5 Cash Management Trends for 2022

In the business world, cash flow is king. Although there are approximately 213 million businesses around the world, studies show that the number one cause of business failure is low cash flow, which is a result of poor cash management.

While many businesses have made drastic changes to stay afloat and keep with changes in consumer behaviour, the trends continue to evolve with new developments. In this article, we’re looking at some of the latest cash management trends for 2022 that could improve your cash flow and put you ahead of the competition.

5 Cash Management Trends for 2022

1. Continuation of Digital Transformation

Many businesses are seeing the rewards from implementing cloud-based cash management technology that can help improve processes and the flexibility within the organisation while prioritising security. Companies that continue to automate and digitise their operations by switching to accounting and cash flow software will be able to apply better forecasting to their decision-making process and improve their financial operations and daily treasury records.

While 2021 was spent ensuring business continuity and managing talent shortages, 2022 is the year to:

  • Digitise cash
  • Automate your cash management system with accounting software
  • Switch to e-payments for more secure transactions
  • Increase cybersecurity to protect all digital transactions

2. The Rise of Payment Solutions

The digital payment industry is set to reach a record of more than $8,5 billion worth of transaction value by the end of 2022. In a very digitally driven era, businesses should forgo manual cash handling and move to electronic or cloud-based payment solutions. Most of these payment management solutions allow you to keep track of your transactions while ensuring you don’t miss a payment to your vendors.

Payment solutions don’t just improve your customer experience but also your business’s payment efficiency – one of the many major steps to improving cash management. This will also lead to better cash visibility and forecasting.

3. Security Is More Important Than Ever

With the rise of payment solutions, you can expect a higher number of cybercrimes. This goes beyond financial fraud and includes identity theft and malware attacks that don’t just affect your business, but your customers as well.

For businesses to successfully implement and maintain payment solutions to their cash management strategy, they must also have some basic security measures like multi-factor authentication and limited user logins in place. Certain finance and treasury departments will require more attention and complex security measures for better risk mitigation and to better combat fraudulent attempts on company data and funds.

Partnering with an information security team or finding the right vendors can put you on the right path to cybersecurity. Some businesses are also utilising artificial intelligence and machine learning to identify and instantly eradicate malware and intrusions before they begin.

4. No More Spreadsheets

Traditional spreadsheets should be a thing of the past. Cash forecasting with Microsoft Excel leads to undocumented transactions, multiple errors from various unrecorded users, and a lack of audit trail. Not to mention, the lack of security when all it takes is for someone to accidentally attach the wrong file to an email.

Having an end-end cash management platform like Deposita’s Connector, which provides insights and valuable management information for transactions and cash flow, will improve business efficiency and planning.

5. More Affordable Cash Management Solutions for SMMEs

Various cash management solutions are now becoming more accessible to businesses of many shapes and sizes. There are now more affordable solutions suitable for start-ups and small businesses, such as:

  • Cashless payment systems
  • Automated accounting reconciliation

These solutions are more attainable and considered to be one of the main requirements for running a successful business. They have also transitioned from a one-size-fits-all approach to offering something that can be customised to each unique business need.

Implementing new cash management software will require the cooperation of different departments, but it’s good to see more businesses adopting the approach as we move further into the digital era.

Deposita Can Help You Streamline

There are a variety of cash management solutions for your choosing, like Deposita’s Protector Range and Connector Range, to help streamline and automate your cash flow management. Our experts at Deposita can help customise the perfect cash management solution for your business needs.

Deposita has perfected the art of cash management for the last decade by using world-class innovation, product development, and implementation of technology. We draw from our extensive knowledge and experience to customise our state-of-the-art technology to meet your needs. Our devices run on an internationally accredited platform where you can be assured your money and data are safe.

Do you need a cash management solution, but don’t know where to start? Book a free consultation with us and let us help you.

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