The top 12 cash management software and tools in 2024

What is a cash management software?

Cash management software is a type of financial management tool created to help businesses, financial institutions, and other organizations manage their cash flow more efficiently. The primary goal of cash management software is to ensure that organizations can effectively optimize their working capital and ensure that their financial processes are seamless and well-accounted for.

What features should you look for in a cash management platform?

A cash management platform  is crucial for organizations of all sizes because it provides the tools needed to support three key functions critical to the success of any business: manage cash flow, maintain liquidity, and make informed financial decisions.

Let's examine some essential features your business should consider when choosing the best cash management software.

Cash flow forecasting: A good cash flow management software should be able to predict future cash inflows and outflows based on historical data, current transactions, and future projections. This way, your business can appropriately prepare for upcoming expenses, invest excess cash, and avoid unexpected expenses.

• Integration with ERP Systems: Integration with enterprise resource planning (ERP) systems can unify financial data across different departments, making cash flow management seamless. This makes it easier to break down data silos to provide your stakeholders a consistent, up-to-date view of the company's financial status.‍
• Multi-bank connectivity and management: Bringing all your bank accounts into a single platform simplifies the entire bank account management process, making it far easier to track and control the flow of funds in your business. A good cash management application should make connecting to and importing data from multiple banks seamless. ‍
• Automated payments and receipts: With automated processing of payments and receipts to vendors, suppliers, and employees, you can boost workflow efficiency and minimize the chance of error in miscalculations.
• ‍Liquidity management: Many tools include liquidity management features that can help you effectively maintain optimal liquidity levels by managing cash reserves and short-term investments.‍
• Treasury management: Treasury management features allow you to strategically handle cash and financial resources, from investment portfolios to debt and other foreign exchange transactions, to more effectively balance funds.‍
• Reporting and analytics: Tools with reporting and analytics features provide a deeper understanding of your cash positions, cash flow trends, and other key metrics. These kinds of insights support vital decision-making processes that can influence the success of your operations.‍
• Compliance and risk management: Depending on your industry, your business may be subject to various financial regulations and reporting requirements. If this is the case, the right tool for you should offer compliance features that ensure your cash management adheres to all relevant laws and regulations and helps to mitigate financial risks, such as fraud or liquidity issues.‍
• Cloud service: The right cash management software offers cloud-based technology that promotes flexibility and scalability to manage operating cash. This makes remote access possible, so long as there's an internet connection, which can be beneficial if your business operates multiple office locations or has remote teams.

Not all tools are created equal. Each will have its main specialities that can significantly help your team. Some may overlap in their range of features, but ultimately, their usability comes down to your business's priorities. To make your review easier, we've organized our cash management software list into three main categories - Financial Planning & Analysis (FP&A), Billing, and Account Receivable (AR) Software.

FP&A Software

Financial Planning and Analysis (FP&A) software is a specialized tool designed to help organizations manage their financial planning, budgeting, cash flow forecasting, and analysis processes. This software is a great enabler for CFOs and finance teams, helping them make data-driven decisions, improve economic performance, and align financial goals with the overall business strategy.

Drivetrain

Drivetrain is a robust FP&A platform designed to empower businesses with intelligent planning, forecasting, and analytics. It consolidates data from all your critical financial and business applications, providing finance professionals real-time visibility into the health of their business in seconds.

Teams can collaborate effortlessly within an intuitive UI that blends powerful FP&A capabilities with the familiarity of spreadsheets, minus the manual effort and data accuracy issues.

Built-in customizable model templates help you quickly set up and compare multiple scenarios for more precise forecasting.

With plain-English formulas and Excel syntax that ensures a minimal learning curve, you can model at the pace and complexity of your business operations.

Best for: Medium to large enterprises, particularly those in fast-growing industries that need sophisticated financial planning and analysis tools to manage complex financial data.

‍Pricing: $$

Key Features:

• Native integrations: 200+ native integrations to consolidate data from your ERP, CRM, HRIS, Billing, and any other critical business application.
• Flexible multi-dimensional modeling: Drivetrain allows you to create granular and customizable cash flow models effortlessly.
• Automated reporting and dynamic dashboards: Drivetrain allows you to access accurate historical data in real-time so that you have complete visibility of how your business is doing against your targets/plans. An easy-to-use drag-and-drop functionality enables you to create insightful visualizations in minutes.
• Scenario planning and what-if analysis: You can easily plan for different scenarios with Drivetrain's built-in scenario planning and analysis capabilities.
• User-friendly interface: Simple and highly intuitive UI/UX makes it a very easy tool to navigate by both finance and non-finance users (rated #1 on G2 for ease-of-use).

