Corporations are in the Hunt for Cash
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 PWC, forecasting problems impede working capital management. 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.4 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.5 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.6 Take advantage of the opportunity to grow skills across the enterprise.
Contact Synovus Treasury and Payment Solutions, your Treasury Consultant, or Relationship Manager to learn how we can help you better manage cash flow and liquidity.
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Important disclosure information
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.
- CNN Business, “US Companies are Still Worried about An Economic Shock,” February 7, 2024 Back
- U.S. Chamber of Commerce, “5 Tips for Ensuring Your Business Has Enough Cash on Hand,” March 27, 2023 Back
- The Global Treasurer, “Treasurers Demand More Visibility Over Payments,” February 15, 2021 Back
- Association for Finance Professionals, “Strategic Role of Treasury Survey Report,” September 2022 Back
- Ibid Back
- Association for Financial Professionals, “2023 AFP Liquidity Survey,” May 2023 Back
- Reuters®, “New Year US Corporate Bond Issuance Tally Tops $45 Billion,” January 3, 2024 Back
- Statista, “Monthly Value of Commercial and Industrial Loans in the U.S. 2007-2023,” February 5, 2024 Back
- S&P Global Market Intelligence, “The Private Equity and Venture Capital Deal Landscape: Q3, 2023,” October 25, 2023 Back
- Atradius, “B2B Payment Practices Trends, United States 2023,” September 18, 2023 Back
- PYMNTS.com, “New Study: Half of US Businesses’ Invoices Become Overdue,” May 18, 2022 Back