to deal with. Powerful algorithms and customer tools were created specifically for your company’s cash to end up in the right place every time.

And even though choosing a good program can be challenging, it’s always about the most important features listed above, which decide whether the software will be suitable for your company. Choose the one which will be ideal for you – and make your accountants’ lives more comfortable.

Written by Beata Hardzei