AI-powered cash management, with you in the driver’s seat

The basis for any cash flow insight is understanding what drives cash inflows and outflows. Finance and treasury teams are used to downloading bank statements and manually categorizing each transaction to create the cash database that can then be used for various analyses. Rule-based categorization saves significant time and reduces some of the manual effort. But it still requires initial, time-consuming setup and ongoing maintenance.

In a recent conversation between Adi Barak, VP of Product at Panax, and Joel Jeselsohn, VP of Finance at Tangoe, the two finance experts dove deep into the challenges and opportunities facing finance teams around cash forecasting, especially for mid-sized global companies. They touched on topics such as the impact of inflation, the importance of cash forecasting, and the role of automation and AI in financial processes. Here are the main takeaways from their discussion.

As companies grow, so do their cash management requirements. This leaves CFOs and treasury teams with new challenges to deal with. They need to manage multiple accounts across multiple currencies and geographies, ensure optimized use of financial instruments like credit lines and investments, gain control of their liquidity status, forecast cash flows, and more. The cost of an error is high, which is why many teams turn to cash management solutions at this stage.