Managing cash application manually is prone to errors with scattered remittance info, part payments and scaling operations. With Growfin, automations and AI changes all that.
Growfin’s AI extracts remittance data from lockboxes, bank statements, or emails accurately using advanced OCR technology, eliminating errors of manual data entry.
Automate matching payments, including partial, bulk, and adjusted payments, to corresponding invoices to significantly improve reconciliation accuracy and speed.
Automate matching complex payment adjustments like bank charges, credits, or TDS deductions, ensuring precise reconciliation without manual intervention.
Growfin instantly posts accurately matched payments directly to your ERP system, providing immediate financial updates and eliminating reconciliation delays.
Manage payments in multiple currencies across different subsidiaries with distinct workflows, automatically creating general ledger entries for deposits.
In our second quarter. We brought in the right amount to make corporate send us a congratulations email.
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Growfin’s customer support has been a huge asset for us. The team has always been available, whenever we need assistance, right from the start.
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Growfin has transformed our accounts receivable management. The automated processes and seamless data flow have allowed us to focus more on strategic initiatives rather than manual tasks.on strategic initiatives rather than manual tasks.
Growfin’s AI-powered Health Score gives us an accurate view of accounts to prioritize. Now, our percentage of overdue invoices has dropped from 25% to 22%, overdue dollars have dropped from 20% to 15%, and our DSO has reduced from 45 to 30 days.
Our older and aged invoices have been getting paid faster with Growfin. Their team was super helpful during implementation, and their support has been incredibly fast.
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With Growfin, our AR processes are not only more efficient but also more organized. This has led to a 20% reduction in manual effort and a 30% reduction in outstanding receivables, increasing our cash flow by 27%.
