Top 15 Cash Manager Skills (2024)

15 cash manager skills for your resume and career

1. Customer Service

Customer service is the act of helping customers with their requests, questions, and problems. Cash managers use customer service by maintaining relationships with borrowers and lenders, providing excellent customer service, managing customer service operations, and training employees to provide exceptional customer service. They also ensure that their team members follow customer service criteria and protect company assets.

Here's how cash managers use customer service:

Managed customer service department in addition to existing responsibilities, maintaining a high level of customer fulfillment.
Established and maintained relationships with borrowers and lenders to provide excellent customer service.

2. Cash Management

Cash management is the process of managing a company's cash flow. Cash managers use cash management to oversee the daily cash administration, manage current accounts, and maintain bank relationships. They also monitor cash management operations, identify areas for process improvements, and implement new systems and applications to enhance financial reporting processes. They ensure compliance with federal and industry guidelines, and manage short and medium-term cash management investments.

Here's how cash managers use cash management:

Cash Management: Subject matter expert and consultant on significant topics and practices surrounding cash management systems and treasury product utilization.
Managed the global and domestic cash management responsibilities of four inter-related but separate corporations in a timely and cost effective manner.

3. Treasury

Treasury management is the administration of financial assets, cash, and investments. Cash managers use treasury to manage cash positions, monitor short-term investments, and ensure timely and accurate transactions. They also use specialized treasury management software to streamline operations and enhance control. As one cash manager said, "Implemented and utilized a treasury management work station enabling daily monitoring and control of the corporate cash position."

Here's how cash managers use treasury:

Managed departmental review and development, including initiation, monitoring and implementation of all treasury financial management coordinated through Information Technology.
Managed I-T integration for specialized treasury and cash flow management software for university department that oversees all commercial bank relationships.

4. Financial Statements

Financial statements are formal records that provide information on a company's financial performance and position. Cash managers use financial statements to assess accuracy and completeness, review and analyze monthly financial statements, and prepare and analyze financial statements for internal and external use. They also use financial statements to provide data analysis and variance reports, ensure proper recording of entity financial activities, and assist in negotiations of bank credit facilities.

Here's how cash managers use financial statements:

Examined and analyzed accounting records and financial statements to assess accuracy and completeness to reporting and procedural standards.
Prepared monthly budget and financial statements for distribution and presentation to executive management.

5. Reconciliations

Reconciliations are the process of comparing and matching transactions between two sets of records. Cash managers use reconciliations to ensure the accuracy of their financial data. They perform daily cash reconciliations to compare bank balances and general ledger accounts. They also use reconciliations to monitor monthly account closings and perform audits. For example, they may use reconciliations to compare investment opportunities and research unidentified payments. They may also work with controllers to perform monthly bank reconciliations and manage cash posting.

Here's how cash managers use reconciliations:

6. ACH

ACH stands for Automated Clearing House, an electronic network used to process transactions between banks and other financial institutions. Cash managers use ACH to initiate transfers, move small dollar payments, and process weekly sweeps from depository accounts. They also email reports showing monies received broken down by insurance company, cash, ACH, clinic, and doctor, and manage daily liquidity, bank balances, and funds transfer. They also monitor daily ACH activity and cash accounts for abnormal activity, reconcile and replenish funds, and design and implement new ACH cash collection procedures.

Here's how cash managers use ach:

Initiated ACH, internal transfers, stop payments, opening/closing of accounts, and positive pay daily for all hotels.
Moved small dollar payments from wire transfers to ACH creating savings of $10,000 to $12,000 per year.

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7. Petty Cash

Petty cash is a small amount of money used for minor expenses. Cash managers use petty cash to manage bank accounts, credit cards, expense reports, and travel advances. They count cash, reconcile petty cash, manage safe deposits, and change funds. They also disburse change, deposit checks, and reimburse petty cash. They may also anticipate short-term borrowing needs and allocate petty cash in different currencies.

Here's how cash managers use petty cash:

Maintain bank accounts information, petty cash, and Manage 401(k) plan.
Managed all company credit cards, expense reports, travel advances and petty cash account.

