Cashflow technologies inc11/19/2022 ![]() Treasury management, along with technology, improves cash flow and helps companies troubleshoot some of the most common cash flow mistakes, such as poor monitoring, making payments all at once and not having cash available in the right place at the right time.Ĭash is the lifeblood of any business, so it is essential to have the cash you need on hand when you need it. Cashflow technologies inc software#Sometimes there may be software related to the technology or bank itself, while other times you may need to choose your own software and manage it internally. On the other hand, if your customers typically mail in payments and your business spends a lot of time processing them, a lockbox may be a good choice. If you accept many personal checks at your location, quick deposit or electronic check services may be the best option. The technology required to implement these processes depends on the business and its needs. Cashflow technologies inc manual#“That is probably the greatest benefit to cash flow that a company can ascertain. Eliminating the manual processes allowed us to focus our accounting staff on other equally important functions without having the additional staff and expense.” “Through treasury management, we have been afforded the opportunity to get funds deposited with greater speed, allowing us to get those funds posted to our receivables faster,” says Kimberly Foster, controller of the truck transport company. Such services are available to companies no matter their size.Īcme Truck Line Inc., for example, uses many technology options to manage its cash flow, including lockbox, commercial card and ACH. Single-use accounts act like a paper check by creating a virtual 16-digit account number for each payment, allowing businesses to set credit limits and control spending. This provides reduced administration costs and better purchase control. Commercial cardĬommercial card allows a business to make purchases from a vendor if the vendor accepts credit cards. This allows for quicker deposits and reduced administration costs. Electronic check servicesĮlectronic check services converts checks to an electronic transaction received by a bank. Remote Deposit Capture typically has an extended deposit deadline and allows easy error correction and review. Regions Remote Deposit Capture allows users to deposit checks and transmit them to a bank by scanning them with a specially designed desktop scanner or using a personal mobile device. The bank then collects these payments and deposits them, providing faster processing and quicker access to funds. Lockbox is an easily accessed post office box to which a customer of the business sends payments. Payroll direct deposit is an example of ACH that allows for quicker deposits and decreased administration costs. The most popular technology options to improve a company’s cash flow are: Automated Clearing House (ACH)Īutomated Clearing House processes debit and credit card transactions through a secure, electronic, nationwide network. Technology can not only improve your cash flow, it can also accelerate your receivables and extend your payables, preventing your company from becoming overleveraged ![]()
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