Case Study: Franklin Sports achieves faster cash application and lockbox automation with Cashbook

Franklin Sports automates bank lockbox in 45 minutes with Cashbook

Franklin Sports, a premier sporting goods company, was struggling with a previous cash application tool that was causing significant inefficiencies. Their process was slow, taking up to seven hours, and prone to errors like partial GL postings and incorrect invoice matching, which required extensive manual intervention from their IT department. They sought a solution from vendor Cashbook to automate and improve this financial process.

Cashbook implemented a fully customized cash application solution that utilized OCR technology to automate the bank lockbox process. This drastically reduced the cash processing time from hours to just 45 minutes and the posting time to only 5 minutes. The solution also automated deductions and write-offs, leading to a 50% reduction in records needed for posting. The results provided Franklin Sports with greater financial control and significant time savings, greatly improving the efficiency of their financial operations.

Franklin Sports