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Cash Management

The accurate forecasting and efficient management of a business’ cash and related instruments have become critical in financial reporting.

Suitable software solutions are necessary for managing the various elements of cash, including the management of flows between different bank accounts and in different currencies, forward exchange contracts, guarantees, market valuations, debtors factoring and much more.

Finnivo® can help streamline the process for accurately forecasting and keeping a sufficient record of cash flow and related instruments.

Here is an example of how Finnivo® can be used for cash management:

First the reporting formats and report templates are finalised. This means including all line items, calculations and input sections (content or commentary) for cost centre owners to complete. These templates will need to cater for the requirements of all the cost centres and all the users that need to complete budgets.

The report packs are then distributed or made available to the owners of your various cost centres.

For certain applications, data that will be used in the cash management process is imported from an enterprise resource planning system, currency application, banks or spreadsheet. An example would include importing bank balances or listing of FEC contracts on a specific reporting date as the basis of your calculations or forecasts.

Next, users can capture their forecasted flows or positions.

Based on the user inputs and certain captured parameters or indicators, cash or financing requirements are then calculated.

Once the cash reports for the various cost centres have been completed, the group results are collated and aggregated.

Management is then able to drill down into and analyse the group’s cash position and generate key reports that will enable them to make informed decisions and act on specific requirements.

The data can also be exported to other financial systems.

XBRL

Starting 1 July 2018, various qualifying / selected Companies will be required to submit their financial and mandatory information to the Companies and Intellectual Properties Commission (“CIPC”) in a new electronic format. This will ultimately become a mandatory requirement for all Companies.

The new reporting format will require Companies to upload an iXBRL digital file to the CIPC portal (which will ultimately replace the process of uploading PDF report formats). Various other regulatory bodies are also currently investing in infrastructure to allow for the upload of the iXBRL files for submission of required Company information.