Case Study: Exide Technologies reduces cash application time by 50% with Cashbook

A streamlined automated solution for a demanding lockbox process

Exide Technologies, a global leader in stored electrical energy solutions operating in more than 80 countries, turned to Cashbook in 2009 for help automating an increasingly demanding lockbox process. Before the project, the team was manually downloading bank lockbox files into Excel, allocating remittances in JDE, creating deductions by hand, and spending significant time tracking down electronic payment remittance details.

Cashbook implemented its AR Bank Lockbox solution, integrated with Exide’s JDE ERP, to automatically process lockbox files overnight and match payments using customized rules based on invoice and sales order numbers. The solution streamlined batch handling and exception management, delivering up to 95% invoice automation for North American lockbox, up to 85% for European MT940, over 99% reconciliation automation, and reducing cash application time by more than 50%.

Exide Technologies

Karen Snyder

Cash Application Supervisor