9 Critical Benefits of Remote Business Cheque Deposit Capture

• What is remote deposit capture?
• How remote deposit capture works
• Why your business will benefit from remote cheque deposit capture
• Accounts receivable automation for cash application solutions
• Add remote cheque capture and AR automation to your digital mailroom automation
• Partner with Ash Conversions International (ACI)

As more and more companies transition to support remote workspaces, they’re continually searching for ways to adopt innovative technology that minimizes the need for manual processes. In many cases, this means fewer people at the central office carrying out day-to-day tasks, such as mail sorting.

Digital Mailroom solutions offer an answer to processing mail manually by converting it to a digital format and routing it accordingly. However, handling incoming cheques brings another level of challenges as it involves manual examination and scanning by your accounting team, followed by a visit to the bank. Delays in processing cheques can result in an interruption to your cash flow.

Fortunately, ACI’s ‘CheqMate™’ remote cheque deposit capture solution offers a unique, cost-effective way to enhance the digital mailroom, making cheque deposits faster, easier, and more efficient.

What is Remote Deposit Capture?

Remote cheque deposit capture is a modern, tech-based solution that enhances today’s company’s efforts to move processes online. This service eliminates the need for manual handling of cheques by allowing for digital scanning and deposit as soon as they’re received through your Digital Mailroom system. 

How Remote Deposit Capture Works

You might have had experience scanning personal cheques for deposit through a banking app on your smartphone. The process is similar for remote cheque deposit capture for businesses.  

After receiving incoming cheques through your Digital Mailroom solution, the cheques are scanned and uploaded to your bank for deposit. Receipts and documentation are also captured digitally and forwarded to the appropriate person within your organization.

This convenient process saves time and improves efficiencies, ensuring that your cash flow is never interrupted due to cash deposit delays or errors.

Why Your Business will Benefit from Remote Cheque Deposit Capture

Remote cheque deposit offers your business nine distinct advantages over manual cheque processing:

1. Seamless banking flexibility

You don’t need to open a new account or use a particular bank to start using remote deposit capture. Virtually all of the big banks already allow remote cheque deposit capabilities.

2. Ongoing, uninterrupted cash flow

Daily cheque processing means your money is deposited directly into your account faster, with no interruption to cash flow and faster access to working capital.

3. Instantly viewable cheque scans

Need to review the scan of a cheque? It’s easy with remote deposit capture. Cheques are archived online for fast, easy access, so you can provide payment documentation when necessary.

4. Increased productivity

Thanks to remote cheque capture, your accounting team won’t spend time keying entries and can focus their attention on more pressing tasks.

5. Added security

Since the cheques are deposited digitally as soon as they’re received, there’s no need for concern about something happening to your cheques while a staff member carries several of them to the bank.

6. No batching of cheques

Many accounting departments allow cheques to pile up so they can be deposited in a “batch” later in the week. With remote cheque deposit capture, no batching is necessary because cheques are scanned and deposited as soon as they are received.

7. It saves time and money

Remote cheque capture eliminates the necessity of going to the bank to deposit cheques. It also saves money on couriers and mail fees forwarding cheques to your remote personnel. Since the image is captured and stored online, there’s no need to scan the cheque yourself or pay the bank to provide an image for verification purposes. 

8. Reduced cheque return

Advanced cheque scanning technology helps provide a clean, clear image for the bank processing centre. Clearer scans drastically reduce the number of returned cheques due to poor image quality created without the scanning technology from remote cheque deposit service providers. Returned cheques affect your cash flow and cause inconvenience and wasted time trying to resolve the situation.

9. Efficient data capture

Crucial information from each cheque is captured and transferred for import into your ERP system. You can use this rich data to build critical analytics that help you make informed business decisions.

All cheque scans and data are stored in ACI’s secure cloud platform, FileManager™. Cloud storage allows authorized team members to quickly and easily access critical information from anywhere without the need for external software. 

