BROMSGROVE, England--(BUSINESS WIRE)--Hire Station Limited, a leader in tool and equipment hire, has implemented financial automation software from Rimilia to increase efficiency and transform manual cash allocation processes.
Hire Station is one of the UK’s largest providers of industry, construction and DIY tools and equipment. The company is dedicated to delivering the best overall experience to its customers with attention to health, safety, the environment, efficiency and professionalism.
Hire Station selected Rimilia’s Cash Allocation software to increase financial process efficiency through the automation of manual processes of cash matching: identifying, matching and applying payments received.
Rimilia’s Alloc8 Cash Allocation software is an intelligent self-learning engine that uses machine learning to match payments received to invoices, reducing manual labour through auto-matching rates of up to 94 per cent. Rimilia Alloc8 Cash Allocation was live and integrated with Hire Station’s enterprise resource planning (ERP) system within four weeks of selection.
As well as reducing manual processes and increasing efficiency within Hire Station’s finance cycle, the Rimilia software will enhance the capture of information for auditing. The easier management and tracking of payments will give the Hire Station finance team greater insight and provide the credit collection team with a clean sales ledger at month-end to build and manage customer relationships.
A SaaS software solution, Rimilia Alloc8 Cash Allocation harnesses machine learning to apply artificial intelligence to auto-match remittances with payments. This automation saves time and helps accounts receivables teams to improve cash allocation, remittance services and credit collection processes while reducing unapplied cash and cutting days sales outstanding (DSO).
Neil Hopkins, Credit Manager at Hire Station said: “We wanted financial intelligence automation that could increase our efficiency, provide practical insight to our financial team and had a solid return on investment. The software has exceeded all our initial expectations and the team at Rimilia has a demonstrable commitment to help businesses apply automation to optimise and transform financial processes.”
Tony Harvey, Project Manager, Rimilia said: “We pride ourselves on how rapidly Rimilia Alloc8 Cash Allocation delivers real-world benefits to our clients, but Hire Station exceeded even our expectations. The Hire Station team joined us for all pre-implementation trainings and workshops and was fully invested in the process from day one. It’s been a pleasure to work with Hire Station and we look forward to a long and mutually-beneficial partnership.”
About Rimilia www.rimilia.com
Rimilia provides intelligent, automated financial solutions to dramatically improve cash allocation, remittance services and credit collection processes. Harnessing machine learning, predictive analysis and artificial intelligence, Rimilia enables corporates, lockbox providers and Fortune 1000 businesses to increase throughput, resolve unaccounted payments, gain transparency of transactions, and apply valuable predictive insight and dynamic decision-making into payment processes.
Rimilia’s Alloc8 software automates the manually intensive process of matching payments with expected receivables with auto-matching rates up to 94 per cent, dramatically improving the quality and speed of cash allocation and revenue recognition.
Customers include Adecco U.K., Avis, Biffa Waste Services, Hitachi, TalkTalk, Santander and Wesco Aircraft. Founded in 2008, Rimilia is headquartered in Bromsgrove, U.K., with U.S. offices in Richmond, Va. Investors include Eight Road Ventures and Kennet Partners. It employs 98 people and is privately held.