Cash flow and cash control are the lifeblood of any business, and your business could ‘survive or die’ based on its ability to successfully manage cash flow and profitability.
With the rapid increase in business digitisation and the shift to remote working, it is now estimated almost half of small businesses1 lack the appropriate internal controls to manage cash effectively and prevent fraud, which contributes to:
- Slowing collection rates
- Increasing bad debts
- Revenue leakage
- One of every three frauds committed in small business2
Effective Cash Control Diagnostic
Crowe Australasia has developed a diagnostic tool to help your business have a good handle on its cash now and into the future.
By conducting a maturity assessment of your cash controls, we can help provide valuable insight before things go wrong. Using our tool, your business can minimise or eliminate cash leakage or loss that may be systematic and unseen during stronger trading periods. You’ll also receive critical information on key cash related ratios compared to industry benchmarks.
Upon completion we’ll present a series of key recommendations to help your business strengthen its controls across 10 core areas including cash flow forecasting, supplier and sales processes, expenditure monitoring and inventory.
Benefits of a Cash Control Diagnostic
It is critical for businesses to understand their cash flow management and the effectiveness of their cash control. Effective cash control is and will continue to be a critical enabler for your business to trade effectively and pay its debts as and when they fall due.
Our Cash Control Diagnostic can help provide confidence that your business can:
- Pay its wages and entitlements
- Meet its borrowing obligations
- Meet creditors’ demands
- Cover its rent
- Maintain critical running expenses
- Control its exposure to fraud whilst receipting and disbursing cash
Book your Cash Control Diagnostic
The Crowe team can conduct a full cash control diagnostic, providing you with a detailed report that highlights your areas of strength and weakness, and provides a roadmap for the future.
[1] Report to the Nations 2020, Global Study on Occupational Fraud and Abuse, Association of Certified Fraud Examiners
[2] ibid