Cash management involves managing cash flows from these three activities of a company:
It is a vital aspect of an organization’s financial stability in business. A business may become non-solvent due to poor or inaccurate cash management.
Cash management goals include:
The role of cash flow management is to:
Businesses need a future-proof cash flow management system to get real-time visibility. This is possible by automated gathering from various financial systems. Enterprises need automated cash management technologies to manage intercompany balances and notional pools.
Furthermore, a cash flow management system helps reduce the challenges faced by enterprises.
A day in a life of a treasury analyst looks like this:
This often leads to inaccurate cash flow management due to the possibility of human errors. Moreover, the reports sent to the managers have errors that affect decision-making.
Today’s treasurers are looking for solutions that are both comprehensive and flexible. A cash management solution (payment factory) helps centralize, automate, and streamline payments.
An automated cash flow management system is helpful for:
Cash management applications help the treasurer identify potential cash gaps and improve strategic planning. The following are the benefits provided by cash management solutions:
Get in touch with our solution experts today to learn how to automate cash flow management.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.