Your cash management processes can play a big part in the operational performance and resilience of your business. A recent study by EY-Parthenon found that of 5,000 of the top largest public companies tracked globally, those with better cash management were 19% more resilient than their low-performing peers while 21% were better at limiting initial shocks caused by market downturns. From a Operations Director’s ...

The boundaries of traditional cash management practices have been blown wide open with the arrival of cloud technology.In an age where businesses are constantly seeking efficiency, transparency, and agility, cloud connectivity has emerged as a critical component in meeting the demands of organisations to streamline their financial operations.The scalability and flexibility of cloud services could reach $600 billion this year alone, and according to the ...

While many people are paid electronically, the recent increase in the use of physical money has raised questions about paying employees cash. Getting paid "cash in hand" certainly has some advantages over bank transfers—there are no bank fees or delays, and there is no chance of running up debt on cards, to name a few. However, the employer and employee must consider some essential ...

Cash still matters. In today’s digital payments age, cash transactions remain vital for many businesses, across many industry verticals.According to the European Central Bank, cash was used for 59% of point-of-sale transactions in 2022, despite a continuing decline in overall market share versus electronic payments.This is evidenced further by the Bank for International Settlements, which maintains digital payments have not yet fully overtaken cash. Public ...

Money is an essential part of everyday life, enabling us to trade, save, invest, and measure value. But what exactly is money and why does it hold such importance?In this article, we’ll explore what money is, its key functions and why it matters so much in modern society. The Definition of Money Money is the lifeblood of the economy, acting as the universal tool that ...

Money has come a long way from the days of bartering and livestock exchanges to the complex digital economies we see today. The concept of money, in its various forms, has shaped societies, economies and the way we live.But who exactly invented money, and how did it evolve into the currency we use today?From the ancient use of commodity money like cattle and grains to ...

The number of payments made using physical cash has risen for the first time in a decade, with a 7% increase compared to 2022 figures, according to UK Finance. This is a clear signal to finance directors that cash is still an important part of daily life for both businesses and consumers when paying for certain products and services. A world without cash is ...

Many companies are trying to wean their customers away from cash payments, but some are fighting against this loss of choice. In fact, 2023 saw the use of cash increase for the second year in a row according to figures from the Nationwide Building Society in the UK. Cash seems to have a stronghold for particular types of transactions, such as bus fare payments. ...

The short answer is no, Scottish bank notes are not legal tender in England, or even in Scotland for that matter. Legal tender refers to money that can be accepted as payment for a debt. The HM Treasury defines legal tender in England and Wales as Bank of England notes, while in Scotland, no banknotes (not even those issued by the Scottish economy) have ...

Just as some people were about to pronounce the death of cash – it looks like it is making a comeback. In 2023, cash use in the UK increased for a second year running, after a decade of decline. There is now also a movement being championed by UK media and involving politicians to recognise the continuing relevance of cash - and even protect access ...