What Are the Steps Involved to Integrate Cash Management Technology?

Most CFOs don’t realize how much of their company’s hard-earned dollars are being wasted on poor cash management. As the costs are largely unobvious and hidden, the total cost of cash handling is often a mystery.

And the next phase is to find a solution. To find a way to lower your costs, increase your efficiency and productivity, and enhance security. To find a solution with a great return on investment.

The answer is cash management technology. Integrating technology into your cash handling processes can have an intensely positive effect on your bottom line, on your cash flow, and on your business as a whole. It can allow you to become leaner and thus more competitive in today’s sales environment.

But how do you get started? What steps do you need to take? Find out below.

Step 1: Contact a Cash Management Solutions Provider

Finding an experienced and knowledgeable provider is the first thing you need to do to get your cash management back on track. But beware, not all providers are the same. Some will only act as purchase processors—they’ll only care about the sale. Others, though, will be your partner. Will help you. Will guide you. Will offer suggestions and recommendations. And will provide ongoing support after the sale is complete. That’s the type of provider that you need to get in bed with. So don’t make a hasty decision. Do your due diligence and perform some research to ensure that you only partner up with a great solutions provider.

Step 2: Analyze Your Spend and Identify Your Needs

Though on the outside it might seem like all companies would have virtually the same type of cash management needs—after all, they all sell products or services and receive money from customers—your business needs will be very unique. And it’s important to identify your needs to ensure that you’re getting the best solutions that will allow for the highest ROI. Your solutions provider will help you analyze your spend in this category so you can see the true cost of handling cash at your business. From labour costs and losses to efficiency and security, all factors will be analyzed. Understanding how much you’re spending on the different cash handling processes and knowing your unique cash risks and liabilities can help you to identify your strength and weaknesses, and then build upon them.

Step 3: Create a Customized Solution

Because your needs are distinctive and based on so many varying factors, like type of company, volume of cash, number of employees and more, it’s important that you invest in the right solutions for your business. Your provider will help you better understand your options—the different equipment, devices, brands, price points, and features—and suggest and recommend the best ones for you. You can’t take a one-size-fits-all approach to cash management—a customized solution will offer the greatest results.

Step 4: Implement the Solution

Finally, your provider will help you set up all of your new equipment, will provide maintenance, repairs, and ongoing support in the days following your purchase and later on, too. Implementing totally new technology into your business can be stressful, but you’ll have the support you need to implement it in your front end, back end, and head office. After training your employees to use the new devices, all you have to do is wait to see the return on your investment—which shouldn’t take long at all. You’ll immediately see increased productivity and cost savings.