Delancey Street

What is Bank of America CashPro?

What is Bank of America CashPro?

A Comprehensive Look at BofA’s Cash Management Solution

CashPro from Bank of America is a suite of online cash management tools; designed to help businesses manage their money more efficiently. But what exactly does it do? And how can it benefit your company? Let’s take a closer look…

An Overview of CashPro’s Features

At its core, CashPro allows you to view and manage your Bank of America accounts from one centralized platform. This includes:

• Checking account balances and transactions across multiple accounts
• Transferring funds between different BofA accounts
• Initiating wire transfers and ACH payments
• Uploading payment files for payroll, vendor payments, etc.
• Viewing previous-day and intraday transaction details
• Setting up alerts for things like low balances

Basically, it consolidates all your cash management needs into one easy-to-use dashboard. No more juggling different systems or calling the bank for every little thing.

But CashPro goes beyond just basic account access. It also provides:

Fraud Protection Tools – Like the ability to set limits on transactions, make dual approvals required, and use secure token credentials.

Integration With Other Systems – CashPro can connect to your accounting software, ERP systems, and more for seamless data sharing.

Customizable Reporting – Generate custom reports on things like account activity, payment status, reconciliation data, and more.

Global Capabilities – Manage accounts across multiple countries and currencies through CashPro’s international platform.So in a nutshell, it’s an all-in-one cash management command center uniquely tailored for businesses. But how exactly can these features benefit your company? Let’s explore some key advantages…

Top Benefits of Using CashPro

Increased Visibility & Control
With CashPro, you get a real-time, consolidated view of your cash position across all your BofA accounts. This helps:

• Avoid unnecessary borrowing by seeing your true cash availability
• Identify surplus funds that can be invested or used to pay down debt
• Spot unusual transactions or fraud more quickly
• Manage cash allocations between different accounts/entities

Having all this info at your fingertips gives you much tighter control over your cash flow.

Streamlined Processes & Improved Efficiency
CashPro lets you automate many routine cash management tasks, like:

• Funding payroll accounts
• Paying employee expense reimbursements
• Making recurring vendor/supplier payments
• Transferring balances to cover outstanding checks

You can schedule these payments in advance or upload batch files to CashPro. Either way, it eliminates tons of manual effort and risk of errors.

Not only that, but CashPro’s integration capabilities allow you to share data seamlessly between your bank accounts and accounting/ERP systems. No more re-keying info or importing/exporting files.

Enhanced Security & Fraud Protection
Businesses are prime targets for fraud, cyber attacks, and payment diversion scams. CashPro has robust security features like:

• Dual approval requirements for transactions over certain amounts
• IP address restrictions for system access
• Ability to set transaction limits and create whitelists/blocklists
• Use of secure token credentials instead of static passwords
• Fraud monitoring and alerts

These controls can help safeguard your accounts and prevent unauthorized or fraudulent activity.

Improved Cash Forecasting
Accurate cash forecasting is critical, but it’s often a challenge for businesses. CashPro makes it easier by:

• Consolidating your transaction data in one place
• Providing customizable reporting on cash flows and positions
• Allowing you to model “what-if” scenarios
• Integrating data from your accounting/ERP systems

This level of visibility helps you predict future cash needs more reliably and optimize your working capital.

Global Cash Management Capabilities
For businesses operating internationally, CashPro offers:

• Multi-currency accounts and FX capabilities
• Global payments, receivables processing, and liquidity management
• Consolidated reporting across countries
• In-country tax payment and regulatory compliance tools

So you can view and control your worldwide cash positions through one platform.

Those are just some of the biggest benefits. Depending on your specific needs, CashPro could offer additional advantages like improved payables/receivables processing, better investment sweep capabilities, and more.But how exactly does the platform work? Let’s walk through the key areas…

A Guided Tour of CashPro’s Core Functions

CashPro is organized into different modules for various cash management activities. The main ones include:

Account Information Reporting
This module shows you current and previous-day balances, transactions, checks, deposits, and statements across all your linked accounts. Some key capabilities:

• Filter transactions by date range, amount, type, etc.
• Search for specific check numbers
• View images of cleared checks
• Set alerts for things like low balances

You can also run custom reports for deeper analysis of account activity.

Money Transfers & Payments
Here you can transfer funds between your BofA accounts, pay vendors/bills, and more:

• Make one-time or recurring internal transfers
• Upload payment files for payroll, AP, etc.
• Issue book transfers between accounts
• Initiate domestic and international wires
• Generate payment reports

CashPro lets you store payment templates and schedule future-dated/recurring transactions too.

Receivables Processing
This module helps you manage your incoming payments more efficiently:

• Capture receivables data from lockboxes
• Process ACH credits and wires
• Match payments to open invoices/receivables
• Handle exceptions like missing info
• Automate cash application to your receivables system

You can also use sub-modules for things like electronic invoice delivery and presentment.

Liquidity Management
For optimizing your short-term cash positions and investments:

• Set target balances and auto-fund accounts
• Sweep balances into interest-bearing accounts
• Borrow/loan between accounts
• Invest balances overnight or longer-term

CashPro interfaces with Bank of America’s money market funds and other investment products.

Information Services
This area provides reporting and data integration capabilities:

• Mapping tools to translate transaction data
• Customizable reporting with scheduling
• Integration with accounting software and ERPs
• Receivables file transmission and delivery

So you can share info between CashPro and your other business systems.

There are also modules for things like physical security services, escrow services, merchant services, and more. But those are the key areas most businesses will use.