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Vena

Vena is an FP&A platform designed to help businesses streamline their financial processes and inform business decision-making. Built on a foundation of Excel, Vena combines the familiarity of spreadsheets with features that support data management, modeling, and reporting.

Best for: Small to medium-sized businesses that prefer Excel-based FP&A processes.

Pricing: $$

Key Features:

• Excel and Google sheets integration: Ability to integrate Excel with financial management features.
• Rolling forecasts: Vena can integrate with your ERP so that you have access to all your actuals data in real time, enabling you to re-forecast easily.
• Flexible modeling: Vena supports driver-based modeling and scenario planning that can be customized to your business model.
• Easy-to-use interface: The familiarity of Excel ensures that finance professionals are able to adopt the tool fairly quickly.

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Cube

Cube is an FP&A platform designed to simplify the financial processes of growing businesses. It combines the power of spreadsheets with the scalability and automation of a cloud-based platform, allowing finance teams to streamline budgeting, forecasting, and reporting.

Best for: Small to medium-sized businesses with relatively simple business models that want to centralize their financial data across multiple systems while maintaining the flexibility of spreadsheet-based workflows.

Pricing: $$

Key Features:

• Excel and Google sheets integration: Compatible and bidirectional sync with any spreadsheet.
• Multi-scenario modeling: You can easily model multiple scenarios and make changes to key assumptions.
• Automated data consolidation: Data can easily be fetched from multiple systems to create a single source of truth.
• Customizable dashboards: Provides the ability to create different charts to display and track key financial and business metrics.

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Workday Adaptive Planning

Workday Adaptive Planning is a cloud-based enterprise planning software that supports financial planning. Built to handle the complexities of modern business environments, Workday helps organizations create plans, models, budgets, and forecasts.

Best for: Large enterprises with complex planning needs at scale.

Pricing: $$$

Key Features:

• Automated data consolidation: Adaptive connects with several ERP, CRM, and HRIS systems to automate the process of data collection and consolidation.
• Predictive forecasting: Uses predictive algorithms to improve the accuracy of financial forecasts and identify relevant trends.
• Data security: Provides granular role-based access controls and two-factor authentication for strict control over access to data.
• Multi-scenario planning: You can build and analyze various scenarios to guide decision-making.

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Pigment

Pigment is a business planning platform designed to help organizations create dynamic reports, forecasts, and financial plans. It enables businesses to integrate data, model financial scenarios, and collaborate across departments to support business decision-making.

Best for: Enterprises with complex financial operations that need real-time planning and financial analysis.

Pricing: $$$

Key Features: 

• Dynamic reporting: You can create and share insightful dashboards with internal and external stakeholders.
• Real-time collaboration: Pigment offers several features such as in-app commenting and slack alerts to facilitate cross-functional collaboration.
• Scenario planning: Supports detailed multi-scenario modeling and analyses for better decision-making.
• Granular access right: Admins can control access for other users at a dimensional level for improved data security.

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Billing Software

A billing software should automate the process of creating, managing, and tracking invoices for products or services provided by a business. It has the power to simplify the billing process, ensuring that businesses can efficiently manage their accounts receivable, track payments, and maintain accurate financial records.

Younium

Younium is a robust subscription billing platform that offers a holistic solution for SaaS companies managing complex subscription setups. You can manage the full customer lifecycle with automated processes throughout billing, contracting, invoicing, and reporting.

The platform boasts an impressive suite of features that translates all your spreadsheet computations and manual work into a seamless system for subscription data, making the quote-to-cash process seamless.

Best for: Large B2B SaaS companies and enterprises managing complex subscription billing setups and looking to expand their operations on a global scale. 

Pricing: $ - $$

Key features:

• Customizable billing: Supports multi-entity and multi-currency operations, making it ideal for businesses expanding to a global customer base.
• Automated revenue recognition: Younium can automate the process of revenue recognition based on accounting standards for complex billing scenarios.
• Seamless integration: You can connect your existing software such as CRMs, ERPs, and other accounting systems to Younium.
• Detailed reports and dashboards: Allows SaaS businesses to monitor cash flow and various related metrics in real-time.
• Data Security and compliance: Younium is compliant with GDPR and Payment Card Industry Data Security Standard (PCI DSS) regulations to keep customer data protected
• Intuitive UI: A customer self-service portal to manage subscriptions, invoices, and payments.

