What CFOs Need to Know about Cash Management Technology

    Dec 09 2015

    Topics: cash management

    CFOs face many challenges in today’s competitive business world. They must steer their companies in the right financial direction. They must reduce costs to ensure profitability. They must look for new strategic and innovative ways to improve their businesses. They must optimize cash flow. They must protect their bottom line. And they must ensure that their companies’ financial functions are operating as efficiently and effectively as possible. It’s a difficult job, but somebody’s got to do it.

    In their search for solutions—CFOs might stumble across cash management technology. But integrating new technology can be a huge, scary change and many CFOs are hesitant to alter and update their processes and integrate high-tech machinery in their companies, especially if they aren’t completely technologically literate and have a slight fear of automation. But you shouldn’t be afraid of technology. In this digital world, it’s the way of the future. It’s the answer you’ve been looking for.

    If you want to know more about cash management technology and how it can help you reach your financial goals, keep reading.

    It Can Save You Money

    Cash management technology is an excellent investment because it can save you a significant amount on costs. It takes a lot of time to handle and manage cash—your cashiers, cash room attendants, managers, and head office personnel all spend a total of approximately 15 hours each day handling your money. Put these hours in terms of labour costs over the course of a year, and you could easily be spending over $60,000 on cash handling activities. But when you automate your systems, the machines do the majority of the work. Your one-time investment will result in years of savings on your labour costs.

    In addition, these machines are totally accurate, so you’ll be able to ensure that unavoidable losses due to human error and administrative mistakes in the cash handling process don’t affect your bottom line.

    It Can Enhance Security

    Handling money comes with some pretty serious risks. These include robbery, employee theft, and even counterfeit fraud. All of these serious security concerns can result in you losing money due to criminal activity. But cash management technology can enhance your security. It can keep your money secure, it can increase accountability, and it can detect and alert you to suspicious activity, like counterfeit bills. This technology can keep your company safe.

    It Can Improve Cash Flow

    Does the mention of cash flow put your hairs on end? Does it result in an instant headache? You’re not alone. Most CFOs stress out over their companies’ cash flow. It’s a serious issue. Some fixes can help temporarily, but integrating technology can offer more significant results. The equipment you will use can help you reduce your vault holdings and allow you to have faster access to your cash, so you can improve your liquidity and ensure that poor cash flow doesn’t become your company’s downfall.

    You Can Ask for Help

    Technology can be complex and complicated. If you’re unfamiliar with cash management technology, you might be hesitant to invest in it and integrate it into your business. But you don’t have to navigate the world of cash management technology on your own. You don’t have to second guess your decisions. You don’t have to worry about making poor investments.

    You can partner with a cash management solutions provider. The provider will consult with you, learn about your business and your unique needs, and come up with suggestions and recommendations for the best products to meet your needs. You’ll get consultation services, a customized solution, and even ongoing support after the sale. A solutions provider makes it easy to integrate technology in the front and back ends of your business.

     

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

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