How Sonas can reduce your claims and liabilities in cash management

claims

Reduce risks, claims, and costs and improve customer satisfaction with SONAS’ robust and real-time reconciliation software.

Less time spent on manual processing, research and sourcing a paper audit trail saves time and money.

 

 

Cash Management Firms and Reconciliation

Cash management firms’ current processes are often completed using spreadsheets. Resulting in data gaps and a lack of available source documentation.

Ultimately, the missing source documentation can cause multiple issues. For Example, a breakdown in client relationships, as they cannot complete their internal reconciliation processes without the device receipt. Resulting in extended investigation periods, poor productivity and a lack of transparency.

Poor management of reconciliations and a lack of digital-audit trails will affect their reputation, compliance and client relationships.

 

The Importance of Real-time Data Capture

To improve the accuracy and efficiency of the claims handling process, information such as source documentation, time and date of replenishment, guard, route and sequence number is essential. Claims management firms can reduce liabilities by providing all this necessary information. Mainly, to show there could be other factors which cause their client a shortage or overage, such as a faulty machine.

Real-time data capture becomes an essential tool in this claims handling process. Sonas understand this, and our reconciliation tool offers real-time data capture through OCR (optical character recognition), allowing you to track all the information and automatically allocates an image of this into the relevant claim.

 

Improve Data Accuracy

You automatically improve your reconciliation accuracy by improving data accuracy. Importantly, which directly reduces risk. This can make the cash management firm’s relationship with their client easier and more profitable. Also, reduce exceptions and write-offs and help organisations ensure full compliance. Eliminating the need to focus all resources on manual interventions. Importantly, providing room to focus on higher-value tasks.

Overall improve the customer experience as costs are reduced. In the case of filing a claim, customers are happier when claims get processed and paid promptly. There is a competitive advantage to efficient, accurate reconciliation, which benefits organisations to prioritise process development through automation. McKinsey found that insurers that digitally transform claims operations through increased automation can drive a 20% increase in customer satisfaction scores and a 25% to 30% reduction in claim expenses.

Dramatically Enhance Internal Controls

A Reconciliations software eliminates the risk of the old paper-based, manual spreadsheets. Primarily, by upholding proper segregation of duties, creating post-certification view-only records. Additionally, automatically linking source documentation with cash cycles and gaining unprecedented visibility into accounting processes.

Standardise and Optimise

Enforce standardisation across the reconciliation process to advance the quality and accuracy of financial data. Modernising the approach to the reconciliation process decreases errors and inaccuracies. Notably, allowing you to focus on analysis, risk mitigation, and exception handling.

 

Reduce Risk and Claims

Minimise fraudulently activities by recording the whole reconciliation process. Notably, giving you total control and transparency over your cash journey.

Track digital and cash transactions, monitor investigations and manage claims in real-time.

 

Decrease Costs

Reduce physical infrastructure costs through global access to the cloud. Mainly, this supports remote working and more. Sonas consolidated platform gives you the advantage of automation, the synergy between departments, a higher productivity rate, and reduced personal costs.

 

Increase Efficiency 

Sonas reconciliation provide seamless communication between internal departments and third parties. Source documentation and data portals enable faster investigation and resolution of exceptions and claims.

 

Real-Time Analytics and Reporting 

Manage your business performance and conduct root-cause analysis to discover problem areas with our visual graphics, trend analysis and drilled-won facility.

Detailed and comprehensive reporting offers full sight and transparency of your entire reconciliation process.

Sonas reporting also allows you to establish a correlation between the number of claims generated vs the number of claims paid out. Additionally, the reporting shows from which customers and which devices.