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Cash application software that matches every payment

Cash application software that reads the remittance, applies each payment to its invoices and labels the difference when a customer pays short.

Hands review a payment statement beside a calculator and a laptop

Smartbills reads the remittance, applies the payment to its invoices and names any short pay as a deduction with its reason.

Match payments without a manual queue

Invoice reference, amount, customer and payment date are weighed together instead of one at a time, which is how a payment that names three invoices and rounds the total still lands on the right lines.

  • Reference, amount, customer and date evaluated together
  • One payment across many invoices, or many payments against one
  • Low-confidence matches wait in a review queue for a person

Read remittances wherever they arrive

Email attachments, customer portals, EDI 820 payment orders and bank lockbox files are all read and converted to a common layout before matching starts. Nobody on the team reformats a file by hand.

  • Email attachments in PDF, CSV and Excel
  • Customer portals checked on a schedule
  • EDI 820 and bank lockbox files parsed natively

Know why a customer paid short

When less money arrives than was invoiced, Smartbills looks for the reason in the remittance and opens a coded deduction. The difference then has a name, an owner and a history, and it stops ageing quietly on the customer's account.

Bank files read the day they arrive

BAI2, MT940 and CAMT.053 files are parsed when they land. Credits are read, matched and reconciled the same day and nobody waits for someone to reformat a statement.

How cash application works

  1. The payment arrives

    A credit appears in your bank feed or in the day's BAI2, MT940 or CAMT.053 file.

  2. Remittance is collected

    Smartbills gathers the advice from email, customer portals, EDI 820 or lockbox files and puts it in one format.

  3. Cash is applied

    Matching reference, amount, customer and date, the payment is spread across the invoices it actually pays.

  4. Differences are explained

    A shortfall becomes a deduction with its reason attached, and the entry posts to your ledger.

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FAQ

Frequently asked questions

What people ask us before they sign up.

Cash application is the work of matching incoming customer payments to the invoices they settle. The money shows up on the bank statement while the remittance advice comes by some other route. The job is reading one to allocate the other, then dealing with whatever doesn't add up: a short payment, a deduction or a payment that arrived with no explanation at all.

Remittance advice is the document a customer sends to say what a payment covers: which invoices, how much against each, and any deductions taken. There's no standard format. One customer emails a PDF, another sends an EDI 820, and a third expects you to log into their portal and download it yourself.

Straight-through processing is the share of payments applied automatically, without anyone touching them. Each percentage point is a payment nobody had to open a spreadsheet for. How high you get depends on your customer mix and on how reliably those customers send usable remittance advice.

Smartbills parses BAI2, MT940 and CAMT.053 natively when the file arrives, which covers most North American and European banking relationships. If your bank sends something else, ask us before you assume, because converting a file by hand every morning cancels out most of what automated matching saves.

Smartbills finds the reason for the short-pay in the remittance (a credit note, a damaged-goods claim, an early-payment discount or a pricing adjustment) and opens a coded deduction that carries it. The deduction stays tracked until someone resolves it or writes it off.

They go into an unapplied queue with any partial match already attached. Whoever picks them up starts with a lead. When confidence is low the engine holds back rather than guessing, because a wrong application takes far longer to unwind than an unapplied item takes to resolve.

Accounts receivable is about getting paid (issuing invoices, sending reminders and collecting), while cash application is about recording that money correctly once it arrives. Companies whose customers pay in batches and take deductions need both, and most of the manual effort usually sits in cash application.

Get started

Stop closing the month in a spreadsheet.

Bring a week of your own remittances and we'll show you how many match on the first pass.

Book a demo