Client Challenge: Idle Cash, Missed Opportunities
A client approached us with a critical issue: despite having strong revenue and stable operations, their cash management was inefficient. They had multiple bank accounts across different financial institutions, each with varying balances, yet no clear visibility into their overall cash position. As a result:
- Some accounts had excess idle cash earning little to no interest.
- Others faced temporary shortfalls, requiring last-minute fund transfers to cover payments.
- Manually tracking cash positions across accounts and compiling reports was time-consuming and error-prone.
Their finance team knew that no money should be left idle, but without a consolidated system, optimising cash flow was a tedious task.
Solution: A Structured Cash Management System
To address this, Backbone implemented an automated cash flow management solution that:
- Extracted bank balances from Xero, compiling them into a structured format for easy review.
- Generated a consolidated cash position report across all bank accounts, helping the finance team identify excess cash.
- Reduced manual tracking efforts, allowing the finance team to focus on making informed cash allocation decisions rather than spending time gathering data.
Results: Maximising Cash Efficiency
With automation in place, the client saw a significant reduction in idle cash and improved their ability to allocate funds effectively. Their finance team could now act on cash insights without the need for tedious manual data collection, ensuring their funds were optimally deployed.
By eliminating inefficiencies, Backbone empowered them to optimise every dollar—because in today’s world, no cash should be left idle.
Details refer to the demo below.
