In retail management, everything comes around sales, purchases, and accounting. And all the above is based on your cash management capability. This way, Cash handling is paramount in the retail industry, and its effective management not only eliminates shop owners headache but also enhances your customer experience.
Content….
- Objectives of Cash Management
- Key Features of Cash Management System
- Conclusion: Why should your pharmacy choose SwilERP for effective cash management?
Objectives of Cash Management
Nowadays, almost all retailers switch to retail management software. They no longer manage their cash using manual methods. Cash management technology has advanced significantly, and it now assists shops in maintaining their cash flow.
A cash management system in pharmacy is used to forecast, track, and report business cash flows. Retail Cash Management is designed to automate the entire cash handling process, from the point-of-sale to bank deposit. A retail business will benefit in various ways by switching from manual cash handling to cash management.
Objective 1: To Control Cash Flow
The cash control system in pharmacy is limiting your cash outflow and accelerating cash inflow. As a business owner, you want to increase the business’s cash flow and minimize the cash leaving your store.
A retail management software integrated with a cash management system increases your real-time visibility of cash and offers greater control of your cash flow.
Objective 2: To Optimize Cash Levels for the Business
Your cash management system optimizes your cash levels, creating better liquidity. The system has many functions that will help optimize your cash levels, including:
Cash analytics: It provides data around the movement of cash. This allows you to manage cash balances, reconciliation, and deposit reporting more effectively.
Cash forecasting: It provides insights into trends to forecast your cash needs and replenishment to operate your business efficiently.
Cash status: It gives you a view of your available cash on hand.
Objective 3: To Enable More Efficient Cash Planning
You can better manage your business cash flow if you have a system to establish your cash planning, such as how often and how much to deposit and keep the proper amount of cash liquid for the business.
Automated cash management solution for pharmacy collect and provide data, allowing you to make better decisions. With the right system in place, you won’t worry about cash shortages or numerous deposits driving up your operating costs.
Objective 4: To Enable More Effective Cash Management
More than 80% of businesses fail because of cash flow issues. Thus, it is necessary to have a management system that manages cash flow correctly. A robust management system will show you where cash is leaving and entering the business as it flows.
Finally, you’ll try to boost inflows. All of your decisions will be backed by data to streamline and optimize cash management and flow.
Key Features of Cash Management System
SWIL offers SwilERP to pharmacy store owners. SwilERP has a robust cash management system with custom capabilities tailored to our clients’ needs. Let’s look at what SwilERP has in terms of Cash Management for its retail pharmacy software users.
Cash Tracking
- Monitoring real-time cash inflow and outflow in various business activities.
- Tracking cash balances across multiple resources.
- Tracking the cash transfer status.
- Automated segmentation of cash transactions (e.g.taxes, payroll).
Reconciliation
- Automatically matching data on cash transactions provided on daily/weekly/monthly basis.
- Automatically defining the outstanding cash transactions.
Liquidity management
- Automatically calculating working capital.
- Monitoring current and quick liquidity ratios to plan to operate, invest, and finance cash activities.
Analytics and reporting
- Cash flow forecasts are based on the customer buying pattern on cash transactions and customer payment behavior trends.
- Real-time views on: Cash transactions, Cash balance, Working capital balance, Actual vs. forecasted cash flow, Liquidity ratios, cash gains/losses, investing and financing activities, and more.
Security and compliance
- Multi-factor authentication.
- Role-based access control.
- Full audit trail for each cash transaction.
Conclusion: Why should your pharmacy choose SwilERP for effective cash management?
SwilERP is the solution to improve cash visibility, streamline reconciliation, and assure accurate and timely cash flow reporting. It provides your company with-
- A robust data visualization capabilities.
- Automating the entire cash management process.
- Accurate forecast on cash flow.
SWIL has a well-developed business management system to ensure that working with us does not compromise the security of our clients’ data. If you’d like to integrate with the best cash management system, don’t hesitate to contact our customer service team and inquire about the cash management system.
