There are myriad reasons organizations choose Acumatica ERP to bring their business systems into the cloud. From the big picture perspective, there’s the scalability, the flexible licensing, and the integrations—all help to make the “sell” with the executives who make the software investment decisions. When it comes to the capabilities finance and accounting managers look for to make them more effective, though, Acumatica’s cash management system delivers the goods.

Cash Management in a Complex Business Environment

Before we take a closer look at the solution’s features and benefits, let’s consider the critical roles cash flow and forecasting play to today’s finance leaders. Among the CFOs, treasurers, and senior finance executives surveyed for the CFP Research study, Next Generation Needs for Cash Management:

  • 83% said increasing business complexity is making cash management and forecasting more challenging—and 76% said the level of complexity will get worse
  • 80% said finance departments will need to act much faster than they currently do, and
  • 89% said improving accuracy, consistency, and quality of cash forecast data is a high priority.

The limitations of legacy financial and accounting systems—including spreadsheet-based and boxed software solutions designed for very early growth stage companies—only add to the complexity leaders expect to experience around cash management. Not only do manual processes and outdated technology fail to support a growing organization’s existing cash management needs (because these needs have already become “complex enough”), but they are in no way going to deliver on future needs. In fact, they impede growth.

Missing Insights, Missed Opportunities

As a result of their existing systems falling short, decision-makers at most companies in this precarious position struggle with a variety of pain points, most notably:

  • A lack of forecasting capabilities that keeps them reactive instead of proactive
  • Inability to accurately account for variable revenue patters that prevents them from maximizing resources when they’re available (and when they’re not)
  • Inadequate A/P and A/R processes that make it difficult, if not impossible, to take advantage of early payment discounts, follow-up on late invoices, and enforce rules related to late payments

Cloud-based ERP solutions are helping finance and accounting departments take control of their operations—and future-proof their investments, thanks to hosting software in a public cloud environment.

Today’s Solution: Technology

By centralizing all financial and operational data into a secure unified system, leveraging any existing (and future) business software integrations through a flexible web API, solutions like Acumatica’s Cloud ERP enable businesses to get a clear, 360-degree view of their financials and achieve faster, more accurate reporting to help them manage their cash flows.

With Acumatica’s cash management software, finance and accounting teams have the functionality they need to bring data from disparate systems together, automate processes and workflows, and introduce sophisticated yet simple big-picture and drill-down reporting. The software integrates with Acumatica’s general ledger, accounts payable, and accounts receivable modules, making it easy to:

  • Manage daily financial transactions and reconciliations
  • Track payments and receivables
  • Transfer funds, even in different currencies
  • Maintain real-time control over cash balances
  • And more

This amounts to a complete digital experience that results in faster, more streamlined invoicing and payment processing, audit-ready records, and more comprehensive (digital) communications with vendors and suppliers. Get more details about Acumatica’s Cash Management System.

Toward Effective Cash Management

To make the most of Acumatica’s cash management functionalities—as a part of the larger cloud ERP solution—it’s critical for organizations to work closely with implementation partners like MIBAR to ensure their system is configured for the company’s unique data requirements and workflows. It’s also important for users to be “ready” to embrace their tools and resources, making change management an important consideration. In fact, in Strategies for Optimizing Your Cash Management, Deloitte suggests building a cash management culture in which employees go beyond prioritizing cash flows in an effort to free up cash and practice “financial and cash flow discipline in both good and more difficult economic times.”

And isn’t a cloud-based ERP system, like Acumatica, the ideal enabler for an effective finance and accounting team?

Is Your Finance and Account Team Ready for a Cloud Transformation?

Contact us for a free consultation to discuss your company’s existing technology and explore your “fit” for Acumatica’s Cloud ERP, and talk about next steps to get you where you want to be.

Additional Resources:

Not Ready for Cloud ERP? Acumatica Offers Unparalleled Deployment Flexibility

Growing Together: Cloud-Based Software and Your IT Team

4 Ways Your Legacy Software May be Costing You

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