15 Best Cash Management Software: Free and Paid Software?

Cash management software is basically designed to help monitor, businesses plan, and manage the movement of money in and out of the business. This software is very important for ensuring that a company has sufficient liquidity to meet its operational needs and avoid financial distress. Workday, Float, and Casual are some of the cash management software.

Why Do Small Businesses Need Cash Management Software?

Some of the benefits of cash management software for small businesses are mentioned below:

1. To Seek Growth Opportunities

Once a company’s management knows where and when surplus cash is available, they can decide to expand into new markets and plan investment in new projects or innovative ventures, ensuring long-term growth.

2. Access to real-time data

Current, reliable cash flow data provides essential information to support the financial management process.

Cash flow software takes data from the accounting system, and the bank feeds it in real time, meaning every transaction is stored in one place. These immediate updates allow you to see your current financial situation at any time of the day or night, excluding working hours.

3. More profitable business decisions

A wider definition of facts and figures drives better investment decisions ranging from stock procurement to risk management.

It is about more than awareness of the amount of cash that is available at a particular time. Automated cash flow management systems look for opportunities in income and expenditure to boost profitability.

Top 5 Free Cash Management Software for Small Businesses

1. Rho

Description: 

Rho is defined as the financial operating system by which businesses can enhance their profitability. This plays a crucial role in automating accounts payable and treasury management, as well as assisting lean businesses in earning yield on cash balances that are secured and readily available.

Features of this software include:

1. Rho Treasury Accounts is based on a network of more than 400 banks that are FDIC-insured. It enables organizations that have deposited greater than $ 250,000 to obtain up to $75 million in FDIC deposit insurance per entity.
2. Rho Prime Treasury is our treasury investment management service where your excess cash is invested in short-term government securities in the company’s account.

Why choose this software:

1. No matter if you are a CFO with a small number of employees in your finance department or you are a one-woman/one-person finance department, Rho can automatically and efficiently complete most of the processes situated in the treasury for you.
2. Rho ensures that your policy reflects your firm’s cash flow and security formula perfectly.

2. Causal

Description:

Causal gives you the tools to develop and construct all your business plans, forecasts, and financial models. The financial planning and analysis tool helps the managers develop models that are linked to the planning of revenues and expenses.

Features of this software include:

To take the use of the accounting data one step further, users are able to extract data directly that feeds into the more operationally focused systems like the CRM and data warehouse to build models that are perfectly synchronized. It allows users to compare various business units on one site, and budget and actuals can be viewed.

Why choose this software:

1. The user interface is friendly.
2. The platform also uses real-time data updates.
3. Causal includes multiple ERP and other kinds of software connections.

3. Workday

Description:

Adaptive Planning by Workday is an online enterprise-level budgeting and planning software used for financial planning.

This software supports and enables an entire organization to work seamlessly without relying on spreadsheets and other manual processes.

You can effortlessly generate budgets and forecasts, perform scenario analysis, and monitor your expenses and sales. You can also build your cash flow schedule and sheet.

Features of this software include:

1. Effective and efficient tools for preparation and tracking of budgets and forecasts.
2. Employment planning to help manage risk arising from uncertainty about human capital costs.
3. Coordinated personal selling planning for sales targets consistent with financial strategies and expectations.

Why choose this software:

1. Strong cash flow features without spreadsheets.
2. Exceptional reporting features.
3. Comprehensive audit trails enable you to record changes and satisfy audit requirements.

4. Vena Solutions

Description:

Vena Solutions is a cloud-based financial planning & cash management software that helps financial teams manage all their finances efficiently.

This software offers numerous aids and procedures to ease improved budgeting, enhanced cash flow, preparation of accounts, and others.

Features of this software include:

1. Driver-based modeling is employed to improve the financial results.
2. AI application to improve forecasting with more detailed information.
3. Centralized security database with encryption feature that allows for the implementation of access control rules.

Why choose this software:

1. Standard choices in reporting allow for easy data analysis.
2. It also features a cloud-based system that affords mobility, especially via a mobile app.

5. Centage

Description:

Centage is known as the cloud-based intelligent planning, budgeting, and forecasting platform. This software provides a decent financial intelligence tool to their users, which helps organizations of any size better understand their financial data. Centage provides clear visibility of financial health to organizations so that they can make faster decisions.

This software offers users an intuitive UI, strong suite of financial tools, and a long list of integrations with other tools, and much more.

Features of this software include:

1. Budgeting and forecasting are used to decide future planning performance, depending on historical data.
2. Scenario planning to assess the influence of various options.
3. Consolidated reporting is used for a robust analysis of your overall performance.

Why choose this software:

1. Real-time data helps you to react to the changes that happen in the market.
2. Very customizable.
3. It can handle multiple departments and entities.

Top 5 Paid Cash Management Software

1. Float

Description:

Float software is specially designed for cash flow forecasting and scenario planning. This software integrates with other software like QuickBooks Online,  Xero, and FreeAgent accounting software, with real-time data syncing. Through this data, Float software displays the company’s financial future on complete forecasts and models so they can make well-informed decisions for their cash flow.

This software is great for teams who work with complex project-based financial planning, providing tools to evaluate outcomes based on varying scenarios.

Features of this software include:

1. Quick forecasts with real-time data syncing.
2. Monitor cash flow at particular stages by sales pipe-lining.
3. Recruiting management to control the on-boarding and payroll costs.

Why choose this software:

1. Visual forecasting with intuitive tools for scenario planning.
2. A very easy interface which makes it effortless even for non-experts.

