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Rosenthal & Rosenthal Responds to Remittances with Centreviews

Rosenthal is the largest privately held factor and finance company in the United States with a growing client base.

At A Glance

  • Employees spend many hours manually matching payments to accounts, leaving them overwhelmed.
  • Centreviews created an automated process that matches the information to incoming payments, making payment application much more efficient.
  • Clients are happier because they can access their funds more quickly.
  • Payroll has been reduced and morale has also improved since employee overtime has been reduced and they spend less time on mundane tasks.

BACKGROUND

As a factoring provider for businesses in a variety of industries, Rosenthal & Rosenthal traditionally dealt with check-based payments from its clients. Until five years ago, Rosenthal had standards that required specific information to be included with each payment, but that rapidly changed. Soon, they found that payers were merely forwarding payment with very little information. That left Rosenthal’s accounts receivable team the difficult, tedious and time-consuming job of tracking down information to go with each payment.

CHALLENGE

With over six million invoices a year, Rosenthal needed a way to process payments more efficiently. Approximately one-third of its payments were being applied manually, taking significant time and draining available resources. It was difficult for Rosenthal’s staff to complete the daily work in a timely manner often having to carry work into the next day. The company considered hiring more people, but there wasn’t enough work in the slow periods to keep an additional employee busy and at the same time the Company was incurring over-time expenses during the busy period.

SOLUTION: THE CENTREVIEWS’ RECEIVABLES SOLUTION

Rosenthal invited Centreviews in to conduct a demonstration of its Receivables Management Solution (RMS) for its team. Once Rosenthal made the decision to proceed with RMS, Centreviews took approximately four months to implement a process that could replace the existing manual system. For the payers who either emailed the payment information or provided it in other unreadable format such as from web sites, Centreviews’ RMS automated the process to capture this information and is now able to match the funds on the wire report to the remittance information provided in email and from web sites to provide images of both. That eliminated manual matching and gave Rosenthal the documentation it needed to provide to its customers.

Centreviews RMS also eliminated the need for the, Rosenthal’s team to go out to the web to get the information necessary to process the invoice. Centreviews’ RMS takes care of that automatically, as well, providing an electronic report sent to Rosenthal each month that includes relevant information from payers’ websites.

The Centreviews project team faced a few obstacles along the way, starting with deciphering the file Rosenthal’s bank was sending over. It was easy to identify the sender and the amount, but they had difficulty matching criteria to the remittance. For the first 30 to 60 days, reconciling the different formats that the information was coming in proved tricky, but over time, they tweaked the report until the process began to run smoothly.

RESULTS

Now that the new automated process is in place, Rosenthal & Rosenthal enjoys more efficient payment application, which means their own clients get their funds more quickly. The new process also saves money for Rosenthal because clients can get the images they need directly on the web while reviewing the daily report Rosenthal provides. Clients are happier and, best of all, Rosenthal’s employees are happier, since they are no longer inundated with time-consuming manual tasks and having to work over-time during the busy period. This has allowed them to shift toward more value-added daily actions, which improves morale and helps Rosenthal grow.