Cash Management System
A cash management system is essential to business health because cash is the lifeblood of any company. If your business lacks a positive cash flow, you’re on the road to failure. Cash management software helps you manage your cash flow using commonly accepted techniques.
An effective cash management system lets you manage day-to-day transactions, cash balances, funds transfers, and bank account reconciliation in one place. With cash management software, you can monitor, predict, and manage cash across multiple entities using customizable reports and streamlined bank reconciliation processes. All of this happens in real time to support the most accurate decision making.
How Cash Management Can Work for You
Manage all your cash needs in one place. Integrated with General Ledger, Accounts Payable, and Accounts Receivable, Cash Management system provides accurate reports with summarized views that enable you to drill down to account details.
Key Benefits of Cash Management Software for Your Company
Integrate with Financial Modules
Automatically collect all cash account transactions from General Ledger, Accounts Payable, and Accounts Receivable into your cash management system for clearing and reconciliation. Transactions linked to a vendor or customer automatically create entries in Accounts Payable or Accounts Receivable and update appropriate balances.
Transfer Funds Between Cash Accounts
Transfer funds between bank accounts and track funds that are in-transit. Transfer between accounts in different currencies, and automatically calculate realized currency gains or losses.
Streamline Bank Account Reconciliation
Simplify the reconciliation process with cash management software. Add bank charges and bank interest, and record any omitted cash directly from the reconciliation screen.
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Important Features of Cash Management Software
Petty Cash Management
Manage petty cash and back account balances quickly and easily. View transaction history for a specific date range and switch between detailed and daily views. Trace both uncleared and cleared balances, and clear and add cash related transactions directly from the inquiry screen.
Remittance and Payment Instructions
Gather and pre-define payment information (preferred payment type, account numbers) for vendors and customers to simplify and speed up payment processing.
Configure the processing centers you will use for cash collection and associate customer payment methods with a particular processing center – used for automated credit card processing.
Multiple Currencies Support
Maintain cash account balances in your base currency and your bank account currency. Execute cash revaluation to reflect rate changes. Automatically calculate realized gain and loss when transferring funds between accounts using different currencies.
Cash Account Security
Control access to cash account information and balances to prevent unauthorized access and restrict sensitive company information.
Cash Account Reporting
Use provided reports to reconcile cash accounts balances and manage short-term cash reserves as well as forecasts and projections. Drill down to review transaction details.
Maintain a complete audit trail of all cash-related transactions. Transaction records cannot be changed – corrections are handled through adjusting entries, which are logged. The cash management system captures the ID of the user who entered the transaction or adjustment. Attach notes and supporting electronic documents directly to transactions.