How Can Technology Aid in Working Capital Management?
Technology plays a significant role in modern working capital management. Entrepreneurs can leverage various tools and software to streamline their processes:
Accounting Software: Automates financial transactions and provides real-time insights into cash flow and working capital. Inventory Management Systems: Helps in tracking inventory levels, reducing holding costs, and avoiding stockouts. Customer Relationship Management (CRM) Systems: Facilitates better management of accounts receivable by tracking customer payments and outstanding invoices. E-invoicing Solutions: Speeds up the invoicing process and reduces the time taken to collect payments.