Automated Cash Management for CFOs  

Written by Trovata Team
May 28, 2021

Now more than ever, data drives your businesses growth. Successful leaders know how to harness the power of data to build, implement, and track effective business strategies. For a busy CFO, like yourself, you need real-time cash data in order to optimize the analysis and decision-making processes to move your enterprise forward. And more importantly, trust that you have what you need to make the most informed decisions for your business.

The Power of Data

In our ever-expanding digital world, the market is rapidly evolving. Financial departments are expected to be increasingly agile, transparent, and informative; competitive strategy is a must. You need innovative tools and resources that provide a rich trove of cash data to:

  • Make better data-backed decisions with access to real-time bank data

  • Discover new growth opportunities through a rich trove of cash insights

  • Manage your cash position with disaster scenario planning in mind

  • Manage and optimize your company’s cash flow with precision

  • Gain buy-in, and trust from key stakeholders for your financial operating plan

Our rapid digital world often changes so quickly that if you don’t have instant access to critical cash reporting and forecasts, you may be left behind compared to the competition and miss valuable growth opportunities Automating your cash management process is critical to help you easily uncover new cash optimization and investment strategies that support your company’s strategic objectives.

Outdated Approaches to Cash Management

Over the past twenty years, the finance industry has made great strides when it comes to serving their clients, but legacy treasury management systems have been slow to follow suit. Many enterprises have struggled to accurately compile and analyze their financial data.

Intrinsically, financial information is complex. Most businesses are trying to keep up not only with a multifaceted system of accounts receivable and payable, but they’re working with multiple banks and lenders as well. Accessing and normalizing all of the information related to an enterprise’s liquidity manually often involves a large amount of resources, which can be costly.

Combine that complexity with a cobbled-together procedure of manually populated spreadsheets, cumbersome mainframe technology and messaging, disparate schedules, and gaps in interdepartmental communication; it’s no wonder that the traditional process of generating cash flow statements takes up a disproportionate amount of time and resources.

How Trovata Can Help You Automate Cash Management

With direct API connections to major banks, Trovata makes it possible for your business to automate the time-consuming and complex task of collecting and normalizing your bank data into one secure platform, providing you with a clear, workable picture of your company’s liquidity quickly from real-time cash position data.

Trovata’s automated cash forecasts and reports generated from real-time cash data empowers you to:

  • Make better and quicker data-backed decisions with access to real-time bank data. Open-Banking APIs consolidate and normalize your transaction data from multiple banks into one intuitive, real-time dashboard, providing you instant access to a comprehensive suite of cash reporting functionality out-of-the-box.

  • Discover new growth opportunities through a rich trove of real-time cash insights. AutoTag™ and Search+Tag™ features, powered by AI and ML, categorizes and segments transactions automatically, making it easier than ever to discover new growth and investment opportunities from historical data.

  • Manage your cash position with disaster preparation in mind. Trovata empowers you with the flexibility to automate forecasts around the impact of different business decisions, so you can be confident you are making the most informed decisions.

  • Optimize your company’s cash flows and manage with precision.  With greater insight into a company’s financial position and liquidity, you can adjust and allocate cash with greater precision and confidence.
  • Gain buy-in from key stakeholders for your financial plan. Gain more time to develop your financial strategy and get buy-in from key stakeholders with automated cash forecasts and reports.

To learn how to gain more control over your business through digitizing your multi-bank cash management processes, download our free Digital Implementation Checklist for Finance Executives.

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