How to Achieve Consistent, Accurate, and Timely Cash Application

By Bob Sefton, Financial Director, Nomacorc LLC Accurate, timely cash application fosters good working capital management practices with a resulting positive cash flow. If cash application is not carried out properly and consistently, the consequences can be: Cash flow errors; Problems with customer account balances; Internal workflow problems; and Excess administrative costs caused by repeated failed attempts to reconcile cash and accounts receivable balances. Ultimately, if…