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Should nemonix switch to the wire transfer system

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Reference no: EM132959172

Currently Nemonix is using a decentralized collection system whereby customers mail their cheques to one of the firm's eight regional locations. Its annual sales are $95 million. Cheques are deposited each business day in a local bank and the amount of the deposit is sent to the firm's concentration bank in Dallas.

Problem 1: The average time between deposit in the local bank and the availability of those funds in Dallas to Nemonix, is 6 days. Nemonix has determined that the use of wire transfers would reduce the float by 4 days. If transfers will be made on the 250 days that banks are open each year, should Nemonix switch to the wire transfer system? Justify your response.

Reference no: EM132959172

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