Invoiced, as part of its new A/R Cloud application, will now offer a new artificial intelligence-based cash application engine.
The program will enable users in fields like accounting, finance and operations to utilize tools to identify, import and match unapplied payments with the invoices, balances and customers they go together with.
There will be configurable settings to help companies match up how exactly they want to deal with payments — and with the CashMatch AI program, an algorithm will recommend the right way to match an unapplied payment.
The program will allow users to multi-task and match payments across numerous open invoices all at once, with options for short-pay and overpay.
Payment data will be able to be imported through a number of options like bank feed, lockbox, BAI file or a spreadsheet, and remittance advice will be able to be done automatically.
The company is also introducing a ‘virtual lockbox’ in which checks payments can be scanned automatically, then deposited, presented when invoiced, and analyzed with optical character recognition, then finally matched with the user-defined rules using the CashMatch AI algorithm’s recommendations.
That program also features a Checkstream-enabled account from Invoiced partner Earth Class Mail.
By allowing the automatic processing of physical checks, businesses will be able to avoid common mistakes made while doing it manually, as well as save money and time from having to spend time doing it by hand.
Invoiced co-creator and chief executive officer Jared King said the idea to automate many of the invoicing steps was a natural byproduct of the amount of time many businesses spend on those processes.
The new features, along with the virtual lockbox, can be purchased using Invoiced’s pricing plans, the press release states.