Cash Management
The term Cash Management refers to the day-to-day administration of managing cash inflow and outflow within your business, which means all cash transactions are recorded in the forms of payment voucher and receipt voucher within the system.
An ERP system with bank and cash management module able to perform, process and display all the transactions made and posting to different account numbers and generate into the form of cash transaction statements or bank statements.
Importance of Cash Management
- Track receipt vouchers and payment vouchers transaction and the posting effects to their accounts
- Track withdrawals and deposits movements of each bank and display a detailed account statement
- Review all transactions made on banks through the system
- Reconcile against bank statement to make sure postings in system tally with bank records
- Adjustment / corrective measure onto human or posting errors and bank processing errors
- Analyse and evaluate on bank transactions or cash flow from time to time