Payment plan management requires finance teams to manually extract terms from agreements, create schedules, monitor deposits, and reconcile payments across multiple systems. This fragmented workflow creates delays, reconciliation errors, and missed overdue notifications.
Automation reads incoming agreements, builds payment schedules, monitors deposits in real time, and reconciles payments automatically. The result is faster plan setup, same-day exception detection, and accurate accounting records.
The full workflow, from trigger to completion.
A signed payment plan agreement arrives via email or is uploaded to a document portal. The automation is triggered and extracts key terms automatically.
The automation reads the agreement, extracts customer details, payment amounts, and due dates, then creates a structured payment schedule in the system.
The automation creates an invoice or customer record with the payment plan terms and links it to the extracted schedule.
The automation continuously monitors incoming payments and the bank feed, matching deposits to the payment schedule in real time.
The automation checks whether the expected payment arrived by the due date. If yes, it proceeds to reconciliation. If no, it flags the payment as overdue.
If a payment is overdue, the automation sends a reminder email to the customer with the payment details and due date.
The automation reconciles the received payment against the plan, updates to mark the invoice as paid, and adjusts related accounts.
If a payment is late, partial, or missing after the reminder, the automation sends a notification to the finance team with details for manual investigation.
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