Accounts Receivable Conversion! A Major Money & Time Saver For
Companies
The Check 21 Law that went into affect in 2004 can make life so
much easier for your company. If you receive consumer checks,
vendor checks, business checks, government checks, virtually any
kind of check drawn on a US bank, you can now do from the
convenience of your companys' location (or remote location) the
same thing that only the top 5 or so banks are now doing for
their customers. What is it? Accounts Receivable Conversion!
Because of 9/11 and the fact that billions of dollars in checks
were stranded on the ground when the airplanes were all
grounded, Congress passed a law that went into affect in Oct
2004 that would allow for image conversion of checks for
companies and banks. Your companies AR dept can now image the
checks and send them to the Fed and into the company's bank
account and NEVER leave the office.
There are two major ways to accomplish this that are available
today. One is the use of a document imaging terminal, and a
software program installed on your computer. The other utilizes
a document imaging terminal, a computer, and Internet access to
secure servers off location, with no software to buy.
Accounts Receivable Conversion (ARC) can reduce hours of work
and time in preparing deposits. No longer do you need to copy
checks, enter them manually into your accounts receivable
software, spend time looking up accounts, waste valuable time in
filling out deposit slips and going to the bank or having an
armored car service do it for you. Once you have completed the
image process, you can actually import all your information into
your particular accounting software. You can even do recurring
billing in house, without outsourcing it with added expense.
Companies i know have streamlined their Accounts Receivable Dept
from a nightmare to a breeze. Major Result? They find huge
savings in dollars, man hours, and wasted time trying to recoup
NSF checks. Some solutions even allow for near elimination of
contact with the customer over NSF checks, and substantial
savings in the process.
Projections are that within 10 years, 80% of mid to large size
companies will be doing their accounts receivable conversion in
house through ARC. Yours should definitely consider it.