Remote Deposit Capture offers many tangible benefits to companies. However, to truly take advantage of everything this solution provides, we recommend integrating it with ACI’s accounts receivable automation solution, ARAssistant™, which will further digitally optimize your AR processes.

Accounts Receivable Automation for Cash Application Solutions

Another way to help increase AR efficiency is with our AR automation solution that eliminates the need to manually apply cash remittances against outstanding accounts receivable invoices. AR automation also helps your organization significantly reduce your day sales outstanding (DSO), optimize your capital management, and save time and resources versus doing everything manually. 

This solution handles every aspect of your AR routine, including payment linking, invoice matching, coding of deductions, rebates, credits, and much more. It accepts input from multiple sources, such as hard copy, digital, and EDI, and seamlessly interacts with any modern ERP system.

AR automation increases accuracy and improves productivity by allowing your staff to refocus their energy from repetitive manual tasks to more strategic tasks that will contribute to your company’s long-term health. 

Add Remote Cheque Capture and AR Automation to Your Digital Mailroom 

Remote cheque capture is a crucial part of an enhanced digital mailroom automation solution. The digital mailroom is a growing trend among businesses that continue to digitize their processes.

Digital mailroom automation saves your team the time and effort of manually receiving, opening, sorting, and distributing mail across your organization. Instead, everything is securely sorted, scanned, and forwarded to the appropriate parties with a complete audit trail entered into the system. The results are:

• Timely document distribution
• Costs savings on postage and couriers
• No piles of envelopes and packages taking up valuable space

You could have a digital mailroom solution without remote cheque capture or AR automation. However, to fully optimize your processes for remote workers and increase profitability through digitization, it’s a good idea to have all three. The three solutions seamlessly integrate to improve your business efficiencies, especially when you partner with a company specializing in and focused on these services.

Choosing the Best Digital Mailroom Partner 

Digitizing your mailroom to process documents and remote cheque deposits should be handled by experts with years of experience working with automation technology, using their own proprietary system that utilizes cloud technology for easy accessibility and top-notch security, especially for sensitive documents.

A digital mailroom service provider should have the capability to handle and digitize various types of documents and offer complete solutions that cover every angle of the digital mail and cheque deposit process, including creating audit trails and documentation.

Finally, you should choose a service provider who acts as a trusted advisor and true partner in your business success, offering cost-effective solutions that not only increase efficiencies but also boost company profitability, providing the best customer service experience possible.

For all of this and more, you can put your confidence in Ash Conversions International. 

Partner with Ash Conversions International (ACI)

Ensuring the efficient flow of mail through a digital platform is crucial to your company’s continued success as you transition your processes online. Consider ACI your trusted partner in digital mailroom automation.

With ACI’s Digital Mailroom Manager™, your entire mailroom is managed under one robust solution. ACI sets up a dedicated post office box to receive your incoming mail. We pick up your mail daily to be processed at our secure facility. Our team sorts, scans, indexes, and routes all correspondence digitally to designated end-users for additional processing. Our digital mailroom provides a quicker turnaround time for documents and a robust, efficient flow of mail compared to manual processing.

For remote cheque deposits, we provide a Lockbox Banking solution that handles all of your mailing requirements, including cheques deposited daily into your business bank account to protect your cash flow and working capital. We also provide the cheque data to be imported into your ERP system, giving you complete visibility into your AR process.

All mailed and processed documents are fully audited and logged for seamless digital tracking from when we receive the hard copy to when the digital piece is delivered. Our audit trail is stored on the cloud for easy access from any location, eliminating the need to license, maintain, and learn to operate new software.

We can also create solutions to complement your digital mailroom, such as our automation solution for cash application, accounts payable automation, document scanning, cloud document management, and much more.

For over 40 years, ACI has been helping companies overcome business challenges, enhance operational efficiencies, and transition into digitization with innovative tech-based solutions that focus on their needs. Our team of dedicated professionals is committed to providing a wide variety of exceptional business services along with the outstanding customer service experience you deserve.

Contact us today to learn more about how partnering with ACI can help your business to quickly become more profitable.