You can track your cash flow in detail – from operating activities to personnel expenses – to stay on top of your business’s financial health. Daily verification of your company's transactions, both incoming and outgoing, is essential for several reasons:
- Cash flow management: daily transaction verification ensures that you maintain a accurate picture of your company’s cash flow. As a CFO or finance person, keeping track of every inflow and outflow allows you to spot discrepancies, manage working capital efficiently, and avoid liquidity issues that could affect operations.
- Fraud prevention: timely transaction verification ensures that financial statements and reports reflect up-to-date and accurate information.
- Operational efficiency: by keeping a close eye on daily transactions, you can ensure that there are no inefficiencies or errors in the payment process. It also helps identify issues in billing, invoicing, or supplier payments, reducing the likelihood of missing payments, incurring late fees, or damaging relationships with vendors.