Cash Management Software Vendors By Industry For all of you who are a part of a large organization, it is obvious that managing cash flow on a day-to-day level is a big task. For this reason, many companies out there need to look for help, and they usually do it through outsourcing. As a result, many providers have grown up offering their services, and some have really found their way through the competition by providing some truly amazing services.
Software vendors and suppliers in the cash management software field help to supply applications that enable organizations in the retail industry to boost customer service, increase traffic and improve profit margin.
Given the nature of startups and established manufacturing firms, they usually miss out on cash. In other words, they don’t have enough money to pay their employees, as well as keep their accounts up to par. These are not good situations for any business, particularly in today’s economy. As a result, some companies have to rely on cash management software vendors , which can provide solutions for their problems.
Cash management software has been developed to help businesses standardize the way in which they deal with their cash from beginning to end. Cash management software allows the users of these programs to take control of their entire cash cycle, complete it quicker and more accurately, and reduce their expenses.
Cash Management Software Vendors
Cash management software is a type of financial software used by companies to manage their cash flow. It enables users to track and record transactions related to cash flow, including deposits and withdrawals, as well as payments made via check or debit card. The software is also useful for monitoring accounts receivable, accounts payable, and payroll. Cash management software can be used by banks and other financial institutions to manage customer accounts, or it can be purchased by individual businesses or organizations looking for ways to streamline their financial operations.
Cash management software vendors are companies that provide software to help businesses manage their financial transactions. They may also offer other services such as accounting, tax compliance, and payroll. Some cash management software vendors offer online access to financial information via the Internet and mobile apps.
Cash management is the process of managing a company’s cash flow, which is the amount of money that flows into and out of a business. A cash management system helps you make sure that you have enough cash on hand to cover your expenses, but also ensures that you don’t overspend.
With the help of an automated cash management system, you can:
-Set up rules to automatically deposit or withdraw money when certain criteria are met (e.g., when your balance drops below $5,000)
-Automatically calculate and set aside funds for taxes and other bills
-Receive reminders about upcoming payments or deposits
Cash management is a crucial part of business. Without it, you’re unable to pay your bills, buy new equipment, and more—and that can be quite dangerous for your company. That’s why it’s important to work with an expert in cash management software. Here are some of the best vendors on the market today:
Treasury Management Software
What is Treasury Management Software?
Treasury management software (TMS) automates the management of an organization’s financial operations. The software offers a complete view of cash, assets, market data, and financial processes. It captures real-time data providing greater financial visibility supporting liquidity and cash management, cash-flow forecasting, payment reconciliation, and debt management. This information includes a firm’s collections, disbursements, investments, and funding activities.
TMS helps companies manage the cash and liquidity needed to pay employees, suppliers, and shareholders. The software manages liquidity risk, market risk, counterparty, and credit risk. The software addresses global cash management challenges by providing visibility across all accounts, banks, currencies, and countries.
Treasury management software is used by financial managers and accountants to monitor liquidity – the ability to convert assets into cash to meet financial obligations. Owners and executives use treasury dashboards and reporting to guide the financial strategy of the company and to share financial information with investors, board members, and business partners.
Treasury Management Software Features
- Automates treasury management
- Captures real-time banking, account, transaction, asset, and market data
- Workflow and process integration tools
- Cash management
- Liquidity management
- Debt management
- Risk management: liquidity, market, counterparty, credit, currency, and interest rate
- Funds movement scheduling
- Regulatory compliance
- Analytics, forecasting, alerts, dashboards, and reporting
Treasury Management Software Comparison
Integrations: How readily will the TMS integrate with in-house accounting and enterprise resource planning systems to capture the financial data that is required to manage liquidity?
Installation Options: Treasury management software vendors offer client-hosted, and vendor-hosted solutions. TMS cloud-based installations are being increasingly deployed.
Pricing Information
Based on your requirements, vendors will provide a custom quote.
Frequently Asked Questions
- What does treasury management software do?
- What are the benefits of treasury management software?
- What are the best treasury management software products?
- How much does treasury management software cost?
What does treasury management software do?
Treasury management software automates the management of an organization’s financial operations. TMS helps companies manage the cash and liquidity needed to pay employees, suppliers, and shareholders. It provides forecasting and analytics, supports payment reconciliation and debt management. The software offers a real-time view of cash, assets, market data, and financial processes.
What are the benefits of treasury management software?
Treasury management software automates and streamlines treasury management functions, resulting in reduced financial and reputational risk, cost savings, and improved operational efficiency and effectiveness. The greater visibility, analytics, and forecasting that TMS provides improves decision-making and helps inform organizational financial strategies. TMS facilitates auditing and regulatory compliance.
What are the best treasury management software products?
These are some of the popular treasury management software products.
GTreasury
SAP Treasury Management
Kyriba
TIS Treasury
FIS Treasury
Reval
Finastra Fusion Treasury
Wallstreet Suite
Trovata
How much does treasury management software cost?
Based on your requirements, vendors will provide a custom quote.
How to Choose the Ideal Cash Management Software Solution
As the role of the corporate treasurer continues to become increasingly complex, many are turning to automation and software in a bid to keep on top of day-to-day tasks.
