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1、Cash Mgmt updateBest Practice Financial Processes:Cash Management2PwC175gCash Management-Best Practice ObjectivesCash ManagementObjectivesOrganisationPeopleProcessesControlsMeasuresInformation SystemsManage short term liquidity and long term funding requirementsMinimise companys cost of capitalEffic
2、iently manage the processing of cash transactions Effectively forecast cash requirementsManage petty cash efficientlyCentralised cash office&poolingIntegrated with Accounts functionsRecord/manage receipts and paymentsManage cash positionPerform reconciliationsPerform period end closing&reportingPoli
3、cies&ProceduresBank liaisonAuthorisation limitsInternal controlsSpeed of reportingAccuracy of forecastingReturn on CapitalIntegrated bank account with sub-ledgersAutomatic bank reconciliationsOn-line/real timeCash forecastingCash management skillsLiaison with financial institutions3PwC175gProcess Fe
4、aturesSegregate cash management from accounts receivable and accounts payable functionsLocalise cash collectionMinimise level of petty cash requirementsTransmit mechanisms evaluated on cost and risk basisCreate netting arrangement with internal business partnersObtain pan-European banking facilities
5、 that allow netting off of account balancesMap cash collection and payment cycles,identify actions to minimise these periodsMinimum number of banking relationships maintained to ensure coverage and purchasing powerClear unmatched cash within 1 dayRegular reconciliation of all cash books.Maintain pet
6、ty cash imprest systemsObtain access to on line bank statementsMonitor the cost of cash transmission mechanismsCash balances reported on a daily basis by account and business centresTreasury determine short term cash requirements from cash forecast and daily reportCash surpluses managed by TreasuryP
7、etty cash/foreign currency floats periodically auditedCompany loan accounts reconciled monthlyTreasury consolidate and manage cash forecast requirementsMonitor bank facilities to minimise interest payments and maximise receiptsForecast cash on a regular basis:rolling 12 month forecast-annual 5 year
8、ahead reviewsCash Management-Best Practice FeaturesEstablish and maintain cash control mechanismsPerform bank reconciliationsReport andmanage cash balancesForecast cash requirements4PwC175gSystem FeaturesEDI used for majority of payments and receipts Comprehensive system security and password featur
9、es for paymentMulti-currency systems.Transmission used for bank statementsBank remittance notices issued with sales invoicesElectronic reconciliation of bank statement and cash bookCurrency rates available for sterling equivalentsIndividual bank account cash balance reports produced on a daily basis
10、Summary consolidated cash reports available on-line to TreasuryIntercompany netting bank accounts reconciled automaticallyIntegrated enquiry from cash book entries to sub-ledgersAutomatic production of cash forecast statements from commitment/accrual accountingProject analysis and control linked to
11、finance systemsAnalysis by market share/product cost etcCash Management-Best Practice FeaturesEstablish and maintain cash control mechanismsPerform bank reconciliationsReport andmanage cash balancesForecast cash requirements5PwC175gCash Management-Critical Success Factors These are a summary of the
12、key business requirements,which must be met to achieve Cash management objectives.Electronic Interfaces with Accounts Payable,Accounts Receivable,Payroll and General LedgerEstablish and maintain good relations with banksAgree Finance terms Reconcile bank accounts on a regular basisEDI for the majori
13、ty of payments and receiptsAutomated bank reconciliation systems and processesCash monitoring and forecasting techniques provide first class accuracyIntegrated on line systems to audit trail cash transactionsOperate minimum petty cash and foreign currency floatsSeparation of Cash management staff du
14、ties from other finance operations6PwC175gCash Management-Measures/Cost DriversMeasuresCost of CapitalNumber of bank accountsNumber of banking relationshipsNumber of outstanding reconciling items 3 months oldDifference of interest rate of cash accounts vs.Money Market rates per currencyPercentage of
15、 cash transactions effected electronicallyNumber of days in obtaining value for fundsFloating days per bankCost of cash function as a percentage of total finance costNumber of cash transactions per FTENumber of unreconciled cash transactionsNumber of accounts outside cash pooling7PwC175gCash Managem
16、ent-Measures/Cost DriversCost DriversElectronic payment and receipt mechanismsNumber of banking locations and bank accountsNumber of international locationsSystem interfaces available for cash entriesTypes of payments and currencies usedNumber of petty cash sitesNumber of transactions per dayExtent
17、of government regulation8PwC175gCash Management-Level 0 Context DiagramBudgetingand controlCash officeManagementteamAuditPurchasingAccountsreceivableAccountspayablePayrollBanksGeneralledgerFinancialinstitutionsCash forecastingCashflow monitoring&forecastingCheck reconciliationsTreasury expertiseRemi
18、ttancesCommitment detailsPetty CashProcess ReceiptsProcess PaymentsPayroll paymentsCM detailsBankStatementsSales order processingSales ordersCash requirements9PwC175gCash Management-Level 1 OverviewCustomer accountsCashiersBankCM&BillingsystemRecord receiptsDaily bankingReceive cashcheques bank rece
19、iptsReceipt information included incash book and GLAP controlsAuthorisationPayment TermsMatching rulesAuthorised invoice/expense,DD/SO,Other payments,CashCash Office(CO)AP department&systemBankFDPayroll departmentPerson requesting cashReconciliation proceduresException reportsClear unmatched itemsJo
20、urnal rulesReconciled cash booksCash Office(CO)AP reportCustomer accountsManagement AccountantBankPayment information includedin AP(cashbook)and GLReporting proceduresReviewBenchmarkingCash management staffBankTransmission MechanismClose procedureReconciliation proceduresForecasting rules and proced
21、uresReporting formatsForecast&Reporting TimetablesFinancial accountantCash management staffAPCustomer AccountsSales&MarketingCustomer EngineeringStrategic PlanningManagedcashReportsBank statementsCash forecastsConfirmarrangementsLoan details&repaymentschedulesProcess receiptsCM1.1Process paymentsCM1
22、.2Reconcile bank statements to ledgersCM1.3Manage cash positionCM1.4Period end closing forecasting&reportingCM1.5Cash updatesCurrent banking terms and transaction rates10PwC175gCash Management-Appendix 1:IDEF Process FlowThe diagram below provides a key to the process diagrams used in this document.Process/activityControls(i.e.ProceduresStandardsRequirements for rework)Output(i.e.InformationMaterial)Resources(i.e.PeopleFunctionsIT systemsMachines)Input(i.e.InformationMaterial)