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.
The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.