What to do for improved cash management, flow and liquidity:
1. Enhance visibility – look for the big picture. Invest in technology and the right partners to integrate payments and receivables across the organization.
2. The “forecast” calls for getting back to basics.
According to Deloitte, forecasting problems impede working capital management.4 Ask some basic questions to better inform projections:
- What’s going on in my industry, with key prospects and customers?
- Who are our future customers and how much will they spend with us?
- How fast and reliable are our collections?
3. Streamline data analysis for timely insight.
Kick the spreadsheets, manual processes and stale data. Technology not only enables data gathering, but also faster, on-time analysis.
4. Be vigilant about fraud prevention.
Ninety percent of cyber attacks come via email.5 It takes a fraudster about 90 minutes to worm their way into your network and, unless you’re proactive, you won’t notice it until 269 days later.6 Fraud is a for-profit business. Be proactive.
5. Share the wealth of knowledge.
Sixty-seven percent of CFOs are willing to train non-finance colleagues in reporting, planning, budgeting and forecasting.7 Take advantage of the opportunity to grow skills across the enterprise.
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
Treasury & Risk, “2020 Cash Management Survey,” September 2020
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