Many organisations experience real challenges when it comes to insufficient insight into their actual cash position. When managing cash forecasting manually on spreadsheets with no real-time data at hand, management often faces difficulties in making sound, vital company decisions.
In a recent webinar given by Bob Stark, Vice President of Strategy for Infor Treasury, Stark outlined how cash management can be made easy using technological advances that are revolutionising finance. Stark discusses the key financial factors which enjoy advancement through the employment of such technology:
What Are These Key Factors?
- Improved visibility
- Standardised controls
Stark outlines productivity as one of the main reasons why businesses opt to use cash and treasury management technology. He compares common cash management tools with that provided by cash management technology systems as follows:
- Common tools such as spreadsheets
- Easy way to manage and view data
- Lack security and controls
- Lose their effectiveness when sourcing data from multiple areas and locations.
- Cash management technology
- Single point of data-entry
- Automate repetitive tasks
- Streamline reporting
One of the main advantages that this technology provides is that it increases productivity by improving both accuracy and efficiency.
The common issues with a lack of visibility in many organisations is that it affects the business’ ability to generate accurate cash forecasts. Most of these systems are still manual and thus not reliable, featuring troublesome cash management controls.
However, with revolutionary cash management technology, visibility can be enhanced. These solutions empower users to receive the necessary, relevant information in real time. Among other benefits, this increased visibility allows businesses to:
- Increase cash returns
- Reduce banking and accounting fees
- Protect cash by identifying potentially fraudulent threats in real time
Total daily cash visibility can be achieved through the process of automated bank connectivity. Through this technology, all the information from multiple banks and accounts can be made visible on one single platform. Further, this technology then consolidates this information and assists in building cash forecasts.
According to Stark, the standardised controls driving this technology enables businesses to:
- Improve data integrity
- Have a controlled workflow
- Have centralised audit trails
- Reduce the propensity of fraud
Ultimately, by focusing on these key areas, cash management technology allows organisations to revolutionise their finance, improving both efficiency and revenue.
Click HERE to view the full webinar.