The "cash balance" refers to the current amount of money physically held in a cash register or cash reserve. It represents the available cash for an organization or business and is used to monitor and manage liquidity and financial situation.
Typical functions of software in the area of "Cash balance":
- Cash Bookkeeping: Recording and managing all cash transactions, including deposits, withdrawals, and individual entries.
- Real-Time Monitoring: Continuous updating of the cash position in real-time to accurately track the current cash balance.
- Cash Reconciliation: Conducting cash reconciliations to ensure the physical cash balance matches the accounting entries.
- Cash Forecasting: Calculating future cash positions based on planned revenues and expenses.
- Notifications: Automated notifications for falling below or exceeding certain cash position thresholds.
- Reporting: Generating reports on the cash position development and transactions conducted.
- User and Access Management: Managing user access and permissions to ensure secure access to cash position data.
- Integration with Other Financial Systems: Seamless integration with other financial and accounting systems for automatic transfer of transaction data.
- Security and Compliance: Implementing security measures and complying with legal regulations for managing cash transactions.