With this time of the year traditionally the time that businesses finalise their new budgets cash management is as key as ever. But with spending cuts across companies in both the public and private sectors, finance managers must look hard at how to maximise their gains whilst also spending less.
The pain is being felt most of course within the public sector. The cuts announced in the Comprehensive Spending Review last November were after all both deep and for some, immediate.
Administration budgets in particular were hit hard across the board. In departments from the NHS to education administration, budgets are being cut by as much as third. As a result the public sector is looking for more efficient ways of operating which means looking again at both existing and new suppliers to see how they can cut costs and improve operations.
Suppliers such as Loomis can help according to Stuart Bartlett, Commercial Director at the cash management specialists. “Loomis provide complete cash logistics solutions to a number of sectors including the public sector, transporting cash with a total value of £150 billion each year.”
“Although the cuts announced in the CSR were undoubtedly painful we do believe that by outsourcing your cash management you transfer the large elements of associated risk and gain significant cost efficiencies which will help companies in the public sector achieve the budget cuts expected of them,” he said.