Cashbook. One cash management software solution for all cash application, reconciliation and payments across Europe. Now rolling out globally
In 2007, when Formica where centralized all their European payment and reconciliation systems they choose to implement Cashbook’s Global Payments and Bank Reconciliation modules. Then in 2011 they implemented our Cash Application technology in the Nordic region. Due to the success of these projects Formica began working towards a global roll out of Cashbook’s complete technology platform. Implementation is almost complete across Asia (Taiwan, Hong Kong, Singapore, Malaysia and China). Mexico, Canada and the USA are due for implementation in late 2015.
Full Bank & ERP Integration
Automated payment processing, regardless of country, ERP or bank
- Standard payment process regardless of bank, currency or ERP.
- Consolidate payment files for Europe encompassing many bank accounts, currencies and business units.
- Direct feeds from ERP Vendor Master and AP invoices are reviewed, paid and transmitted using Cashbook.
More Advanced Intelligence
Powering an unprecedented level of automation; massively reducing manual entry
- Cash application automation of >90% is being achieved in several countries.
- Bank reconciliation automation of >90% is being achieved across Europe
Greater Financial Control
A clearer window into cash processing for Formica
- Complete audit trail and SEPA Compliant including XML/XSL reports.
- A clearer audit trail and faster resolution of outstanding items giving the finance team more time to focus on exceptions.
- Treasury management have greater control over cash. Cash Manager module shows invoices due for payment and invoices due to be received.
- Bank accounts now reconciled on a weekly basis to ensure closer cash control and reduced month end pressure.