Siemens, a global powerhouse in electrical engineering and electronics, optimizes their cash application with FS² AutoBank.
Just as the company has grown over the years, so has Siemens's IT landscape. The company has numerous SAP and non-SAP systems, deployed by over 600 affiliates, which are used for receivables management by the company's different regional financial shared service centers. To improve efficiency in the receivables and bank statement reconciliation process, Siemens introduced Serrala’s FS² AutoBank, an SAP-integrated software solution for cash application. The company's long-term goal is the global harmonization of processes, therefore, finding a solution that provided seamless integration with its existing SAP system landscape was a very important consideration for this project.
With the Serrala solution in place, the processing of bank statements, remittance advices and lockbox data is largely automated leading to significantly improved reconciliation rates.
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