Automate Repetitive Tasks | Allocation of Cash Receipts

Published: 29 August 2023

Introducing Tenzing a software robot developed by Tangent Solutions to allocate cash receipts received from clients. 

This Robotic Process Automation solution reduced the time spent on allocations by employees from 120 hours per month to only one exception handling now and then. Each transaction time decreased from 1 minute 12 seconds to 14.6 seconds.

The robot can perform more than 45,000 transactions in a month by only running during working hours, while a human is limited to 6,000 transactions per month.

Tenzing’s responsibilities are:

  1. Data Collection: This includes gathering data from CSV bank statements retrieved from a folder.
  2. Data Verification and Preparation: Converting the raw data from CSV files to a usable form and extracting relevant information.
  3. Data Capture: Inputting the information into a system to capture and then post it.

How Does RPA Work to Capture & Post Cash Receipts?  

Allow me to give you an overview of what my job entails. I monitor a folder and wait for a CSV bank statement to arrive. Once I find it, I extract the information I need to capture and post the information on the system. I generate summaries of what I processed and finally, archive these artefacts. 

As soon as a bank statement is placed in my folder, I can start going to work by extracting and formatting the data.

  • I then log into the system and navigate to where I capture the cash receipts.
  • I create a batch reference using the date and statement number of the transactions we captured. 
  • I searched the system for a contract number and by isolating the numeric portion of what the client used as a reference, if it’s 13 digits in length, with the second to last number being an eight or nine. I know it’s an ID number. If not, I can check to see if the number isn’t a contract number. 
  • If it still isn’t, I automatically send it to a suspense account that is manually processed by a human. 

This one seems to be an ID. Thus, I can select the appropriate contract number from the list. I can easily fill in text boxes and dropdown lists using the information I extracted from the CSV.

This transaction is complete and can be submitted. I then update the bank statement to reflect the successful submission.

Posting the Information Captured

After all the transactions and events are captured, which I grouped by statement number and payment date, I can post the batch. I verify and make sure that the number of deposits and the value of the deposits I captured match that displayed by the system.

At the end of each day, I generate a report of what I processed, including how many transactions failed. This is then moved to a completed folder with a monthly accumulated report. In this way, I have automated the cash receipts capturing process to such an extent that a human is only required to handle the exceptions when they occur.

This speeds up the workflow and vastly increases productivity. Mundane and repetitive processes are a thing of the past with Robotic Process Automation. 

Contact Tangent Solutions today and find out how we can help your business get ahead. Watch the full video below.

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Automate the capturing process and allocation of receipts with Tangent Solutions.