The aim: streamline processes and save money.
Money Streamlining identifies the way in which cash enters, moves through and exits a business. This entails a thorough review of all transactional cash activity and bank account structures, as well as the processes that touch cash.
Money Streamlining typically is a five phase approach:
- Phase 1 encompasses the crucial tasks of gathering information, understanding the business requirements and unravelling existing processes.
- Phase 2 identifies potential areas of improvement, separated into the 'quick wins' and those which will require more implementation time.
- Phase 3 conducts an RFP or tender process, or work with incumbent bank.
- Phase 4 implements changes.
- Phase 5 reviews the project after 6 and 12 months to quantify savings.
Barrington's wide experience means that best practice can be brought to every situation. Each client is different, but benchmarking is provided for similar organisations and across industries.
Savings can be generated through redesigning processes as well as renegotiating bank and other transactional fees.
Money Streamlining almost always results in significant savings, in both hard and soft dollars. Savings aren't just ad hoc, some will repeat every month. This means that the sooner a Money Streamlining project starts, the bigger the potential gains.