As you can see, CashPro is a pretty robust platform with a lot of different tools and capabilities. But how exactly can your business get started using it?

How to Implement CashPro for Your Business

Getting set up on CashPro typically involves a few key steps:

1. Contracting & Implementation Planning
   First, you’ll need to contract with Bank of America for the CashPro services you want to use. A BofA rep will work with you to:

• Determine which CashPro modules/services are needed
• Define security requirements and entitlements
• Establish implementation roles and a project plan

2. System Setup & Configuration
   Next, BofA will provision your CashPro access and set up things like:

• Your company’s user roles, credentials, and permissions
• Account mappings between CashPro and your bank accounts
• Integration with your accounting software or ERP system
• Custom reports, alerts, and workflow rules

They’ll also provide training for your team on using the platform.

3. Testing & Going Live
   Before go-live, you’ll have a chance to test CashPro functionality in a sandbox environment. This allows you to:

• Validate account mapping and integrations
• Test transaction processing and approval workflows
• Ensure custom reports and alerts are working properly
• Train end users on using the system

Once testing is complete and any issues are resolved, you’ll be ready for CashPro to go live!

The exact timeline can vary, but most implementations take 2-3 months from start to finish. Factors like the number of accounts, integration requirements, and your team’s availability can impact the schedule.

Bank of America will assign a dedicated implementation manager to oversee the entire process and ensure everything goes smoothly.

Is CashPro Right for Your Business?

CashPro is a powerful tool, but it isn’t necessarily the right fit for every business. Some key considerations:

Company Size & Banking Needs
CashPro is designed for larger businesses with more complex cash management requirements. If you’re a smaller company with just a few accounts, CashPro may be overkill.Bank of America typically recommends CashPro for businesses with:

• $25 million+ in annual revenues
• Multiple bank accounts to manage
• High transaction volumes
• More sophisticated treasury needs

Banking Relationship with BofA
To use CashPro, you need to be an existing Bank of America Treasury client with eligible account types. So if you don’t already bank with BofA, you’d need to establish that relationship first.

Integration Capabilities
A key advantage of CashPro is its ability to integrate with accounting software, ERPs, and other systems. But that integration has to be properly implemented and tested.If you use more obscure or outdated systems, the integration may be more difficult. Businesses on mainstream platforms like Oracle, SAP, Microsoft, etc. will have an easier time.

Cost Considerations
Like most treasury services, there are fees involved with using CashPro. Some are flat monthly/annual charges, while others are based on transaction volumes.BofA prices CashPro on a module basis. So the more services you require, the higher the costs. They’ll provide a customized pricing proposal based on your needs.For many larger businesses, CashPro’s efficiency gains and enhanced controls offset the fees. But you’ll want to evaluate the costs vs. benefits for your situation.At the end of the day, CashPro is really designed for mid-market companies and larger corporations with $25M+ in revenues. It provides those businesses with a robust, centralized platform for managing all their cash management activities.But what about alternatives to CashPro? Let’s quickly review some other cash management solutions on the market…

CashPro Alternatives to Consider

While CashPro is one of the more full-featured and widely-used cash management systems, it’s not the only option. A few alternatives include:

Bank Treasury Workstations
Most major banks offer their own proprietary treasury management platforms similar to CashPro, such as:

• Citi’s CitiDirect
• JPMorgan’s ACCESS
• Wells Fargo’s Commercial Electronic Office (CEO)
• PNC’s PINClarity

These workstations provide many of the same core capabilities as CashPro – account management, payments, receivables processing, etc. The functionality and pricing models are relatively comparable too.

Treasury Management System (TMS) Software
For businesses that want a bank-agnostic solution, there are TMS software platforms like:

• Kyriba
• GTreasury
• Cashforce
• HighRadius
• Salmon Software

These are robust treasury workstations that can connect to accounts across multiple banks. They offer similar cash positioning, payments, and reporting tools as bank platforms.

However, TMS software often has higher upfront costs and requires more internal IT resources to implement and maintain.

ERP Treasury Modules
Many major ERP vendors offer integrated treasury management modules, such as:

• SAP Cash Management
• Oracle Cash Management Cloud
• Microsoft Dynamics 365 Cash Overview

These allow you to manage cash positions, transactions, forecasting, and compliance through your existing ERP system.

The downside is they may have more limited functionality than dedicated TMS platforms. But they can be a cost-effective option if you already use that ERP.

There are pros and cons to each alternative. Your choice will depend on factors like:

• Number of banks you work with
• Existing systems and integration needs
• Budget and IT resources
• Specific feature requirements

But for businesses that primarily bank with BofA, CashPro is definitely a strong contender worth considering.

Final Thoughts on CashPro

Managing cash efficiently is critical for any business’s financial health and growth. CashPro from Bank of America provides a comprehensive, integrated platform to streamline those cash management activities.

While the initial implementation can involve some effort, CashPro can ultimately save your team countless hours by automating routine tasks. Not to mention providing vastly improved visibility into your cash positions to make better decisions.

The robust security controls, global capabilities, and seamless integration with accounting systems are other major benefits.

Of course, CashPro isn’t the perfect solution for every company. Smaller businesses may find it overly complex and costly. And those working with multiple banks could prefer a bank-agnostic TMS.But for mid-market and larger enterprises that heavily utilize BofA’s services, CashPro is definitely worth a close look. Streamlining and securing your cash management processes can pay major dividends.

If you’d like to explore implementing CashPro for your business, reach out to your Bank of America treasury management officer. They can assess your needs and provide a customized demo of the platform’s capabilities.