Cash is essential to the daily functions of a business, and yet it is rarely managed to ensure that sufficient cash is on hand, or that excess cash is properly invested. Instead, cash is considered just another item to be handled by the accounting department, which can result in periodic cash shortages or excess cash being invested incorrectly, if at all. This course reveals how to create a system from which to compile a detailed cash forecast, discusses the processes related to cash inflows and outflows, describes how to mitigate risks associated with cash, and many other topics related to cash management.
Upon successful completion of this course, participants will be able to:
- Recognize the nature of cash management, citing how the function should be organized, key cash management tasks, and who is responsible for them.
- Recognize the components and usage of a cash forecast, noting the sources and reliability of information in cash forecasts.
- Specify the formats and uses of the bank reconciliation, citing types of differences that may arise.
- Cite the information requirements of a cash management system, noting the frequency with which this information must be collected.
- Recognize the methods available for collecting and processing cash receipts.
- Note the features of the main cash concentration systems, identifying the situations in which they should be used.
- Recognize the characteristics of the different methods of payment and identify when they should be used.
- Note how positive pay and its variations can be used.
- Recognize the techniques that can be used to reduce the investment in working capital.
- Cite the more common cash investment strategies and investment instruments, noting the circumstances under which they should be used.
- Recognize the types of debt funding and the major stock sale exemptions, noting applicable restrictions on their use.
- Identify the requirements for being classified as an accredited investor.
- Recognize the role of agency financing entities, such as the Ex-Im Bank.
- Identify the main credit rating agencies as well as the types of credit ratings.
- Identify the features of and differences between the various clearing and settlement systems.
- Recognize the role of a correspondent bank.
- Identify the main aspects of foreign exchange risk as well as the methods available to mitigate it.
- Note the impact of netting on hedging activity.
- Identify the main aspects of interest rate risk and the methods available to mitigate it.
- Cite the controls that can be used for the cash management function.
- Note the areas in which cash management metrics should be employed, as well as how to calculate the key metrics.
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