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Cash Application Lockbox Remittance 101

Course 6 of 6 in Cash Application 101 Training

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

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