8. Cash Flow

Cash flow is a company's income and expenses over a particular period of time. Cash managers use cash flow to manage liquidity, reconcile accounts, and anticipate investment opportunities. They also use cash flow forecast models to maximize investment opportunities and review cash balances for corporate and divisional cash disbursem*nt, payroll, and investment accounts.

Here's how cash managers use cash flow:

Prepared financial reports and spreadsheet-based models for senior management reflecting banking activity, cash flow, and account architecture.
Established, maintained and updated existing cash flow and reconciliation procedures ensuring current status and consistency with company guidelines.

9. Bank Deposits

Bank deposits are the act of placing money into a bank account. Cash managers use bank deposits to manage the safe, collect and verify cash transactions, and prepare them for pickup. They also enforce cash handling policies, count, verify, and prepare bank deposits for the business.

Here's how cash managers use bank deposits:

Performed daily bank deposits and ensured accuracy of change necessary for business operations.
Prepare and balance the safe, collection and verification of all cash transactions, prepare all nightly bank deposits

10. Payroll

Payroll is the process of paying employees for their work. Cash managers use payroll by facilitating payroll migration initiatives, consolidating payroll functions, and monitoring payroll taxes and budgeted items. They also ensure the accuracy of bi-weekly payroll hours and handle administrative tasks like leaves of absence and payroll entry.

Here's how cash managers use payroll:

Facilitated a Payroll Migration initiative to consolidate payroll functions to a central system.
Commission payroll accounting for retail operations and organize Front-End operations.

11. External Auditors

External auditors are independent professionals who review a company's financial records to ensure accuracy and compliance with regulations. Cash managers use external auditors to prepare documentation and conduct process walkthroughs to ensure department audit compliance. They also collaborate with external auditors to ensure compliance with the Sarbanes Oxley Act for cash account controls. They communicate and provide information to external auditors during financial audits and annual reports.

Here's how cash managers use external auditors:

Contributed supporting documentation to internal and external auditors for Sarbanes-Oxley compliance and financial audits.
Coordinated financial audits and provided information to external auditors.

12. General Ledger

The general ledger is a comprehensive record of all financial transactions. Cash managers use the general ledger to reconcile accounts, perform account analysis, and audit activity reports. They also post journal entries, cash receipts, and disbursem*nts to the general ledger. They use the general ledger to record sales, payments, accruals, and various expenses.

Here's how cash managers use general ledger:

Reconciled general ledger accounts for gift certificates, bridal department deposits and furniture department deposits on a monthly basis.
Ensured Accurate Accounting for Portfolio Management Reports against General Ledger Reconciliation for Quarterly True Up result.

13. Process Improvement

Process improvement is the act of identifying and implementing ways to enhance efficiency, productivity, and overall performance. Cash managers use process improvement by implementing business processes, automating data changes, and developing workflows to maximize customer flow. They also analyze and make recommendations for process improvements, reduce errors, and support the automation of different business processes.

Here's how cash managers use process improvement:

Implemented business process to achieve the desired business process improvement and continually reviewed and updated processes as needed.
Implemented process improvements reducing quality error percentage to Managed annual 1099 preparation.

14. ERP

ERP stands for Enterprise Resource Planning. Cash managers use ERP to manage their company's finances and operations. For instance, they might use ERP systems to generate reports on accounts receivable, inventory, and financial planning. They also use ERP to automate data processing and reconciliation.

Here's how cash managers use erp:

Developed customized, accurate working AR cash projection reports through our ERP system.
Subject Matter Expert for ERP Implementation project

15. Wire Transfers

Wire transfers are a way to send money from one bank account to another. Cash managers use wire transfers in their job by implementing changes that result in same-business-day payment confirmations, automating processes, managing the wire transfer function, training others on foreign exchange and wire transfers, inputting, verifying, and sending wire transfers, monitoring payment receipts, and executing wire transfers for business expansion. They also communicate discrepancies to the finance manager, prepare and book journal entries, and coordinate the development of automated wire transfer systems.

Here's how cash managers use wire transfers:

Implemented daily wire transfer deadline change resulting in same-business-day payment confirmations and more streamlined reporting to senior management and stakeholders.
Reduced wire transfer processing time by 15% by automating processes and revolutionizing verification procedures.

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