Financial Operations Hub

The strategic sourcing process enables a business to assign value to sourcing decisions by building a diverse supply base. It’s about not putting all your eggs in one basket, as they say, and keeping your options open. Strategic sourcing is a collaborative process that improves efficiency and streamlines operations.

Treasury software is an application that automates a company’s financial activities like cash flow, assets, and investments. It provides a treasury management system that tracks the ability of a business to convert assets into cash (a.k.a. liquidity) to meet financial obligations.

A treasury management system (TMS) helps to automate the back office of a company’s business obligations and financial operations. This typically involves enterprise software that automates manual and repetitive financial transactions.

In accrual accounting, expenses and revenue are documented as soon as they happen. In cash basis accounting, nothing is documented until cash is exchanged.
The difference between cash and accrual accounting lies in the timing. When are sales and purchases being recorded in a bank account?

This article defines an audit trail. We describe the purpose and importance of audit trail and provide audit trail examples. The primary focus is on the beneficial use of real-time software audit logs in financial and business applications.

Cash control is cash management and internal control over cash. Controlling cash receipts and cash disbursements reduces erroneous payments, theft, and fraud. Internal control includes corporate governance, company policies, segregation of duties, authorized approvals for purchases, designated signature authority with limits, payments reconciliation, and bank account reconciliation.