Cash forecasting is the backbone of a company’s financial planning. Predicting how much a company has in liquid assets allows it to make smarter investments, which can be a boon in times of financial turmoil, especially for mid-sized businesses.
One of the key levers for accurate forecasting is having an intelligent collections strategy. It becomes increasingly difficult to make financial decisions when you aren’t sure of your percentage of secured cash and if your customers will pay you on time. An ineffective collection process impacts small finance teams and limits them from drawing insights and planning when most of their time is spent making sure that they are collecting their money. This creates uncertainty and bottlenecks in the entire decision-making process and also leads to finance teams making suboptimal decisions.
In episode 4 of Receivables Townhall, we bring you an expert panel to discuss how adopting advanced technology solutions like analytics, and high-end tech platforms help formulate robust data-driven strategies like:
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Customer prioritization based on risk assessment for effective collections
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Single source of truth via a centralized data repository for an efficient collection recovery process