Kalamazoo Security Print Launch Cheqflow Transaction Journal
Dramatically Reduce Payment Processing Time
Leading security solutions provider, Kalamazoo Security Print) has launched Cheqflow Transaction Journal, a brand new product capable of scanning incoming business cheques to dramatically 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, this system allows 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 huge margins for human error. This process usually involves at least two people tallying up the totals to reconcile payments, received from customers on a regular basis. Cheqflow Transaction Journal solves this issue, as each cheque is quickly scanned into the computer system, identifying the individual MICR line, sort code, account number and amount paid. This creates a database which can be backed-up on a server or even printed for security and audit trail purposes.
Cheqflow Transaction Journal can scan both 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 a strong audit trail for a company.
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. This 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, vast amount of filing cabinet space.
Maureen Bott, Product & 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.”
< back