Cash Application Exception Processing

The Receivable Management Services Corporation (RMS) provides ‘best-in-class’ research and resolution of exception items.  Our strategy of analyzing the process uncovers gaps and inefficiencies that negatively affect sales, cash flow and your working capital.  An example of this is the in-depth look we take of current lockbox processes and the resulting exceptions.  Through this we uncover the root cause of matching issues so that we can modify your process and significantly improve your hit rate. 

Our services include:

Cash Application/Suspense

The Receivable Management Services Corporation (RMS) will research and then allocate unapplied/suspense payments by locating the appropriate accounts or invoices to which they rightfully belong.  This also includes the application of a credit memo to an invoice.  By utilizing our RMS Connect tool, we can track and monitor payments through their completion to ensure both their appropriate and timely application.

Real Story Problem: Significant suspense backlog of > $25M in suspense/unapplied cash Items > 4 years old

Real Story RMS Solution: Reduced to < $10k and maintained Daily process flow created for research and resolution

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Payment Investigations

Upon the request of the customer, The Receivable Management Services Corporation (RMS) will research the tracking/posting of a check or wire payment that has been unable to be located in ERP, or is feared to have been misapplied. The RMS Connect tool allows us to sort and research payments by various parameters, such as date and/or dollar amount, so that we can investigate like payments in a specific time period as a means of determining if this payment was misapplied or never received.

Real Story Problem: Lack of cash reconciliation

Real Story RMS Solution: Daily audits and bank reconciliations maintained Payments processed within 24 hours

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Transfers

This is the processing of payment transfers to a different account at the request of the customer or client.  Transfers need to be tracked to ensure the correct dollar amount was used, that the transaction was completed and for the actual timing of the transaction so that it is clear as to when funds are available.  These transactions also need to be verified against the correct account on a timely basis so that additional billings or actions are not inadvertently begun.

Real Story Problem: Backlog of customer care requests: refunds, transfers, payment investigations

Real Story RMS Solution: Customer care requests handled in < 24 hours

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Refunds and Stop Payments on Refunds

The Receivable Management Services Corporation (RMS) will process refund requests initiated by the client’s customer care team.  We build an automated schedule of authorization for expedited and accurate processing.  Also initiated by the customer care rep, stop payments on refund checks involve rescinding the refund and replacing the funds into the customer’s account. By utilizing our RMS Connect tool, we are then able to track and monitor the request through completion. 

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Insufficient (NSF) Funds

The Receivable Management Services Corporation (RMS) conducts research through the bank systems to determine the validity of insufficient fund notifications on checks received for payment.  Our relationship and expertise with the banking systems allows us to streamline this detailed process while our RMS Connect tool allows us to track and monitor the progress.

Real Story Problem: Multiple lockbox providers (+15)

Real Story RMS Solution: Banking report card identifies ‘best-in-class’ Reduce lockbox providers to < 5

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Refund Check Copy

The Receivable Management Services Corporation (RMS) will research a payment made by check and provide a copy of that check as proof of the payment.  By utilizing our RMS Connect tool, we can track and monitor the request through completion to ensure prompt and efficient servicing.

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