Cash predictions and reconciliation are extremely important integral parts of business. They play a major role in the cash flow planning. The regular following of the reconciliation process is important for ensuring the availability of liquid cash for the various business operations. Many prominent CEO’s have made plans for prioritizing these functions.
Benefits of treasury management tools:
The advice of the bank officials can be taken regarding the benefits of using treasury management tools for improving the cash predictions and reconciliation process. It is important for companies to access account and transaction information in a timely manner for reconciling their cash requirements on a daily basis.
The treasury management tools maintain the current and previous day data for cash reconciliation purpose. It also helps in anticipating cash outflows and ensuring adequate funds as per requirement.
Some of the most important treasury management tools have been discussed below:
- The banks offer records account balance and transaction information in an electronic form in BAI format. The BAI codes help in making the process simpler and prompt. The BAI option also offers the advantage of performing automated account reconciliation.
- A protected access to the account information online plays a key role in managing your daily cash position and liquidity needs. Custom reports can also be generated for the information required.
- Electronic transactions can also be utilized for information reporting, wire transfers, payroll and federal or state tax payments. These latest technologies also ensure the security of the financial data, thus reducing fraud risks.
- The advantage of this service is that BAI files can be stored in a single application at one bank. This feature offers an immediate snapshot of your entire cash position of both domestic and international accounts. The cash forecasting and daily reconciliations can be performed extremely easily.
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