Maintaining Liquidity Is Critical. Ways and Means to Do it
The chemical industry creates an immense variety of products that touch virtually every aspect of our lives. While many chemicals are used in consumer goods, a large amount (70% in Europe) are essential for manufacturing. In an economic crisis, chemical companies need to react to fluctuating levels of demand, as their business customers temporarily shut down or reduce production and others which have ramped up to meet new demands.
Addressing the Urgent Financial Needs
The unprecedented speed of the current crisis requires that chemical companies maintain a comprehensive view of their finances, including their immediate cashflows and their cash requirements so that they can make timely decisions and take swift action when necessary. Does that describe your situation, too?
Providing such transparency is exactly our domain of excellence. Serrala delivers solutions and provides know-how to enable you to get full control over your cash and optimize your working capital – across the entire company. We are here to help you to, for example
- Ensure full cash visibility, apply cash sooner, and optimize working capital by automatically matching customer payments to remittance, bank statement, or lockbox information
- Get cash in faster – even when you are working remote - by sending your requests for payment via e-mail, text message, or portals to make it easy for your customers to pay
- Prevent deliveries to customers with credit holds or who are subject to dunning measures and prevent bad debt losses
- Protect your business from fraud attempts by automatically checking every payment in real time
- Pay suppliers on time to ensure a strong supply chain that keeps business flowing
Addressing the urgent need while looking at improvements for the future at the same time is a good way for strengthening your processes. A recent McKinsey study showed that chemical companies that are resilient and have optimized their processes and enhanced their capabilities to become more agile, usually come out of a crisis with an advantage over the competition.
Discover how our over 2,500 customers have been able to optimize their accounts receivable and accounts payable processes and gain full cash visibility and find further useful resources.
SunChemical Video 2019 – cash application
SunChemical is a leading provider of inks and pigments.