06 Jan How to Simplify Cash Management with erp
Optimizing your cash flow allows you to eliminate late payment issues, decreasing margins, and taking on loans to cover monthly expenses. A cash management system empowers you with a complete understanding of your cash requirements and reliable cash forecasts. To reduce the cost of funds and develop an efficient funding strategy, you require a clear picture of your companies short and long-term cash flows. In this guide, we discuss how to simplify cash management with ERP.
Table Of Contents
Understanding current and future cash needs
Tracking transactions from multiple bank accounts and company branches is a challenge. ERP solutions offer a complete view of the cash flow of your entire organization. Gain real-time Knowledge of exactly how much you have, what you can spend it on, and the source of the cash.
A complete view of your cash activities and requirements
Manage all your suppliers’ invoices, sales, unallocated payments, and reconcile bank statements with ease. Your ERP solution should provide you with out-of-the-box petty cash management, remittance & payment instructions, processing centres for collecting cash, security, custom cash account reports, and audit trails for all your cash-related transactions.
Faster, more informed decision making
Knowing where you stand at all times allows you to act fast and make more informed spending decisions based on reliable insights. Keeping track of working capital and understanding where your money is coming from and what you are spending it on is vital. An ERP solution caters to all your financial requirements and more.
Indeed, managing your cash flow is a crucial factor for maintaining your company’s financial health. Empower yourself and your team with the right tool t0 simplify cash management.
Keen to know more about how to simplify cash management with ERP? Give us a call on 011 792 9521 and email firstname.lastname@example.org. Choose a solution that empowers you to effectively manage your cash and helps you avoid applications to the money market at your financial institution. For some small businesses, even avoiding being cash strapped and forced to take a personal loan to fund unanticipated large orders.
Regardless of the products and services you offer, a solid cash management solution is crucial to the financial health of your organization. An integrated solution enables you to spot the products and customers with a high yield while providing visibility on your cash position allowing you to pay off some debts early and save money on interest rates.
Whether you have checking accounts (cheque), or savings accounts, bank feeds enable you to reconcile your bank transactions using your bank statement.