Cash Conversion Cycle Formula: How to Calculate & Improve
Learn the cash conversion cycle formula and how to use it to improve your business’s cash flow and financial health.
Using a Business account to manage your finances can be costly, time consuming and complex. This is especially true if you're expanding overseas, paying international suppliers, holding balances in multiple currencies or making it easy for customers to pay you wherever they are in the world.
That’s why we launched Wise Business - to make international payments **fast, affordable, transparent and easy **.We’re trusted by over 600,000+ businesses who use us to manage their money and make payments in ** currencies** to more than ** countries.**
We know that managing your business can get overwhelming at times, so we’ve picked out the top 3 features designed to help you take control of your business finances.
Let’s take a closer look.
Receiving money from customers around the world usually requires you to set up a business bank account in the country you're operating in. But in-person account opening can involve plenty of time and piles of paperwork.
When you upgrade your Wise Business account, you can set up local account details and start receiving money, including high value transfers, from around the world, in 8+ major currencies including USD, CAD, EUR, GBP and more, for free.
You can pay invoices using your account details and get paid just like a local, with customers able to pay you in the currency of their choice.
You’ll also be notified in your Wise app as soon as the money lands in your account, ready to use to cover business expenses. Extra tools like batch payments also allow you to send up to 1,000 payments in just one click, in multiple currencies.
At Wise we understand that protecting your business funds and valuable data, not to mention effective delegation of tasks, are a key concern. So we built multi-user access to help you control who can access your account, authorise transactions and edit your Wise Business account data. We’ve created 5 tailored roles allowing you to assign responsibilities to team members.
💳 Employee: This role has the authority to use the Wise account to purchase supplies, without access to any sensitive financial information. The Wise debit card can be used for spending, but users won't be able to view business activity, balances, or individuals/organisations receiving money.
👀 Viewer: If you have an accountant or someone who only reports on your financial data, Viewer will be the right setting for them. Providing view-only access to observe transfers, batch payments, balances, users and recipients, they can also access transfer receipts, statements, invoices, transfer histories or request letters.
📝 Preparer: These employees are granted the same permissions as Viewers, plus the ability to assign recipients and set up transfer orders. However, we understand you may want to sign off their transfers, therefore approval from either an Admin or Account Owner is necessary, giving you peace of mind.
💸 Payer: The go-to role for financial managers and payment handlers. Not only do they have the ability to act as Viewers or Preparers but they can also cancel transfers, batch payments, manage recipients as well as handle currency conversions.
👩 Admin: The Admins hold nearly the same level of authority as the Account Owner. They have the same privileges as all of the roles above, plus they can open and close balances, manage Wise business debit cards and request updates to business information.
🧳 Account Owner: The account holder holds the highest authority and is able to perform all tasks in the account, such as transferring ownership, closing the Wise business account, and setting up Xero Pay batch payments.
For more information on available access restrictions, click here.
As a Wise Business Account Owner, you can seamlessly integrate your account with leading accounting software programs including Xero and Quickbooks. These connections are designed to streamline financial administration and give you better control of your company's finances- as well as keep your accountant happy!
Here are some of the connections available for your Wise Business Account:
The Wise Business Account links easily with your Xero account and its integration gives you effective financial management. This allows you to bypass manual data entry and have the assurance that your book-keeping is up to date.
Linking your Wise Business Account with QuickBooks is simple- giving you control over currency conversions and financial reporting. You can select which balances to sync and all new transactions will be automatically imported to QuickBooks on a daily basis, eliminating manual data entry and keeping your figures up-to-date.
You can also sync all of your Wise activity within Sage. Just select the Wise account balances you want to connect and they’ll appear with your Sage dashboard, so you can spend less time on book keeping and data entry and more time on growing your business.
Take charge of your business finances today with the Wise Business Account!
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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