4 Solid Reasons to Invest in a Cash Management Software Solution

In global enterprises, the key role of the treasury management team is to ultimately ensure effective cash management. After all, cash management is integral to the financial health of the company.

Effective cash management requires seamless communication between your team, customers, banks and financial institutions. It relies on accurate cash management forecasting and optimal management of cash payments. Reporting needs to be air-tight and organizations require a consistent, transparent view into the state of their liquidity.

Introducing…..cash management software!

In many organizations, cash management can fall into disarray and be prone to error and confusion. This arises as a direct result of one or more of the aforementioned financial management requirements not being met. This chaos and confusion is avoidable. Spreadsheets and cash flow statements cannot offer the real-time visibility, seamless reconciliation and efficient cash management processes you need. However, cash management software can.

Benefits of cash management software systems

Cash management software solutions are paving the way for finance teams to maximize treasury and payment operations. Investing in cash management software is proving a smart decision for many global enterprises. One software solution has the ability to strengthen organisations and profits by delivering a number of fundamental benefits.

1. Strengthen your cash position

No more “best-guess” cash forecasts. With cash management software solutions, you can strengthen your cash position as you are no longing working with questionable data or error-ridden spreadsheets. You get a deeper, fuller, more accurate, real time picture of your cash position. You can manage petty cash and bank account balances quickly and easily. You can trace both un-cleared and cleared balances. Companies know exactly what cash they have and where they hold it.

2. Make more effective financial decisions

With full confidence in your cash position and forecast, finance teams can make more effective financial decisions. They are empowered with detailed knowledge of the organization’s current and future cash balance. Therefore, finance departments are better equipped to make more efficient use of their companies’ cash and improve bottom line. A clearer audit trail and faster resolution of outstanding items provide the finance team with more time to focus on exceptions.

3. Seamlessly make payments

Cash management software solutions enable treasury management teams to manage their payments processes in a more efficient and speedy manner. Your payments processed will become automated and streamlined. With cash management software, straight-through processing becomes a reality. Organisations can seamlessly make payments regardless of location, currency, bank or ERP system. You can track funds in transit and transfer between accounts in different currencies. Currency gains or losses are automatically calculated.

4. Reduce overhead costs

By investing in cash management software, you can reduce or eliminated banking fees for cross-border payments, payments across multiple vendors and more. The level of automation deployed across cash application, accounts payable and bank reconciliation processes reduces the need for a full team of dedicated staff to manually process these transactions. Staff can be moved to more higher value work, increasing your all-important bottom line.

Ready to automate up to 98% of cash management?

Want to reduce time spent on Cash Application, Accounts Payable and Bank Reconciliation? Require enable straight-through processing between ERP and banks? Yearn to move your people to higher value work? Request a demo of Cashbook cash management software to see what results your organization can achieve.