June 21st, 2016

How Global Enterprises Can Choose the Right Cash Management System

Effective cash management is integral to the success of global companies. In fact, it is necessary to any company of any size. However as a company grows, the volume of payments and invoices tend to grow too. Therefore, efforts need to be strengthened to manage cash flow more efficiently and accurately.

Manually processing paper invoices, using excel spreadsheets to track incoming and outgoing payments and a disjointed relationship between bank and ERP systems creates major inefficiencies.  Cash management teams require systems that integrate seamlessly with their own ERP systems, banks and other financial institutions throughout the world and which minimise manual financial processing.

Choosing the right cash management system can empower finance teams to move to higher value work, automating key financial processes and enabling much more accurate cash flow management. How does a global enterprise choose the right cash management system for their needs?

ERP Compatibility

The most extensive benefits of cash management systems arise from ERP compatibility. It is important to ensure that whatever cash management software you choose offers full integration with your own ERP system. Once you have this compatibility you must then look at what restrictions, if any, may occur.

Bank Integration

Global enterprises work with multiple banks. Therefore, the cash management system you choose needs to cater for all banks that your company works with. If a provider you choose cannot accommodate certain banks and you choose to change banks at some stage in the future, you will run into issues. It is important to make sure there are no exceptions to this rule and that the provider offers you true bank independence.

Industry Experience

The cash management system provider you choose should be able to offer success stories. They should have experience with automating finance processes for companies from similar industries or verticals. The experience they have in the software industry and the industry in which you perform your business activities is important. Not only can you be assured that they have the experience and the know how to implement the software correctly, it also shows that they have the experience to alleviate issues that may have occurred previously with similar clients in the industry.


As a company grows, so too does their needs for streamlining business processes. The automation software modules you use today may need to be extended to further modules tomorrow! You’ll need to understand what other cash management modules are available. You will also have to question whether it’s possible for a particular cash management system to cater for future or additional departmental needs should they arise. For example, you’re interested in purchasing a licence to use a bank statement automation module, but foresee a future need to automate deductions processes too. Can the cash management system facilitate those needs?

Unprecedented automation

Cash management systems bring a number of benefits to your business and offer unprecedented levels of automation. The question you need to ask yourself is, how much automation do you want your company to achieve? Cash management software can help you see the roadblocks that are ahead of you, while also helping you plan for the future. Therefore providing greater insight into your financial capacity to expand.

Ready to let cash management software guide your financial decisions?

With Cashbook’s cash management system, you can reduce time spent on cash management by 70%. We offer a number of different solutions for automating Cash Application, Accounts PayableBank Reconciliation and Credit & Collections processes. Request a demo today to explore what level of automation your organisation can achieve.


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