IOFM: How Intelligent Cash Application Solutions Help Improve the Financial Health of a Business

Cash is at the heart of every business, and it’s typically the largest asset on the balance sheet. With the entire business depending on cash, it’s imperative to keep cash flowing. That’s why more CFOs are taking a hard look at the way their business collects and applies its cash.

Managing cash is harder in difficult times. According to an IOFM February 2021 survey, 59% of businesses say their average days late is higher, 48% of businesses report that their aging balance has grown, and 28% of businesses are experiencing more customer disputes.

Intelligent automation enables accounting and finance organizations to improve their cash position by reducing unapplied cash, improving decision-making, enhancing the customer experience, and decreasing overhead. It’s time to address the short-term cash crunch created by the pandemic while positioning the business for long-term growth during the impending recovery.