Is Your Cash Management a Mess? You're Not Alone!

Let's face it: managing cash in a business can feel like a never-ending battle. 

You know your cash should be working for you 

Unfortunately, it’s often just sitting there, not really doing much. 

Why is that? Well, traditional financial processes, systems, and those hard-to-predict receivables can really throw a wrench in the works. It's messy, it needs constant babysitting, and it eats up valuable time from your finance team.

Think about all the steps involved when you receive a bill. 

First, it goes to finance for review. Then, someone has to verify that the goods or services were actually delivered. Assuming everything checks out, you have to enter it into the accounting system. And that's just the beginning! Then you need to check for holidays to see if they will affect your payment date, schedule the payment, and wait. On the day of the payment, you need to log in to your bank, check your balance, and calculate how much you need. If you don't have enough, you have to go to another account, initiate a transfer, get it approved, and track if the funds were received. Then finally, you can make the payment and get it approved. It's a fifteen step process, with at least 13 steps from the maker and 2 approvals - and this is just the ideal scenario!

The traditional approach also includes:

• Constantly tracking local and international holidays to assess their impact on cash movements.
• Dealing with multiple reviews and approvals for the same transaction.
• Tracking multiple accounts and balances (which amplifies the issue exponentially!).
• Needing a high degree of accuracy and consistency, yet being sensitive to timing and prone to penalties for late payments.
• Risking the process being derailed by staff sickness, leaves, errors, and potentially even fraud.

It's no wonder many businesses compensate for this by adding significant buffers on cash holdings, increasing time buffers by paying bills early, and constantly checking bank balances. 

Some companies even add more staff resources and oversight to ensure everything runs smoothly. It feels like the only solution is to throw more people and money at the problem, or maybe even outsource the whole thing. But is that really a good solution when you expose corporate banking data to third parties, opening up the risk of potential fraud and abuse?

Imagine a Simpler World...

What if it didn't have to be this way? 

What if your finance processes could be as automated as a self-driving car? 

Instead of 15 steps and two approvals, imagine a world where the process involves just two steps and one approval! Instead of all that manual work, what if you could set your system with a few simple rules and let it handle the rest?

For example, you could set a target balance for each account, list your payables with due dates and amounts, and tell the system to pay each one on time. If a problem arises, the system can simply flag it so you have time to make a plan. This would mean you'd only have to review incoming invoices, verify the delivery of goods or services, and approve the payment. That's it! And, that target balance in your bank? If the cash is not needed it should be earning interest for you. If your bank isn't paying you the market interest rate, why keep your money there?

CashWise: Your Partner in Smart Cash Management

CashWise is designed to do just that. It provides the technology to help businesses simplify and automate their treasury operations to reduce time and errors when managing their cash positions while generating exceptional returns. With CashWise, you can manage your cash with policies, seamlessly move cash where it needs to go, and maximize returns on idle cash. All of this is done with no coding required and it integrates with your existing processes. CashWise monitors and adjusts your daily cash management plan, and uses automation to ensure that your cash is working for you, not against you.

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