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What does a cash manager do?

A business will hire a cash manager to do a range of potential duties, including monitoring cheques issued. A large business will find it difficult to keep an eye on how many cheques they issue, to whom and why they are issued. Hiring a cash manager allows this process to be monitored by a human, leaving less room for error and costly mistakes caused by cheques being issued to the wrong person for the wrong amount. A cash manager is also likely to be in charge of automated cash payments, such as BACS, for the same reasons as the cheque monitoring.

Most large businesses have a website for their customers or clients and an internal web infrastructure for their employees. This allows them to access information and authorise the sending of information to others. Some companies may also require their staff to send payments to other areas of the business through an internal website. A cash manager will be responsible for setting up a secure log-in process. This ensures that only the authorised staff members are allowed to log into the site and do the tasks they are qualified to do. This prevents unauthorised persons having access to important information and it also allows for mistakes to be traced back to the person who made it. This is an important part of a cash managers job.

A cash manager may also be in charge of managing a business' investments, if they have any. It is their job to find out as early in the financial day as possible what their daily funds requirement will be, this allows investors to know exactly how much surplus cash they have to make the necessary investments. It is the cash manager's job to double-check with the bank that the daily requirement for funds is accurate and that there are no mistakes or unexpected expenses.

 

 

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