Traditionally, the CFO has been responsible for maintaining the company’s books and records, financial reporting, and statutory compliance. CFOs use their familiarity with the company’s financial status to guide direction and performance.
Understanding how the CFO role has changed and where it is headed provides CFOs a unique opportunity to build new skills while mastering old ones. Because of their considerable engagement in decision making, cash forecasting, and planning, the CFO’s job is evolving towards being a primary technology buyer, making crucial decisions for considering/implementing global treasury solutions and corporate treasury software.
Automated cash management is the process of transferring, counting, sorting, and tracking currency in a business setting. Traditional cash management no longer serves the purpose. The automation of cash management is assisted by digitalization. Because there are so many routine transactions going on all the time, digital accurate cash management can help speed up and streamline the process.
Employee errors are reduced to a large extent. As a result, the business can eliminate the risk of human error. The entire cash management process is enhanced by technology, which provides a variety of solutions and smart functionalities.
Digital transformation has introduced improvements that take cash management automation to the next level:
Errors in cash management can result in erroneous transactions, which can be classified as fraud. Errors in calculating a company’s financial position might result in liquidity problems and even insolvency. Cash management automation minimizes the risk of accounting errors.
Advantages of cash management automation:
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HighRadius’ AI-based Cash Management Cloud is designed to assist treasury teams from organizations of all sizes and industries. It enables treasuries to end-to-end automation of their cash management processes in the following ways:
Easily detect and address exceptions with a manual matching option while automatically reconciling bank statement items based on user-defined tolerances, matching criteria, and auto-cash transaction creation.
HighRadius customizable cash position templates offer a transparent view of the bank and cash balances at the currency, entity, and regional levels and allow CFOs to fund, clear, and make cash transactions with a single click.
CFOs are able to keep an eye on all accounts and other signatories with a single repository and manage those by bulk edit and deleting the ability to update many signatories at once. Additionally, they are able to track approval limits, different signatory groups, and types.
Cash management software allows treasurers to focus more on strategic and high-priority activities by integrating real-time bank data and combining it into a single location. It is also cost-effective as it’s completely scalable and flexible to meet the latest requirements of a company. Moreover, there is no IT intervention required.
Get in touch with our solution expert today to learn in detail about the features of HighRadius’ cash management solution for the CFO’s office.
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.