It is said that “Cash is king”. Whether that’s universally true or not, effective cash management accounting is critical to the success of any business. And it’s not easy, especially in an organization that deals with multiple bank accounts, multiple entities, multiple currencies, and/or multiple payment types.
Successful companies know the value of having visibility and control over their business, and a key part of that visibility and control are focused on the company’s cash management account. One key to effectively controlling cash management accounts is integration across systems and entities. When all financial management applications – accounts receivable, accounts payable, general ledger, etc. – are integrated, along with companion enterprise applications like purchasing and customer order management, the financial accounting systems become seamless and control is centered on the general ledgers and cash accounts for the various entities. Entities are combined into a cohesive corporate control system through general ledger consolidation, but is not complete until the cash management account is empowered with the functions provided in an industrial-strength cash management accounting application.