One of the key components of Working Capital Management is to closely monitor Accounts Receivables in order to ensure timely recovery of dues and reduce bad debts. Your mydigiCFO will ensure that a proper system of Accounts Receivable Management is designed and implemented to constantly monitor the receivables and optimize recoveries.
There is an age old saying: “Before your look to your Bankers, Look to your stocks.” Keeping an proper level of inventory is essential to reduce working capital cycles, ensure that there is no disruption in the production cycle and also to mitigate the risk of obsolescence. An inventory control system designed to ensure the correct level of every item of stock will be executed by your mydigiCFO and will be constantly monitored for proper and timely feedback to management.
The recent Pandemic of 2020 has thrown up the challenges faced by businesses who operate in a global economy. With border restrictions coming into play, international trade was disrupted substantially. Vendor Management now includes the need to ensure that the Supply Chain Management factors in such disruptions. Identifying near shore vendors as well as multiple vendors are now an integral part of Vendor Management. Your mydigiCFO will work closely with the Procurement and Logistics wings of your business to ensure optimal supply processes and least disruption in the Supply Chain.
Your business will need to have at its disposal adequate Working Capital Resources from its bankers. Your mydigiCFO will liaise with your Bankers and set up proper Working Capital Resources in the form of Cash Credit, Bills Discounting etc. The entire reporting requirements that accompany the availment of such facilities from your Bankers will also be looked after by your mydigiCFO.