The Perfect Partner for deploying fully functional and Automated Cash Management Software: CASHBOOK

It’s not only how much money you make. It’s what you do with it that determines your financial condition.” ― Sandra S. Simmons

Cashbook was founded in 1992 working on the IBM platform working with BPCS (Business Planning and Control System). With a purpose of building super intelligent cash management software solutions which maximize the automation of high volume financial transactions, Cashbook has been applying a special blend of finance and technology expertise to maximize the automation of high volume financial transactions for large organizations around the globe. Its team has a deep understanding of Cash Application, Accounts Payable and Bank Rec functions as well as banking and ERP technologies and processes. Its flawless cash management software technology helps the clients create more intelligent, more automated, more feature rich financial operations. The company led implementations of cash management software solutions in over 25 countries, in a multiplicity of demanding environments, for 100+ global companies and organizations.

A Better way of Cash Management
ERP Solutions
Cashbook’s solution has also been proven to work when clients have multiple, diverse ERP systems across their organization. Consolidating these organization wide, detached ERP systems is a massive financial burden but without this consolidation, there can be no shared service centre. Now, there’s no longer a need for the huge financial, personnel or time investment that goes hand in hand with establishing one single ERP system across an organization. Regardless of the number of ERPs involved, Cashbook’s solution allows clients to have one central system holding all their accounts receivable, accounts payable and bank reconciliation data. It is one central hub, facilitating a shared service centre at a fraction of the cost of attempting to merge multiple, disparate ERP systems into one.

Solutions for banks
BankConnect facilitates the auto processing of bank statements by providing a gateway to read/upload and download ERP data from within bank’s software. BankConnect can be configured to work with any ERP thereby enabling clients to offer internet services to the customers with minimal disruption to the existing infrastructure. Cashbook has 20 years’ experience working with Banks & Fortune 1,000 companies globally, an established BACS approved software vendor in the UK, having more than 200 banking formats developed to date. The company serves a substantial North American, European & Asian corporate client portfolio.

Implementation and Support
Efficient, smooth implementation is a crucial component of the cash management software solution the company delivers. With military precision, the company painstakingly plans and executes each cash management software implementation. The Cashbook Implementation Manager will work with clients from initial scoping, through installation, to final testing and go live. The team will also visit one month post live, to ensure all is working exactly as intended within the cash management software solution.

Some of many customer success stories
Exide Technologies Ltd. Adopted the Cashbook AR Bank Lockbox solution which integrated with their existing ERP, JDE. Using a scheduled overnight job, Cashbook takes the bank lockbox file and, through the file upload process, automatically runs the various matching rules which have been customized for Exide such that users only have to work with the exceptions at the start of each day.

Using a combination of algorithms, i.e. matching against invoice no. and/or sales order no., has proven highly successful for Exide who are achieving a high hit rate against open AR data. A large bank lockbox is subdivided into Cashbook journal records corresponding to actual bank batches facilitating Exide’s work assignments and enabling the one lockbox file to be worked on by a number of users.

Based upon the success in North America, Exide chose Cashbook as their solution for all of Europe. They use a completely different ERP system and run all cash application for Europe from their Shared Service Center in Posnan, Poland.

Formica: In 2007, when Formica centralized all their European payment and reconciliation systems, they choose to implement Cashbook’s Global Payments and Bank Reconciliation modules. Then in 2011 they implemented Cashbook’s Cash Application technology in the Nordic region. At the end of 2013 projects had been completed in Germany, Spain, France, Nordics and the UK. Due to the success of these projects Formica began working towards a global roll out of Cashbook’s complete technology platform. Implementation was completed in December 2015 for Taiwan, Hong Kong, Singapore, Malaysia and China). Mexico, Canada and the USA have gone live in 2016. In all environments they are using Bank Statement Automation, Bank Reconciliation, Global Payments and Cash Manager. Formica has all of their banking integration outsourced to the Cashbook solution ensuring they have complete visibility of their cash.

MTD: In 2015, MTD USA was looking for a solution for their cash application processes that took into account cash application and deduction processing. They received over 200 EDI remittance files per month that were being processed by a variety of custom-built programs. There were large numbers of deductions from companies like Walmart, Best Buy, Menards and over 20 others. Cashbook built specific uploads and algorithms to take these EDI files and added these large companies to Cashbook’s EDI library to ensure for future projects our implementation times were faster and quicker.

Cashbook can create summarized deductions with backing details, deductions relating to invoices, deductions based upon short payments, specific coding of deductions and credit and deduction clearing. Speeding up the deduction resolution process leads to higher chance of re-billing and better customer satisfaction.

“Every business in the world should have cash automation, an accurate bank reconciliation and cash forecasting. Every company in the world has cash and it needs managing. There is no tool in the world doing this. We will be the first to deliver this capability.”

Meet the Master

Greg Coulter, CEO: Greg holds a 1st Class Honours degree in Economics and Finance from the University of Otago in New Zealand and is a CIMA qualified Accountant. Greg joined Cashbook in 1999. He has completed Cashbook cash management software implementations in England, The Netherlands, America, Belgium, Ireland, Germany and Switzerland. In 2001, he was promoted to the role of Client Director and in 2002 to the role of CEO.

“Our Aim is to be the World’s Most Trusted Cash Automation Solution.”