Automating your cash management process can provide huge benefits, such as reduced costs, fewer losses, better cash flow, and increased efficiency—if done correctly.
As CFO it’s your responsibility to seek out solutions that can offer these types of benefits that will increase your bottom line. Navigating the myriad solutions can be daunting. Do not get bogged down by costs but rather focus on your return-on-investment.
To get the best bang for your buck and more effectively increase your bottom line through the use of cash management technology, your first step should be to partner with a cash management solutions provider. Here’s why.
You’ll Receive Consultation Services
Before you go out to purchase solutions, it’s critical that you take a look at your current cash management process. However, this is easier said than done. Many of the costs of handling cash are hidden and not so obvious. Many of your company’s cash management challenges might be unknown to you. You might not be able to really calculate the loss of time, labour, and productivity that your cash handling is costing you.
It’s tricky business. When you partner with a cash management solutions provider, though, you’ll have experts helping you from the very start. The solution provider will analyze your processes to find out more about your efficiency needs, productivity needs, cash flow needs, and security needs. They will be able to see unique opportunities, challenges, and risks that you might not have identified yourself.
With these consultation services, you’ll then have the knowledge required to make the best purchasing decisions in order to get the best ROI.
You’ll Receive Cash Management Expertise
You might be well versed in cash flow and other financial matters, but if you’re automating your cash management process for the first time, you’re probably not well versed in cash management technology. Not all cash management solutions are created equal, and you might not be able to identify the differences among the different products. And this can lead to bad purchasing decisions. You might not get the right models or the right technology for your unique business needs. You might get a cash counter that doesn’t meet your volume needs, for example. Or you might choose to buy a counterfeit detector that doesn’t process US bills, even though you accept them. If you’re not buying the right cash management solutions, you’re not going to improve your ROI as much as you could. A cash management solutions provider can offer guidance so you can better understand your options and make the best choices.
You’ll Receive Customized Solutions
You won’t benefit as much as you can if you purchase a one-size-fits-all cash management solution. If you don’t accept that many cheques on a daily basis, then you probably don’t need to invest in a cheque scanner, for example. The solutions that work best for you will depend on your company’s opportunities, risks, and challenges, your industry, your volume needs, and other critical factors that will need to be taken into account.
A cash management solutions provider can offer recommendations for the right cash management products, based on your particular needs, which will maximize your ROI.
You’ll Receive Continuous Support
If your currency sorter breaks down or doesn’t work properly anymore and you don’t know how to fix it, it might just end up collecting dust while your workers go back to manual sorting and counting. If your cash management needs change in future, you might need to upgrade.
There are many reasons why continuous support is critical. The right cash management solutions provider doesn’t care just about the sale, they care about your ongoing needs down the line and will offer ongoing support to answer your questions, help set up your new machines, handle preventative maintenance and repairs, and help you analyze your changing cash management needs.