Best 7 Cash Application Software Solutions of 2024

If you’ve been doing cash application manually, you know the downsides. It’s complex, time-consuming, and prone to human error. As your business grows, you might consider moving to cash application automation with the help of either cash application software or cash application solutions.

But when you are looking at a cash application solution, or any other type of software it can be hard to know how to evaluate your options.

What is Cash Application?

Cash application is the matching of payments that come through various channels to the invoices that they are paying.  This can be completed either manually, semi-manually or automatically. Although it is traditionally done through a complex manual process, many companies turn to cash application automation and cash application solutions to simplify and scale their cash application while freeing up their resources for higher-value tasks.

The Benefits of Cash Application Software

While cash application automation solutions automate the cash application process, cash application software optimizes and streamlines the cash application process, typically with the help of AI.

Benefits of cash application software include:

• Scalability. Automating a traditionally manual and complex process enables businesses to process invoices 24-7 while reducing human error and accelerating the payment process to  expand their customer base.
• Optimal cash flow management. The streamlining and simplifying the cash application process leads to quicker reconciliation, enabling businesses to more quickly pay employees, suppliers, pay off debt or invest in opportunities for business growth.
• Greater reliability and accuracy. Automating the manual and complex process of matching invoices to payments eliminates human error and typical delays that occur in the traditional cash application process.
• Improved relationships with customers. Having greater accuracy and faster payment processing helps customers to gain trust in your brand, facilitating customers that continue to use your services in the future.

Best Cash Application Software List

Here is a list of the best cash application software solutions we’ve found in 2024 so you can choose the right one for your business.

1. Gaviti

Gaviti delivers 100% accuracy matching invoices to payments when customers use its Self-Service Payment Portal, and a 95% rate of accuracy for all payments. It also offers manual, semi and automated cash application, with highly detailed levels of reporting. Its AI-powered cash application module is one element of an A/R management and automation platform that optimizes the entire accounts receivable lifecycle.

2. Emagia

Emagia integrates with banks, lockboxes, ERP systems, email inboxes, and customer AP portals to deliver payment matching, remittance handling and analytics for enterprise customers along with cash application automation with AI and machine learning.

3. Serrala

With matching rates of up to 99%, Serrala’s FS Autobank solution offers cash application for Systems Applications and Products (SAP) software and integrates with cloud services to deliver invoices matching and automated reminders to help scale the cash application process for businesses of all sizes.

4. Global PayEX

Automating and optimizing the cash application process through its AI-powered platform, Global PayEx extracts data across bank statement formats to deliver payment reconciliation and cash flow forecasting.

5. HighRadius

It’s cash application software simplifies the complex cash processing system by simplifying exception handling and validating discounts, shorts or over payments, using both AI and RPA for automation. It also offers customer portal and customer communication features for businesses of all sizes.

6. Billtrust

Billtrust automates your cash application and delivers high matching rates using AI, offering invoice delivery and payment processing with all ERPs and banks. It delivers high-quality customer support, is easy to use, and is targeted towards mid to large level enterprises.

7. Quadient A/R by YayPay

AI-driven automation and payment matching with customer communication (e.g. customer portal and automated reminders) and advanced analytics that integrate with ERPs, CRMs and other systems. Quadient AR is for businesses of all sizes.

Key Features of Cash Application Solutions

Regardless of which cash application solution you end up choosing, they must all have the same critical features.

• Automated payment matching. Match payments to invoices automatically through the use of artificial intelligence that can also identify when automated cash information is  missing or incorrect.
• Connect with your financial systems. Ensure that your cash application solution integrates with your ERPs, banking, and accounting systems to provide it with the most accurate data possible.
• Record remittance data accurately. The process of gathering remittance data from different types of payments should also be done with automated processes such as scanning, OCR or robotic process automation. The software should also be able to link this remittance data to payment information.
• Managing dispute workflows. Cash application solutions should have a method that identifies and tracks payment discrepancies. This is one of the elements that adds significantly to the complexity of the payment process.
• Real-time dashboards reporting. You should have insight into outstanding invoices and metrics such as DSO, cash flow and payment matching rates to identify bottlenecks in the payment process and make any improvements needed to optimize the collections process. Invoice-to-cash A/R and automation software such as Gaviti allows you to customize these dashboards according to different roles and responsibilities within your A/R team.

How Gaviti Helps You Automate Your Cash Application

Automation in cash application is the new standard for companies turning to cash application solutions. Many take this a step further in streamlining and optimizing their cash application as well.

It’s cash application module includes:

• Automated payment matching. Automate the process of matching correct customer payments to invoices through Gaviti’s platform. Leverage remittance information provided by customers to intelligently identify and match payments to the appropriate invoices. Since 95% of payments are matched automatically, all you’ll have to do is approve the match.
• Automatic cash application via the payment portal. Match customer payments to invoices with 100% accuracy when your payer attributes the payment to the corresponding invoice using Gaviti’s Self-Service Payer Portal. This accelerates the payment process while saving time and reducing human error.

• Single and multi-bank connectivity. Get automation and reconciliation capabilities in real-time from both multiple sources and from your primary bank. This allows you to consolidate collections data and streamline A/R processes, regardless of the number and types of ERPs you use.
• Remittance-based matching. Ensure accurate payment matching and payment reconciliation with the use of remittance information such as invoice numbers and payment references. At the same time, you’ll also gain improved visibility into your cash position.
• Real-time visibility and reporting. Gain real-time visibility into the status of unpaid, unmatched and applied invoices and how they impact your A/R performance. Apply insights from these data reports to optimize collections strategies, reduce DSO, and improve your cash flow.

Want to learn more about how Gaviti automates the cash application process? Speak to a specialist today!

See why Gaviti is ranked as the #1 Credit & Collections Software on G2: