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Cashbook: Making Banks & ERPs Talk

Money being a basic necessity of any company, financial services plays a crucial role for Management. With the purpose to build super intelligent cash management software solutions, Cashbook is a successful provider of services which maximize the automation of high volume financial transactions. Reduction in time spent on cash management by 70% is achieved with the application of Cashbook.
“More of the Same”
Why should a business write-off hard-won revenue every year because of outdated, inadequate processes and systems that no longer suit their needs?
Cashbook has an Order-to-Cash solution that talks to any ERP and any bank, replacing legacy processes in ERP’s with configurable work-flows which can be flexed to meet client needs. Knowing that, as businesses grow, their customers don’t respond by hiring additional finance people and writing-off more deductions every year, Cashbook has removed the assumption that deduction write-offs need to be a certain percentage of sales.
The Cash Management suite provided by Cashbook competes against the standard, built-in processes offered by ERP’s and “more of the same” in Finance departments. The Cashbook approach is to address the full Order-to-Cash cycle, so they regularly compete with and beat Accounts Receivable solutions such as Open Scan and High Radius. In the Accounts Payable Automation area they compete with Bottomline, in Bank Reconciliation it’s Trintech, and for the treasury solution, Cash Manager, it would be Sungard.
Leading Cashbook since 2002
Greg Coulter, CEO & Managing Director of Cashbook holds a 1st Class Honours degree in Economics and Finance from the University of Otago in New Zealand and is a CIMA qualified Accountant. Greg joined Cashbook in 1999. He has completed Cashbook cash management software implementations in England, The Netherlands, America, Belgium, Ireland, Germany and Switzerland. In 2001, he was promoted to the role of Client Director and in 2002 to the role of CEO.
All of the Cash in One Location
The complete cash processing approach makes Cashbook a Cash Management mini-ERP. They are a bolt-on system to any ERP, and can take over the full Order-to-Cash cycle. The key difference is that it all happens on a single platform: there aren’t separate systems looking at Accounts Receivable, Accounts Payable and Reconciliations. It’s just another day at the office for them when they handle partial payments and deductions, net across subsidiaries in different locations, drill down into individual transactions and then consolidate across business units.
To have all of the information residing on a single platform means that Cashbook is in a unique position to generate extremely insightful and highly actionable views around cash management for any company. With each new version release, they are moving closer to the vision of the future of cash management: True, Predictive Cash Forecasting.
With great firmness, Greg states, “I want every company to be able to use their live and historical data to generate a genuine picture of their cash position months in advance. This kind of predictive cash management capability will be an incredibly powerful tool for companies and an absolute game changer for finance departments.”
Tasting Success at Every Step
“We’ve been developing, expanding and refining our algorithms for 25 years. That’s a sophisticated and immensely reliable resource for any company. Clients’ accounting talent and experience can never simply walk out the door with our automation and workflow capability. Customers vote with their feet and ours have never left us. Outside of a single example of a complete ERP change, we’ve never had a customer leave us”, answers Greg on a question about the customers’ satisfaction.
Typically, the customers see a drop in resource requirements for their daily accounting needs, or they can defer any headcount increases. A further common benefit is extra cash available from a drop in the Days Sales Outstanding (DSO). That comes with a corresponding drop in financing requirements and charges. If a business can decrease their DSO by 2 days, it’s the equivalent of getting a free line of credit from the bank, but better, since it’s the company’s own money coming back to them faster. Cashbook also makes it easier for companies to pay as late as terms allow, further improving working capital.
“Additionally, over these 25 years Cashbook have accumulated a library of customer remittance and bank formats. Whether their customers use EDI or CSV, their banks use MT940 or BAI2, Cashbook customers can be confident that their investment is secure because it’s so adaptable.”
Extending Feats all Over the World
Cashbook can deal with elaborate Multi-code Deductions, Cash and Check Deposits in North America, Automate Drafts and Promissory notes in Europe and while at the same time Automate Factoring and complex Reporting Requirements in Asia. They have localized Cashbook into more than 50 languages, have sales and support teams in 4 countries and have the ability to offer support in over 15 languages.
At the moment, they have projects in North America and the Caribbean, Europe, Asia and the Middle East. They’ve expanded the technical and support teams by 35% in the last year to service the growing client base. And to top it all off, along with their CTO, Greg recently announced the Cashbook cloud solution which will be available in Q4 2016!