Your in-house bank is where the most important part of your financial world resides. It does not matter how well any of your other business ventures do, if your in-house bank is not making the most of every available opportunity. When it comes to things like cash optimization, foreign exchange management, and intercompany netting, you need to have access to real time information, so that you can immediately make decisions to benefit your company.
Before you try to integrate any new software into your current in-house bank system, you need to come up with a new plan. Set firm objectives before you have an analysis done of your current financial situation. Cash flow forecasting is a powerful tool, but it only works when you use the information at hand.
When you set your new goals and have the forecasting done, look to see how far you are from your goals. Review past statements, so that you can identify any patterns that may have been the cause of you not reaching the goals you set. The idea is to eliminate or change the pattern, so that you can make the most of your cash.
Once your goals are set, make firm decisions about the plan to get there. Do not install new software that gives you real time information, just so you can make the same mistake over again. Do not forget that the idea is for all of your information and accounts to work together to accomplish one end goal.