10 Steps to Better Cash Application

Achieving a 100 percent auto-cash hit ratio – the percent of payments applied to invoices on the first pass – is nearly impossible, according to John Salek, GENPACT's vice president, business services and author of Accounts Receivable Management Best Practices. He says that auto-cash hit ratios commonly range between 70 percent and 80 percent. It is difficult to achieve a 100 percent hit ratio for many reasons. Cash application specialists receive payment in various forms, such as checks,…