Product category:
Printing Companies: General Commercial
News Release from: Kalamazoo Security Print | Subject: Cheqflow Transaction Journal cheque verification
Edited by the Printingtalk Editorial
Team on 14 March 2007
Scanning Cheques Reduces Accountancy
Time
Kalamazoo Security Print has launched Cheqflow Transaction Journal, a product said to be capable of scanning incoming business cheques to reduce accountancy time spent processing customers' payments.
Kalamazoo Security Print has launched Cheqflow Transaction Journal, a product said to be capable of scanning incoming business cheques to reduce accountancy time spent processing customers' payments First developed for the major banks to streamline their processes and reduce transaction errors, it is now available for the first time to commercial organisations, said Kalamazoo
This article was originally published on Printingtalk on 2 Feb 2004 at 8.00am (UK)
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The system is claimed to allow businesses to spend less time on balancing and proving payments and more time on chasing outstanding debts, therefore reducing debtor days.
Manually inputting information from individually received cheques is a time-consuming task with margins for human error, added the company.
The process usually involves at least two people tallying up the totals to reconcile payments, received from customers on a regular basis.
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Cheqflow Transaction Journal solves that issue, as each cheque is scanned in to the computer system, identifying the individual MICR line, sort code, account number and amount paid.
That creates a database, which can be backed-up on a server, or even printed for security and audit trail purposes.
The company added that Cheqflow Transaction Journal can scan printed and handwritten cheques, with its specially-devised handwriting recognition software, it alerts staff if the writing is illegible and needs to be checked.
Individual cheques or the complete document including the remittance advice can also be scanned as an image by the system reinforcing an audit trail for a company, said Kalamazoo.
The company said that using Cheqflow Transaction Journal will reduce any organisation's time spent fielding customer and bank payment queries, as a scanned image of the cheque and the relevant details can be brought up instantly on the screen.
That eliminates the need to refer to filing cabinets full of paperwork, or attempt to locate incorrectly posted payments.
As the cheque image and information is stored securely there is no need for photocopied paperwork, thus reducing filing cabinet space.
Maureen Bott, product and development manager at Kalamazoo Security Print, said: "Cheqflow Transaction Journal allows organisations to optimise their accountants' time.
As many companies on average only receive payment after 60 days and suffer from a high number of debtors' days, it is imperative that this accountancy time is freed-up to chase outstanding invoices, rather than work on balancing and proving received payments.".
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