There are times when the basics separate an exceptional business from the pack. Sometimes, it’s as simple as using the right cash management software.

Fewer transactions are made using cash than ever before. Even before the start of the Covid-19 pandemic, a substantial amount of sales were being made online. If you’re a company that accepts digital payments in any form, you need a way of keeping track of where the cash is coming in and where it’s flowing out.

That’s where advanced cash management software comes into play. If you’re still not convinced, here are a few more reasons why your company needs to invest in a cash management software if it hopes to continue thriving into the future.

1. Cash Management Software Gives Your Management Team a Complete View of your Organization

Managing a business of any kind becomes more and more challenging the higher you rise up through the ranks. For CFOs and other c-suite executives, it often feels as though your day-to-day work is entirely disconnected from the work being done at the ground level. 

If you’re someone in a role that largely involves direction-setting for a company, it’s unlikely you have the time to survey those who are working in storefronts and in managing e-commerce. Performing your job at a high level requires access to insights from financial data across your company. Cash management software offers just this.

Cash inflows are one of the key signs of organizational health. With modern cash management software, you and the other members of your management team should be able to identify the major cash inflow and outflow outlets and make strategic decisions accordingly based on your findings. 

2. Cash Management Software Can Improve the Accuracy of Your Financial Statements and Forecasts

You might think it goes without saying, but making sure the records of your company and bank align is crucial for both short and long term financial health.

It’s not easy, though. Your company and the financial institution with which it is partnered share data constantly. Errors can arise, as can fraud, in the worst cases. A cash management software system capable of importing statements from your financial institution and then automatically reconciling data can help your team spot errors and monitor for fraud. 

Most importantly, the reconciliation process ensures your statements are accurate. This allows for improved revenue forecasting over the long term.

3. It Can Be Customized to Fit Your Business

No two businesses are created equal. What works for Amazon could be entirely inappropriate for your business’ needs. And cash management software accounts for this.

For example, let’s assume your business still does the vast majority of its sales in-person using a card reader. The cash management system can monitor cash inflows from all of your storefronts, giving you the ability to monitor the locations from which most cash is derived.

But let’s assume you want to invest in e-commerce capabilities. Top software providers can work with you to upgrade your system to account for the new source of cash inflows. You can then use the system to monitor the progress your new e-commerce arm makes in its early days and quickly determine whether additional investment is warranted. 

If you’re looking to improve your company’s cash management practices and need an experienced partner to help guide you through the process, Timac Business Systems can help. Our software experts are here to help develop a cash management software solution to fit the specific needs of your company. 

Contact us today to set up a time for a Sage Intacct demo! 

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