EQ8R's primary goal is to make a meaningful difference in your business. To that end, we have put together a series of reusable components that handle entire chunks of a business process. Using these, we can automate and manage meaningful parts of your business processes.
Below are a few examples.
1. Matching remittances to open items in your accounts receivable system
Imagine you are an insurer (or another business that receives a lot of payments from different customers). Identifying which open item has being paid based on information in your bank and on a remittance can be a real headache. There can literally be no common data fields between the payment information and the information in your accounts receivable system.
Your finance staff are able to manually allocate payments because they learn to get a feel for how your payments need to be matched. They understand that payments from a particular insurance broker all relate to a particular type of policy and that the broker's system removes all non-alphanumeric characters from your policy numbers so they are then able to match the payment to the open items.
An additional complication with matching payments is that remittances come in many different formats from PDFs, to Excel and CSV files to links that you have to click and download from your customer's sites. Gathering these documents and extracting the data is a challenging task.
This is the ideal scenario to solve using a machine learning solution. An ML system can learn to associate the right payments with the right open items in the same way your finance staff can.
How does it work?
The component can be implemented in a number of ways. At its simplest, you just start forwarding your remittances to an EQ8R email address. Once a day, you send a list of your open items and EQ8R emails you back a spreadsheet with all of the remittances received that day and their matching open item in your system. Your finance staff then enter the items into your accounts receivable system.
The advantage of this is that you can see benefits immediately. No longer do your staff have to search through remittances for payment information and then search through your accounts receivable system to match the payment with the open item. This can be implemented with no involvement from your IT department.
The component can also be fully integrated between you and your banking partner so that payments are synchronised with your accounts receivable system. This, of course, requires the involvement of your IT team.
If you are a BPO company or an RPA service provider, the component can also be accessed via an API (Application Programming Interface). You forward your customer's remittances to EQ8R and submit their open items to our API. You can then pickup through another API the remittance data with matched open items.
What's the output look like?
Below you can see a sample daily report with the following features (the list numbers relate to the circled numbers in the screenshot below):
- Each worksheet in the Excel file relates to a bank account that you receive payments into.
- Remittance data is shown on the left. You can see the total of each remittance along with the details of each remittance line
- The matching open item is shown on the right.
- If a match cannot be made, the row is highlighted.
- If there is a difference between the amount paid and the amount owing, the difference is shown in the write-off column.
EQ8R uses pre-built workflows and a sophisticated deep-learning model to extract the relevant data from remittances so they can be matched to your open items.
To get started, you just need to
- start forwarding remittance emails to an email address we set up for you; and
- daily, send a list of your open items to the same email address.
Each day, EQ8R will then email you (and whoever else you nominate) a copy of a report that shows each remittance line received that day and the matching open item.
The report can be made available on a secure website or emailed as an Excel file as shown above.
From here, you can move to a full integration between your banking partner and your accounts receivable system.
2. Matching PO and catalogue lines in your order processing system
If you are a high-transaction volume business such as a food service company, keying in orders from your customers and sending invoices to your customers requires significant effort and errors are costly. With EQ8R's integration platform, orders from your customer's ordering systems are entered directly into your order processing system ready for fulfillment.
3. Connect your ERP / Accounting system with cloud-based procurement and expense management systems
If you use an on-premise ERP or finance system such as SAP, Oracle, PeopleSoft (and many others) it is difficult for you to start using any of the amazing procurement and expense management solutions available today. With EQ8R's integration platform, you can automate the movement of invoices and expenses from these systems to your ERP / accounting package and automate the creation of payment files for your bank.
Additionally, if the online procurement / expense management system is not able to accomodate your complex expense coding rules, you can put them straight into EQ8R.