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Cash Application Lockbox Remittance 101
Cash Reconciliation
Watch this tutorial and understand the basic components of lockbox remittance processing in a cash application.
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  • Lesson Overview
  • Transcript
  • Resources
  • Discuss

"Time is Money." - Benjamin Franklin

This still holds to be true in the modern era of business. Everyone wishes to have a lively streamlined payment process in their business.

The traditional process of check collection, clearance, and remittance from customers is very sluggish and consumes a major portion of business time. What if this tedious process becomes intelligent and less laborious? What if you could have more business time, funds, and profits?

To cut down on the extra processing time and facilitate efficient bank-to-bank transfer, companies started creating accounts called 'lockbox' at their banks. With the use of these lockboxes, companies were able to have hassle-free clearance and remittance with a higher level of control and security over their due payments.

This method of collection, clearance, and remittance reduces one's own time and money. Watch this tutorial to learn more about lockbox remittance processing in cash applications and how you could leverage this time-saving feature in cash applications and have more business time.

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Instructor
JOHN M.DONOVAN · Advisory Sevices Consultant, Quote to Payment
John M. Donovan is a senior financial services executive specializing in all aspects of the Order-to-Cash and back-office processes. Managed several very large global A/R portfolios for major Fortune 100 and 500 high-growth companies in various stages of delivery and transition, as well as small companies in a startup and growth mode.
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Cash Application Lockbox Remittance 101

Course 4 of 6 in A/R Manager's Guide to Improve Cash Reconciliation

Watch this tutorial and understand the basic components of lockbox remittance processing in a cash application.

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About this course

promoImage
description
lessonOverview

"Time is Money." - Benjamin Franklin

This still holds to be true in the modern era of business. Everyone wishes to have a lively streamlined payment process in their business.

The traditional process of check collection, clearance, and remittance from customers is very sluggish and consumes a major portion of business time. What if this tedious process becomes intelligent and less laborious? What if you could have more business time, funds, and profits?

To cut down on the extra processing time and facilitate efficient bank-to-bank transfer, companies started creating accounts called 'lockbox' at their banks. With the use of these lockboxes, companies were able to have hassle-free clearance and remittance with a higher level of control and security over their due payments.

This method of collection, clearance, and remittance reduces one's own time and money. Watch this tutorial to learn more about lockbox remittance processing in cash applications and how you could leverage this time-saving feature in cash applications and have more business time.
transcript

Coming Soon
resources Coming Soon
discuss Coming Soon
instructor
name title image description
JOHN M.DONOVAN Advisory Sevices Consultant, Quote to Payment John M. Donovan is a senior financial services executive specializing in all aspects of the Order-to-Cash and back-office processes. Managed several very large global A/R portfolios for major Fortune 100 and 500 high-growth companies in various stages of delivery and transition, as well as small companies in a startup and growth mode.
recommendation
image tag title description link duration

Cash Reconciliation

KPIs and Reporting

 Cash Application KPIs and Reporting Watch this tutorial to learn how to monitor cash application KPIs to achieve your business's long-term goals. https://academy.highako.com/cash-application-kpis-and-reporting 30 Min

Cash Reconciliation

Exception Handling

 Month-End Closure Learn how to use various strategies for optimizing your cash management with practical solutions on how you could reconcile as many accounts as possible every month seamlessly. https://academy.highako.com/ar-managers-guide-to-month-end-close-process 30 Mins

Cash Reconciliation

Exception Handling

 Selecting the Right Cash Forecasting Model for Your Business Watch this A/R Manager's tutorial and understand how to evaluate your cash reconciliation and cash forecasting strategies to improve visibility and transparency. https://academy.highako.com/selecting-the-right-cash-forecasting-model-for-your-business-course 30 Mins
tribe
widgetType Id components
topic cash-application input

Curriculum30 Mins

  • Lockbox Remittance 101 (~17 Mins)
  • Preview
    Understanding the Lockbox Remittance Processing Concept
  • 4 Reasons Why Paper Checks are Not Dead
  • Understanding Lockbox Processing and MICR
  • Semi-Automated Lockbox Services vs Traditional Lockbox Services (~15 Mins)
  • Lockbox Shortfalls Related to Processing Checks
  • What is Semi-Automated Lockbox Processing
  • 6 Questions to Ask While Evaluating Your Traditional Lockbox Service

About this course

promoImage
description
lessonOverview

"Time is Money." - Benjamin Franklin

This still holds to be true in the modern era of business. Everyone wishes to have a lively streamlined payment process in their business.

The traditional process of check collection, clearance, and remittance from customers is very sluggish and consumes a major portion of business time. What if this tedious process becomes intelligent and less laborious? What if you could have more business time, funds, and profits?

To cut down on the extra processing time and facilitate efficient bank-to-bank transfer, companies started creating accounts called 'lockbox' at their banks. With the use of these lockboxes, companies were able to have hassle-free clearance and remittance with a higher level of control and security over their due payments.

This method of collection, clearance, and remittance reduces one's own time and money. Watch this tutorial to learn more about lockbox remittance processing in cash applications and how you could leverage this time-saving feature in cash applications and have more business time.
transcript

Coming Soon
resources Coming Soon
discuss Coming Soon
instructor
name title image description
JOHN M.DONOVAN Advisory Sevices Consultant, Quote to Payment John M. Donovan is a senior financial services executive specializing in all aspects of the Order-to-Cash and back-office processes. Managed several very large global A/R portfolios for major Fortune 100 and 500 high-growth companies in various stages of delivery and transition, as well as small companies in a startup and growth mode.
recommendation
image tag title description link duration

Cash Reconciliation

KPIs and Reporting

 Cash Application KPIs and Reporting Watch this tutorial to learn how to monitor cash application KPIs to achieve your business's long-term goals. https://academy.highako.com/cash-application-kpis-and-reporting 30 Min

Cash Reconciliation

Exception Handling

 Month-End Closure Learn how to use various strategies for optimizing your cash management with practical solutions on how you could reconcile as many accounts as possible every month seamlessly. https://academy.highako.com/ar-managers-guide-to-month-end-close-process 30 Mins

Cash Reconciliation

Exception Handling

 Selecting the Right Cash Forecasting Model for Your Business Watch this A/R Manager's tutorial and understand how to evaluate your cash reconciliation and cash forecasting strategies to improve visibility and transparency. https://academy.highako.com/selecting-the-right-cash-forecasting-model-for-your-business-course 30 Mins
tribe
widgetType Id components
topic cash-application input

Curriculum30 Mins

  • Lockbox Remittance 101 (~17 Mins)
  • Preview
    Understanding the Lockbox Remittance Processing Concept
  • 4 Reasons Why Paper Checks are Not Dead
  • Understanding Lockbox Processing and MICR
  • Semi-Automated Lockbox Services vs Traditional Lockbox Services (~15 Mins)
  • Lockbox Shortfalls Related to Processing Checks
  • What is Semi-Automated Lockbox Processing
  • 6 Questions to Ask While Evaluating Your Traditional Lockbox Service