Monday ~ March 03, 2010
How can I get the data provided to me by my bank's lockbox into
electronic form? We receive thousands of checks per month from
customers, and have 2 people whose only job is to apply the received
checks to outstanding invoices "cash application". Since the images
of the checks are hosted by our bank, i'd like to get all the data on
the checks remitted to me in excel, or comma delimited format so that
I can free those people up to do other things. Answer should ideally
include links to some companies who provide such a service.
As a point of clarification, my question is not how can I accelerate
cash collections within the lockbox. I am curious to find out how I
can get the images of the checks which are hosted on my bank's lockbox
website directly input into my accounting software which tracks
accounts receivable. Can they scan the checks, is there a service,
somthing. I've just got two people who do nothing all day except
apply cash in the accounting system based on the images that are on
the bank's website lockbox. Does that clarify a bit? thanks
Two questions, superflycpa:
(1) Where are you located, and
(2) Where are most of your clients (remitters) located?
Most lockbox services can easily provide you with the services you
seek, and then some more. The base question though is where to locate
the lockbox. For example, if your remitting clients were all located
in Philadelphia, you would probably desire a Philadelphia lockbox
since the mailing time from client to bank would be minimized. Let's
say that your mail is speeded up by 2 days (1 day faster in the mail
and 1 less day sitting around in your office) then you are getting, in
effect, an interest free loan equal to two times your average daily
receipts. Average receipts = $500,000. Then average daily receipts =
$2,000 times 2 days acceleration = $4,000 cash flow enhancement.
weisstho-ga
Have you asked the bank if they provide that service or know of someone who does?
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