The singular act of using cash management software can be all it takes to save your business.
Whether it’s a big business or a small shop, being able to trace and reconcile each transaction and tie them to specific events in an enterprise’s day-to-day running makes the use of a cash management software invaluable. Taxes, salaries and other costs are effectively managed and paid off, providing you the necessary statistics to plan ahead.
You may decide to employ a private accountant to do the work of managing your liquidity and matching numbers to their labels. Still, it is beneficial to familiarize yourself with your business’s cash inflow and outflow.
There are many advantages of using cash management software; you may even have heard of some. However, you may not know why you need to run your business processes through one and how they help you track cash movement. We have all the answers to the whys and how’s of cash management software. But, first, a quick review of cash management software and why you need to use one.
What Are Cash Management Systems and Why Do You Need One?
A cash management system makes it easier to compile business processing across branches of an enterprise. This is particularly a valuable and near-requisite tool in this digital age where paper ledgers are going extinct and bank account structures are becoming increasingly complex. Here are a few reasons why you need one:
- Reduced Operational Costs
Because of the collaborative feature of cash management systems, you can exchange financial statements with a co-worker or employee across the Atlantic without boarding a plane. The boost in operational efficiency impacts the overall business and workplace culture.
- Less Dependence on Auditors
Accounting and auditing firms charge businesses a premium to update and maintain the books. As this would be on a periodical basis, you are at their mercy, even if there are no anomalies in the transactions recorded. With Sage Intacct’s cash management software, your meetings with an auditor can be next to zero.
- Serves as the Focal Point for All Documentation
The Sage Intacct cash management software is a web-based service that allows the concurrent contribution of transactions to a database. This way, there won’t be repeat data entry for transactions because of the synchronicity.
Now that we have tackled why you need cash management software, let’s dive into how it works and get rapid live business health assessments.
How Cash Management Software Helps With Live Financials
Having key numbers and metrics at your fingertips communicates to potential investors your passion and that you can manage their investments appropriately. This doesn’t require you to be a mathematical whiz or have expert discerning superpowers.
Sage Intacct’s cash management software is compatible with several thousands of financial institutions worldwide. As a result, you have access to live custom reports of your accounts and easy funds transfer. In addition, every transaction recorded is automatically saved and can be handy in tracing inconsistencies in cash records related to fraud or based solely on omission.
Sometimes, the main drawback with your business going cashless is tying such transactions with your invoices. This can be frustrating and expensive to amend as the time spent tracking the funds could range from hours to days and weeks. Fortunately, you can easily link standalone payments and single payments for multiple customers using a cash management system.
Your business operation may require you to operate multiple types of accounts and card services. It can be distracting and tiring to use analog means in keeping tabs on your accounts and cards. Due to Sage Intacct’s cash management software’s compatibility with banking facilities, you now have real-time analysis to assist in your planning.
Enhance Your Company Cash Management With Sage Intacct
Understanding the importance of cash flow management in your organization arms you with the authority and confidence to implement system-wide changes. The Sage Intacct software is one of the most widely utilized tools for thorough cash flow monitoring. Intuitive Business Concepts provides expert services and support regarding the implementation of Sage Intacct’s cash management software. For more info on how you can optimize your business’s cash flow, contact us or request a demo to learn more today.
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS , LMS , and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215.
