CashDirector: Virtual CFO Based at Fingertips

Rafal Strzelecki, CEO, CashDirectorRafal Strzelecki, CEO
The origin of CashDirector traces back to the time when serial entrepreneur Rafal Strzelecki, architected a robo-based accounting software to help several corporations with streamlined business accounting and cash flow management. While the software garnered considerable traction, Rafal, CEO of CashDirector, perceived the value they could bring to the banks, with regards to small businesses, with cost-competitive accounting software. It’s known that small businesses are crucial to banks and require almost as much cost to serve and underwrite as large organizations; however, they fall short from the revenue standpoint. CashDirector has effectively put an end to this problem with its intuitive accounting platform. In essence, is an AI enabled virtual CFO based on real-time accounting system for efficient cash flow management. The solution is available as an add-on online service to banking platforms, which help banks to attract more SMB customers while assisting small businesses in managing their financials with automated accounting tools. “All a user has to do is scan the invoices/bills and send them out to CashDirector, which in turn puts it all into a real-time accounting system,” says Geoffrey Nicholson, partner, CashDirector.

Nicholson underscores that it is customer-centricity that truly differentiates CashDirector from other available accounting software on the market. CashDirector gives banks a real time view into client financials they use to increase their small business revenue on average of 20 percent. This window into the customer provides valuable data for their risk management and cross selling and has proven to increase client loyalty by 80 percent. In turn, SMB clients want to use their virtual CFO because it helps them effectively manage their cash flows at no cost and gives them an easy online way to get more case and financial products precisely when they need them.

We work closely with banks and have demonstrated the value that we can bring to the banking ecosystem

In addition, as opposed to accounting models that are available over the internet, CashDirector comes as a white label integrated package with a bank’s core system. CashDirector offers the service free to banks, which is then offered to the customers. To efficiently learn what different customers require, CashDirector leverages AI, empowering banks to deliver customization to distinct customer segments as well as to individual customers. “The more integrated the product is with the banking system, the more value it can bring to the bank,” affirms Nicholson. In terms of API access, CashDirector engages in an intense consultation with the client to determine the right type of API required for the client’s business. On the banking front, the ideation begins with a proof of concept, ensuring that the requisite accounting standards of a specific country or state are built in within the software, and the right taxes withheld.

“We work closely with banks and have demonstrated the value that we can bring to the banking ecosystem,” highlights Nicholson. CashDirector helps banks win customer loyalty and also eases the complicated process of underwriting a client with real-time accounting data and cash flow plan. In an instance, one of CashDirector’s clients in Poland was faced with a major obstacle in receiving a loan because of its short credit history. To remediate the issue, the bank utilized the real-time accounting information that it had at its disposal with the help of CashDirector, scoured the invoices paid on time, and was able to make a working capital loan available to the customer.

CashDirector has established a strong foothold in Poland, forming a deep alliance with one of the largest and most innovative banks in Poland—mBank. With its ingenious accounting platform, CashDirector has earned several prestigious awards—Celent model bank 2018 awards for SMB, and Gold medal by EFMA 2017 (mBank, mPower solution), to name a few. The company is now entering the US and Asian markets and aims to enhance its platform and customer service further.