Bank accounts administration needs to be extremely simple and all data should be available at a single central location. This ensures that you find the information you need as quickly as possible.
Use existing bank accounts information whenever possible. From your ERP, TMS, eBanking software, etc. Anything that is available electronically should be automatically fed into your account administration.
The ultimate goal is to know 100% of your bank accounts and the authorised signatories for these accounts. All balances, transactions, , interest agreements, cashpool information, documents, etc.
If you establish an account administration system, you might as well extend it to a group wide cash-visibility solution with very little extra effort.
Large volumes of data require extremely flexible data analysis. Make sure that you find what you need in the least time possible. We are taking about seconds, not minutes…
A clear separation of legal entities and user roles not only makes using an account administration system easier, it also avoids unnecessary questions and satisfies your auditors.
If your bank provides electronic bank accounts administration (eBam), go for it. This will make your account administration much easier in the long run.
Ask your users to confirm the completeness and the correctness of their bank accounts at regular intervals.
