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How can you use technology to streamline cash management?

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Cash management is the process of collecting, managing, and investing the cash inflows and outflows of a business. It is essential for maintaining liquidity, profitability, and growth. However, cash management can also be time-consuming, complex, and prone to errors. That's why many businesses are turning to technology to streamline their cash management and forecasting. In this article, we will explore how you can use technology to improve your cash management in six ways.

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Shashika Malshan (MAAT)

Finance Executive - LOLC Finance PLC
Faizan Haq

Treasurer at MTN Group I Seasoned Treasury Management Professional

1 Automate your transactions

One of the most obvious benefits of technology is that it can automate your transactions, such as payments, receipts, transfers, and reconciliations. This can save you time, reduce human errors, and increase accuracy. You can use software tools, online platforms, or mobile apps to automate your transactions. For example, you can use electronic invoicing and payment systems to send and receive invoices and payments faster and easier. You can also use bank feeds to connect your accounting software with your bank accounts and automatically update your cash balance and transactions.

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Shashika Malshan (MAAT)

Finance Executive - LOLC Finance PLC
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Develop an AI based cash flow forecasting tool within FinTech Apps, Digital Wallets or any other financial platform to generate future cash inflow and outflow projections based on past income & expenses. Also considering future Inflation impacts to provide an idea or insights for individuals to predict and manage cash for the upcoming bills or expenses.

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Faizan Haq

Treasurer at MTN Group I Seasoned Treasury Management Professional
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Now this is one of my favorite. I would like to add something different from conventional means. Cash forecasting is an essential component of cash management that can benefit significantly from AI. Traditionally, cash forecasting has been a manual and time-consuming process, often leading to inaccuracies due to the complexity of predicting cash flows across various accounts and currencies. AI algorithms can analyze historical cash flow data, recognize patterns, and predict future cash requirements with high accuracy. For example, machine learning models can be trained on historical cash transactions, including accounts payable and receivable data. to forecast future cash positions. This allows businesses to make informed decisions.

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Ahmed Rashad Gharib

Citizenship By Investment Manager & Banking Advisor
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Process payments quickly, easily & securely around the world with cross-currency solutions. Scale up smarter and get the full picture of your business to optimise

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2 Integrate your systems

Another way to use technology to streamline your cash management is to integrate your systems, such as accounting, inventory, sales, payroll, and budgeting. This can help you consolidate your data, avoid duplication, and enhance visibility. You can use cloud-based solutions, application programming interfaces (APIs), or data warehouses to integrate your systems. For example, you can use cloud-based accounting software to access your financial data from anywhere and sync it with other systems. You can also use APIs to connect your software with third-party services, such as payment gateways, tax calculators, or currency converters.

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Pedro Rincon

Senior Tax Problem Solver
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Integrate billing and cash receipts to maximize cash applications. One of the problems I found at Sun Microsystems is that customers were allowed to "bundle" payments to multiple divisions without indicating how much was earmarked for each division. Due to discounts, or add-on charges, this created a cash flow problem causing unapplied cash to skyrocket and Accounts receivable to also become a problem. Other aspects of cash management can also be improved to maximize, billings, receipts, cash-in-bank, and improve the company's balance sheet.

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3 Analyze your data

Technology can also help you analyze your data and gain insights into your cash flow patterns, trends, and drivers. This can help you improve your decision making, planning, and forecasting. You can use tools such as dashboards, reports, charts, or graphs to analyze your data. For example, you can use a dashboard to monitor your key cash flow indicators, such as cash balance, cash conversion cycle, or cash burn rate. You can also use reports to compare your actual cash flow with your budgeted or projected cash flow and identify any variances or issues.

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Faizan Haq

Treasurer at MTN Group I Seasoned Treasury Management Professional
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Generative AI can take cash management a step further by generating predictive scenarios and simulating how different decisions might affect cash flow. This is particularly useful for stress testing and planning under uncertainty. For instance, Generative Adversarial Networks (GANs) can be used to simulate various economic conditions, market changes, or company-specific events (like launching a new product) to see their potential impact on cash flows. This helps in identifying vulnerabilities in cash management strategies and in crafting robust contingency plans.

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4 Forecast your cash flow

Technology can also help you forecast your cash flow and anticipate your future cash needs and surpluses. This can help you optimize your cash allocation, investment, and financing. You can use tools such as spreadsheets, models, or scenarios to forecast your cash flow. For example, you can use a spreadsheet to create a cash flow statement and project your cash inflows and outflows based on your historical data and assumptions. You can also use models or scenarios to simulate different situations, such as changes in sales volume, prices, costs, or interest rates, and see how they affect your cash flow.

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Faizan Haq

Treasurer at MTN Group I Seasoned Treasury Management Professional
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Cash forecasting is an essential component of cash management that benefits significantly from AI. Traditionally, cash forecasting has been a manual and time-consuming process, often leading to inaccuracies due to the complexity of predicting cash flows across various accounts and currencies. AI algorithms can analyze historical cash flow data, recognize patterns, and predict future cash requirements with high accuracy. For example, machine learning models can be trained on historical cash transactions, including accounts payable and receivable data, to forecast future cash positions. This allows businesses to make informed decisions about investments, debt management, and liquidity planning.

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5 Secure your data

Technology can also help you secure your data and protect your cash from fraud, theft, or cyberattacks. This can help you reduce your risks, losses, and liabilities. You can use tools such as encryption, authentication, backup, or firewall to secure your data. For example, you can use encryption to scramble your data and make it unreadable to unauthorized parties. You can also use authentication to verify the identity and access rights of your users and transactions. You can also use backup to store your data in a safe location and restore it in case of any damage or loss. You can also use firewall to block any unwanted or malicious traffic to your network or devices.

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6 Simplify your compliance

Technology can also help you simplify your compliance and adhere to the relevant rules, regulations, and standards. This can help you avoid penalties, fines, or legal actions. You can use tools such as software, online services, or databases to simplify your compliance. For example, you can use software to automate your tax calculations, filings, and payments. You can also use online services to verify your customers' identity and creditworthiness. You can also use databases to check the latest laws, regulations, and standards that apply to your business and industry.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use technology to streamline cash management?

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1 Automate your transactions

2 Integrate your systems

3 Analyze your data

4 Forecast your cash flow

5 Secure your data

6 Simplify your compliance

7 Here’s what else to consider

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