Xtracta’s Remittance Advice extraction
Xtracta’s Remittance Advice extraction helps speed up the payment reconciliation process and assists Accounts Receivable teams to be more efficient
Reconciling payments, especially from high-volume clients, can be a time-consuming and painful process. The use of remittance advice letters is increasing, as they provide businesses with proof that an invoice has been paid by a customer. Details in the payment remittance allow the business to check the payment was received and help improve communications between the client and supplier. While remittance advice documents can assist the accounts receivable team to a great degree, there is still a manual process to match payments to invoices in billing and accounting/ERP software. Xtracta’s automatic remittance advice document extraction can provide complete remittance data for payments within seconds of receiving a document, allowing an automatic reconciliation process to help assist receivables teams.