Cash flow management is a top priority for any corporate business due to shifting growth outlooks and an uncertain economic atmosphere. Effective cash management requires seamless communication between a company’s team, banks, and financial institutions.
While cloud computing has caught up in most industries worldwide, organizations are slowly adopting cloud-based financial management apps. Cloud finance is one of the sought cash management solutions that has taken many large companies by storm. Many companies are also using big data to manage foreign exchange calculations, cash flow forecasting, liquidity planning, etc. Companies are also using AI and ML to initiate and receive payment.
Cash management solutions provide a deeper, fuller, more accurate, real-time picture of the cash positions as there is no longer the need for working with questionable data or error-ridden spreadsheets. With cash management solutions, organizations can seamlessly make payments regardless of location, currency, bank, or enterprise resource planning systems.
Cash management solutions eliminate and reduce banking fees for cross-border payments across multiple vendors and more.
The level of automation is deployed across cash applications, accounts payable, and bank reconciliation processes, reducing the need for a full team of dedicated staff to manually process these transactions. With the confidence brought about by cash management solutions, businesses can make more effective financial decisions and are equipped to make more efficient use of their cash while improving the bottom line. It also facilitates a clearer audit trail and faster resolution of outstanding items.
At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced cash management solution offerings. To help companies navigate through the best-of-breed cash management solution providers, CFO Tech Outlook has compiled a list of solution and service providers. The enlisted organizations offer cash management solutions that automate and optimize working capital, accurately forecast cash flow, and mitigate and prevent fraudulent activity. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you CFO Tech Outlook’s “Top 10 Cash Management Consulting/Service Companies - 2020.”