Financial Operations Hub

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.

The financial close process is a recurring system in which an accounting team verifies and adjusts account balances at the end of a designated period and before the accounting cycle closes. It starts with documenting the journal entry for each transaction and ends with preparing data for the next period.

Accrual accounting is a GAAP method of accounting to record revenue when earned and expenses when incurred (not paid), summarizing results in accrual basis financial statements. Accrual based accounting uses the matching principle to record revenues and related expenses in the same accounting period. Record accrued liabilities or related assets simultaneously with double-entry bookkeeping.

Regtech is short for “regulatory technology” and involves the management of regulatory processes within the financial industry. The main functions of a regtech solution include compliance, reporting, and regulatory monitoring.

Integrated payables streamlines treasury management by consolidating the payment process into a single step. A company can maintain complete control over funds and instruct the bank when to release transactions.

Reverse factoring is also known as supply chain financing. It’s a financing solution that ordering parties initiate to help suppliers finance receivables. Reverse factoring is an alternative to the factoring financing method, in which the supplier initiates financing.