More than a year after the credit crisis reduced cash on hand at most American companies by an average of 10% and froze many out of the credit markets, establishing a cash management culture remains still a struggle, according to a new study from management consultancy REL, a unit of the Miami-based Hackett Group.

Mark Tennant, president of REL, says that despite the new focus on cash, many companies still aren't integrating the idea of cash optimization into the fundamental workings of their businesses.

The study identifies four key areas for improving cash management: accounts receivable, accounts payable, spend management and inventory optimization. Of the 53 companies surveyed, with average annual revenues of about $24 billion, 97% reported initiatives in at least one of these areas, but only half said they had initiatives in all four. Furthermore, many firms report unsatisfactory results of their efforts–a problem that Tennant attributes to companies' failure to take a “strategic approach” to the issue.