Tracking and reporting company cash flows are done with the help of a cash management system. It is notably useful for managing cash flows (in various currencies) between several company branches, including international ones, and multiple bank accounts.
The following interfaces in cash management software should be implemented to improve cash visibility, streamline reconciliation, and assure accurate and timely cash flow reporting.
Regular bank reports, cash transactions and balances are automatically gathered from numerous bank accounts to the cash management system for total cash visibility and faster reconciliation. Cash transactions are gathered from an ERP/accounting software to create ledger entries, and the cash management system gives information of the general ledger, A/P and A/R ledger for a given time period. The cash management system also helps treasury to analyze their current cash balances, and helps in making confident loans and investments related decisions.
Today’s treasurers are looking for solutions that are both comprehensive and flexible. A good cash management solution, often known as a ‘payment factory,’ allows a company to centralize, automate, and streamline payments and cash management inside business units or throughout the entire company.
Important aspects to think of when setting up a cash management solution
Key features of cash management software
These are the must-have features for a robust cash management software:
As the work of the corporate treasurer becomes more complex, more companies are turning to automated cash management software to help them stay on top of finances. Treasury cash management includes acquiring a comprehensive picture of the cash inflows and outflows so that the cash flow situation can be understood, liquidity can be improved, and overall financial profitability can be increased.
Advantages of using automated solutions to improve cash management
Schedule a demo to learn more about the benefits of using the best cash flow management software.
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.