Financial Resilience: How to Reduce Disruption to Cash Flow ?
CASH FLOW mANAGEMENT
Building financial resilience and reduce disruption
For many businesses, the biggest impact of the COVID-19 pandemic has been on cash flow. Every business in the world has been impacted. For some, revenue has gone up, for others it has gone down, and for many unfortunate businesses, it has completely stopped. Regardless, it is a situation no one was ready for, and is one that continues to change every day.
Financial teams have been under a huge amount of pressure to not only ensure things keep moving as normally as possible, but to resolve cash flow problems, and predict where things are headed. They’ve had to monitor the situation, report on how things are going, and model possible futures depending on how things progress.
In short, finance teams aren’t just supporting the vision of the leaders; they’re being looked to for direction. Of course, this is incredibly difficult if all the key team members and business leaders don’t have complete visibility over the business. The answer? A robust financial planning tool that allows finance teams to give detailed reports, fast, whenever they’re needed.
So, why is a robust and flexible financial planning tool the answer, and what should look for?
Five Features Your Financial Planning Tool Must Have and Why
Far too many financial planning tools are still in the dark ages and still require a considerable amount of manual data entry and time spent at a desk. When you’re dealing with a fast-changing situation like the COVID-19 pandemic, you need to reassess at a moment’s notice.
Built-In Financial Intelligence
Your financial team, is already under pressure to keep the business’s cash flow moving smoothly. Your financial planning tool should have built-in intelligence so you can set up new reports and forecasts, without manually entering all data, currency, and security information, and without custom coding.
Strict Data Integrity
You cannot create reports for your team quickly if you’re second-guessing the figures. You need a tool that has in-build diagnostics that check your balance and movements for you so you can make the decisions that will protect the business and offer you the financial resilience you’re looking for.
Creating a cash flow statement or any other report shouldn’t rely on crazy multi-dimensional mapping. You should be able to generate accurate reports in just a few clicks.
Flexible to Your Changing Needs
We always need our financial planning tools to be flexible, but it’s all too easy to put up with archaic practices in normal times. In the midst of a pandemic, however, you need a tool that’s working for and with you – not against you.
Cash flow reporting shouldn’t be an add-on; in times like these, you need to know exactly what you’re working with at a moment’s notice. In most cases, you can’t rely on Excel sheets or legacy software to do this. That’s why we work with and recommend CCH Tagetik. They offer financial planning software that can be quickly implemented and used in the unique landscape we find ourselves in. It offers you complete visibility, so you know the impact of every move you make – now in the future as the global economy recovers, and that’s a level of financial resilience few businesses will be able to reach.
If you are looking for further suggestions to adapt and respond to changing financial situation better, please watch our webinar on-demand.
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About CCH Tagetik
Established in 1836 – 1 Product, with 4 global divisions serving more than 1200 customers in over 180 countries.