This automated solution dramatically increases productivity and eliminates errors. Associates can put away those rulers, hand calculators, and yellow highlighters previously used to process statements. No longer must they key thousands of figures into their system, and spend hours searching for errors when the numbers don’t add up. Now associates just click a few times to verify information, and within minutes the statement is done.
What used to take days, now takes hours
What used to take hours, now takes minutes
Information is extracted from complex remittance advice documents, validated, and pushed into a database table with optional extension to the Oracle P2ES System (P2 Energy Solutions). Royalty distribution and tax calculations are performed automatically to ensure data accuracy.
According to one CMMC client, complex monthly remittance statements are processed several times faster. Forty-page, multi-line statements which took 8-hours to process manually now take 40 minutes. The statements previously were keyed manually into P2ES. Now they are automatically processed and require only validation of several key fields by the associate.
The system uses eight different multi-level formulas to auto-calculate important distribution percentages, to reveal errors in the original remittance statement, as well as to ensure accuracy of the figures and calculations. Finding and correcting errors was extremely time-consuming with manual processing. Our solution allows associates to easily correct errors caused by inaccurate OCR or original statement errors. Our solution will guide the associate to where the error has occurred. It auto-fills missing elements in the formulas (i.e. value deductions = net).
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"RemitSavi is very powerful and offers 75% time savings for complex remittance advice statements. A 30-page statement with thousands of detail rows that previously took 2 days to process, now takes just 4 hours - and the data is more accurate!"