Rosenthal & Rosenthal, Inc. provides factoring and finance services. The Company offers collection, advance, and international factoring services, and non-notification, spot factoring, letters of credit, asset-based lending, such as working capital loans, precious metals leases, and lockbox services.
By automating their cash application, Rosenthal & Rosenthal has an efficient process that enables growth.
Rosenthal is the largest privately held factor and finance company in the United States with a growing client base. With over six million invoices a year, Rosenthal needed a way to process payments more efficiently. Approximately one-third of its payments were being applied manually, taking significant time and draining available resources.
It was difficult for Rosenthal’s staff to complete the daily work in a timely manner often having to carry work into the next day. The company considered hiring more people, but there wasn’t enough work in the slow periods to keep an additional employee busy and at the same time the Company was incurring overtime expenses during the busy period.
Rosenthal needed to automate manual processes that were time-consuming and labor-intensive.
It was difficult for Rosenthal’s staff to complete the daily work in a timely manner often having to carry work into the next day. The company considered hiring more people, but there wasn’t enough work in the slow periods to keep an additional employee busy and at the same time the Company was incurring overtime expenses during the busy period.
Centreviews RPA bots automate complicated processes for improved efficiency and turnaround time.
Rosenthal invited Centreviews in to demo of its RPA Bots for its team. Once Rosenthal made the decision to proceed with Centreviews, it took approximately four months to implement a process that could replace the existing manual system. For the payers who either emailed the payment information or provided it in other unreadable format like a website, Centreviews automated the process to capture this information and is now able to match the funds on the wire report to the remittance information provided in email and from web sites to provide images of both. That eliminated manual matching and gave Rosenthal the documentation it needed to provide to its customers.
Centreviews also eliminated the need for the Rosenthal team to go out to the web to get the information necessary to process the invoice. Centreviews takes care of that automatically, as well, providing an electronic report sent to Rosenthal each month that includes relevant information from payers’ websites.
The Centreviews project team faced a few obstacles along the way, starting with deciphering the file Rosenthal & Rosenthal’s bank was sending over. It was easy to identify the sender and the amount, but they had difficulty matching criteria to the remittance. For the first 30 to 60 days, reconciling the different formats that the information was coming in proved tricky, but over time, they tweaked the report until the process began to run smoothly.
Now that the new automated process is in place, Rosenthal & Rosenthal enjoys more efficient payment application, which means their own clients get their funds more quickly.
The new process also saves money for Rosenthal because clients can get the images they need directly on the web while reviewing the daily report Rosenthal provides. Clients are happier and, best of all, Rosenthal’s employees are happier, since they are no longer inundated with time-consuming manual tasks and having to work overtime during the busy period. This has allowed them to shift toward more value-added daily actions, which improves morale and helps Rosenthal grow.
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