Cash is your business's lifeblood. Managed well, your company remains healthy and strong. Managed poorly, your company goes into cardiac arrest.
If you haven't considered cash management an important issue, then you're probably undermining your business's short-term stability and its long-term survival. But, how can you manage business cash better?
Start with understanding how good cash-management practices can influence your company's growth and survival by reading "The Art of Cash Management" learning how to handle a cash crisis. Assembled here are practical pieces of advice, tips and tricks from CEOs, and tools that you can use to get a handle on business cash.
Effective cash managment for Charities can make an enormous difference to the bottom line and adds tremendous value, where such value is being needlessly lost. In some instances, that additional income could mean the difference between a Charity being able to fulfill its mandate or not and in these very difficult financial times, every penny saved or generated can and will make an enormous difference.
While we do not cover situations where you may require secure transportation of large cash sums, instead we focus on the simple things, which are mostly forgotten about, such as the management of all that spare cash sitting in your current account.
Most of us do not realise that the spare cash, which sits around for a few days here and there in the various current accounts, provides the banks with an enormous amount of low cost capital, which generates significant income with very little or no cost in the form of interest paid on the daily balances.
Do the simple maths - if a bank has 1 million customers with an average daily balance of £1,000 that equates to £1 billion of low cost capital!
One of the benefits that Barclays promote to users of Barclays BMAP is:
"Barclays Multi Account Platform (BMAP) provides users with a single point of management for any number of segregated accounts. You can maximise interest returns, allowing funds to be used as efficiently as possible."
This feature is extremely important for Charities, since not only do all Charities earn interest, but they all earn higher interest and £500 earns the same rate as £500 million!
For the first time, Charities do not have to worry about maximising their interest or moving funds from a non-interest paying cheque account across to a deposit account. Now Charities can do everything from a single account, while at the same time earning high interest! We think this is a great feature to offer our customers.