2. PlanGuru

Description:

PlanGuru is defined as a planning tool that handles the activities of small and midsize companies, including budgeting, forecasting, and performance reviews. It integrates with software like QuickBooks and Excel, which makes it simpler to use for cash management.

Features of this software include:

1. Make detailed models with budgeting and forecasting features.
2. Reduce time-consuming admin by automatically solving cash flow statement.
3. Optimize your financial reporting with an in-built financial statement structure.

Why choose this software:

1. Customer feedback is given priority.
2. Scenario planning is fast and easy.

3. Jirav

Description:

Jirav is known as the driver-based planning tool that will replace your Excel model. This tool comes up with cash flow analysis and forecasting capabilities and offers an option for teams who need a different approach to their cash management.

Jirav is recommended for small- to medium-sized companies that are independent of their Excel models.

Features of this software include:

1. Get the most related metric of your company by industry-specific KPIs.
2. For faster and clearer cash flow presentations, get board-ready reporting templates.
3. Departmental reporting to highlight the financial health of particular teams.

Why choose this software:

1. Collaborative dashboards.
2. Real-time tracking of budget.
3. Granular visibility.

4. Kolleno

Description:

Kolleno is known as the smart credit control platform and automated accounts receivable solution for companies who are searching to streamline their financial operations.

This software helps the finance teams with payment processing, upgraded credit control, and accuracy in their accounts.

Features of this software include:

1. It offers accounts receivable management.
2. Automated tasks and workflow creation, which time and streamlines workflows.
3. Manage the tasks and projects by in-built to-do lists.

Why choose this software:

1. Automates your manual tasks like A/R collection and cash forecasting.
2. Premade reporting makes it simple to be at the top  of your financial status.

5. Anaplan

Description:

Anaplan is known as the cloud-native cash management app, which helps to arrange better business performance.

It is made for businesses of all sizes to solve financial-related challenges. By using the Anaplan platforms, users have the option to streamline the financial process and better understand everything from day-to-day cash flow to complex financial solutions.

Features of this software include:

1. Scenario modeling, which analyzes many pathways to understand possible impacts.
2. Align your resources accordingly by sales and purchase forecasting.
3. Plan your future employee-related expenses with the employee cost predictions feature.

Why choose this software:

1. Get a link with any number of planning streams with one dashboard.
2. Provides an intuitive UX with a good deal of customizability.
3. Allow analysis down to a granular level.

5 Best Cash Management Software

1. SAP Cash Management

Description:

SAP Cash Management is a part of the larger SAP ecosystem. It is known as a powerful cash management platform, but the teams who are already using SAP might find that the cost outweighs the benefits.

Features of this software include:

1. It provides bank relationship management through which you can maintain transparency with financial entities.
2. For planning and presentations, use the cash flow forecasting feature.
3. AI simulations and projections for fast and more correct predictions.

Why choose this software:

1. Real-time access to correct the cash information in a central platform.
2. Good for SAP ERP users, with all the ease of integrations you’d want from the tools owned by the same brand.

2. Tesorio

Description:

Tesorio is known as an A/R Cash Flow Performance Platform, which is made to return cash flow forecasting and collection processes.

The key value of this software allows teams to collect cash faster. Terorio integrates with ERP systems so that nothing slips through the cracks.

Tesorio software is a partial FP & A platform and takes your cash flow management out of spreadsheets, so that’s a consideration for scaling teams.

Features of this software include:

1. Consolidate cash flow data from many sources through cash aggregation.
2. Quickly navigate and analyze financial data with search analysis. 
3. Unified account reporting, which combines accounting data into one handy dashboard.

Why choose this software:

1. Good at helping the teams reduce DSO.
2. Integrates with various ERP systems.

3. Prophix

Description:

Prophix is well-known as a cloud-based financial performance platform that helps companies budget, plan, consolidate, and report. Just like many other tools from this list, Prophix is designed to tear and replace the spreadsheet with new software.

Features of this software include:

1. Financial consolidation, which combines the data from multiple sources into one place.
2. Close management to be at the top of payments.
3. Automation and workflows over the board to streamline repetitive processes.

Why choose this software:

1. Powerful software that is made for easy consolidations and flexibility over structure set up in the tool, making the organizational changes (like M&A) as simple as they can.
2. Robust ad hoc reporting capabilities.

4. HighRadius

Description:

HighRadius is a well-known fintech enterprise SaaS company that sells AI-based technologies to assist companies in automating their cash management processes.

This software provides solutions for autonomous treasury and autonomous receivables, optimizing the process across order-to-cash, treasury, and record-to-report cycles.

Features of this software include:

1. Treasury payments and automated collections.
2. Add efficiency to your workflows with cash application management.
3. Assess and manage customer credit risk, a credit management feature.

Why choose this software:

1. Constant global cash visibility.
2. Short-term cash position keeping.
3. Automated bank reconciliation.

5. Abacum

Description:

Abacum is an FP&A tool that helps the finance teams at mid-market organizations make faster revenue forecasts and OPEX breakdowns.

It is a cloud-based tool which gets you out of Excel and into their planning platform.

Features of this software include:

1. Revenue planning to predict and manage the incoming cash flow and support business growth.
2. Headcount planning to assess future workforce requirements and costs.
3. OPEX planning to manage and predict operational expenses.

Why choose this software:

1. It offers a modern-looking UI.
2. It is very simple to share across departments and teams.
3. Robust and expensive customer success team.

If you have cash management software, you can centralize and automate your payments and cash management through various company branches and manage many processes more accurately. If cash management is done manually, it can create unnecessary risks of human errors or payment fraud, which can be avoided by automation.