A common example is cash management software – a solution often turned to by time-pressed treasurers looking to improve efficiency, and security in an operating environment where organisations are facing cash management challenges daily.
Successful treasury cash management involves gaining clear visibility of the cash management situation so that the cash flow situation is known, liquidity can be enhanced, days in account receivables reduced, collection rates increased, and overall financial profitability boosted. All of the above can be helped with the right cash management solutions.
An effective cash management solution, or ‘payment factory’ enables an organisation to centralise, automate and streamline payments and cash management within business units or across an entire organisation. This results in improved operational efficiencies, mitigation of risk, greater cash visibility and reduction in costs.” According to Craig Jeffery, managing partner of Strategic Treasurer, the benefits of cash management software fall into each of the elements of the FIVEC model: flexibility, insight, visibility, efficiency, and control. Some key examples provided by Jeffery include:
- Real-time visibility into your bank accounts anywhere in the world by country, currency, or bank. The best solutions offer connectivity to each of a client’s banks so that data can be pulled automatically from bank portals/systems as it becomes available and displayed centrally through a single interface.
- Flexible dashboards that let management and operations view a) items that require attention b) limits and policy compliance c) risk levels d) custom views. These dashboards commonly include “drilldown” functionality that allows users to view additional information on any items of interest.
- Automatic control of processes within the system; this can include security controls for reducing the risk of fraud, and control over specific workflows so that processes/dashboards/views can be customised to fit client preferences.
- Powerful accounting logic reducing time required to support the recording process and cutting back on errors. Many leading cash management solutions can also easily integrate with a client’s back-office systems, such as an ERP, for streamlined reporting and accounting workflows.
- Better risk management functionality – from gathering exposures, to executing trades and handling the reporting.
Selecting the Cash Management Software Solution
The benefits of cash management systems are clear – so what steps can a company take to ensure they end up with the right software solution? “Start with the ultimate business case and business goals and work backwards,” says Conor Deegan, managing director, Cash Analytics. “The features offered by cash management software can be quite broad and therefore the benefits provided will depend on the exact use case. So, clearly define the top one, two or three things the new software solution must do and engage with vendors who have a clearly demonstrated offering and track records in these areas.
After this, you will want to see the product in action, understand how company specific requirements can be met while also getting an insight into how other clients of the vendor use the solution. “A full suite cash management solution will have payment, bank reporting and cash flow forecasting capabilities. The market demand is for better and more advanced analytics solutions, from all vendors. Simply automating a process is no longer good enough. Companies now want vendors to help them do things dramatically better than done in the past, not just slightly better.
Jeffery adds: “For any company seriously considering the adoption of a cash management solution, there are two primary questions that must be answered. “Firstly, what does my technology infrastructure need to look like so that my current requirements are met without jeopardising future developments and growth? This question requires treasury to consider both their current and future requirements. What functionalities and capabilities do I need now and in the foreseeable future, so we intentionally avoid creating systems that become obsolete in the short-term. “Secondly, who are the major players in the space and how do the vendors themselves compare to one another?
Once a firm has a solid understanding of both current and future state needs, they must then look at the vendor landscape and determine which solution provider is in the best position to meet their needs. “For effective research it is important to include multiple points of analysis. For instance, factors in focus should include areas of functionality, customer service structure, number of current clients, financial strength, cost and the trajectory for future growth and R&D. The benefits of adopting a solution depends on more than just the solution itself. Researching various elements of the landscape can help identify the right provider and solution.”
Software features
To help with choosing the ideal cash management solution, Marshall says there are several significant requirements for any cash management solution:
- Secure sign-on and multi-factor authentication
- Centralised real-time/intra-day statement reporting. This is becoming a key pre-requisite for corporates as end of day reporting is insufficient for today’s treasury functions
- Multiple payment workflows – e.g. Bacs, local ACH, SEPA and connectivity to the various platforms.
- Seamless integration with external systems and the transformation of different types of data
- Cloud services – corporates are now looking for a complete outsourced service hosted on the vendors own infrastructure
- Robust multi-bank connectivity
- Full audit of all user/payment activities
- Risk and compliance – Cyber Fraud & Risk Management tools increase organisational security giving central visibility into user behaviour across an organisation. Strict control around the payments and processing functions will help to reduce fraud losses and data theft. Effective sanctions screening also helps to ensure compliance with sanctions and anti-money laundering requirements
Ongoing support
As well as the features of the software solution, Deegan points out that it’s important for treasury departments to have access to effective ongoing support – and to look for this during the search for a suitable solution. “Business hours phone and email support from a vendor provided to all users of a system is now the industry norm,” he explains. “Service has become a huge part of software offerings and companies now have very high expectations regarding the service provided by their software partners.
From a technical perspective, Service Level Agreements (SLAs) should outline official response and resolution frameworks but in most instances, the customer should not need to reference an SLA due to the vendor taking a proactive approach to solving the problem.”
Conclusion
A company has to identify the best option from these vendors depends upon their requirements and budget. There may be some other cash management software providers that we have not listed here, but in order to help a business owner find the right vendor for their needs, we have done this research for you.
Considering the cost savings, and the increased efficiency of consolidation for a business with multiple locations, we should see increased demand for cash management software in the near future.