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Chargebee

Chargebee is a comprehensive revenue growth management platform designed to streamline subscription billing, invoicing, and revenue operations for businesses worldwide. It serves as a robust solution for managing recurring billing, automating complex invoicing processes, and ensures compliance with revenue recognition standards.

Best for: Subscription-based businesses catering to e-commerce platforms and businesses in other industries that rely on recurring revenue models.

Pricing: $$

‍Key Features:

• Multi-brand support: Companies with multiple brands can customize their subscription experience across different brands, including tailored onboarding, checkout, and cancellation processes.
• ‍Native integrations: Chargebee connects with several CRMs, payment gateways, and accounting tools to eliminate manual data collection.‍
• In-depth analytics: You can create dashboards to track and analyze customer behavior, MRR, and churn rates.
• Compliance management: Chargebee ensures compliance with local invoicing and tax regulations, supporting businesses in global markets.

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Zoho Invoice

Zoho Invoice is an invoicing software designed to simplify the billing process for small businesses and freelancers. With a focus on efficiency and ease of use, Zoho Invoice enables users to create and send professional invoices in minutes, manage expenses, track billable hours, and receive payments faster.

Best for: Small businesses, freelancers, consultants, and service-based businesses that need an efficient and cost-effective solution for managing their invoicing and payments.

Pricing: $

Key Features:

• Customizable invoicing: Zoho Invoice provides the ability to customize invoices to reflect the company’s brand identity.‍
• Multi-currency support: Simplified financial management with multi-currency support for international clients.‍
• Seamless integrations: Zoho Invoice integrates smoothly with otherZoho appa and multiple payment gateways, including credit cards, PayPal, and Stripe.‍
• Automated payment reminders: You can set up payment reminders helping you get paid faster and removing the hassle of follow-ups.

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QuickBooks Online

Quickbooks Online is a cloud-based accounting solution designed to help businesses manage their finances with ease and precision. Developed by Intuit, QuickBooks Online offers a comprehensive suite of tools for invoicing, expense tracking, payroll, and financial reporting, all accessible from any device with an internet connection.

Best for: Small to medium-sized businesses needing comprehensive accounting alongside billing.

Pricing: $ - $$

Key Features:

• Easy-to-use: Simplified invoicing process with automated invoicing and payment tracking to monitor when invoices are viewed and paid.
• Customizable invoicing: Ability to customize invoices with company branding.
• Third-party integrations: QuickBooks Online can connect to numerous applications, including payment gateways, CRMs, and e-commerce platforms.
• Comprehensive accounting: Offers end-to-end accounting features, including invoicing, expense tracking, and bank reconciliation, making it easy and efficient for you to manage your finances.

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AR Software

Accounts receivable (AR) software is a financial tool used by businesses to manage the money owed to them by customers for goods or services delivered on credit. It helps organizations track invoices, manage customer payments, and ensure timely collection of outstanding amounts, contributing to effective cash flow management.

Kolleno

Kolleno is an AR management platform designed to streamline and automate the entire AR process for businesses. By combining automation with intelligent data analytics, Kolleno helps businesses improve their cash flow, reduce overdue invoices, and improve customer relationships.

Best for: Mid-market and enterprise back-office teams looking to streamline AR operations.

Pricing: $$

Key Features: 

• Automated AR management: Automates credit control and dunning processes with dynamic workflows.
• AI-driven dispute management: You can use smart emails to address client disputes quickly and effectively.
• Dynamic dashboards: Kolleno provides a real-time view of receivables with insightful and interactive dashboards.
• ERP integrations: Kolleno integrates with almost all popular ERPs to improve the efficiency of your finance team.

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Billtrust

Billtrust is an AR solution made to help businesses optimize their billing and payment processes. By offering a comprehensive suite of tools for cash application, credit management, collections, and e-invoicing, Billtrust enables organizations to streamline their financial operations, reduce manual effort, and accelerate cash flow.

Best for: Large enterprises with a high volume of invoices and payments, and those seeking to automate their AR processes.

Pricing: $$$

Key Features:

• Cash application automation: Billtrust leverages AI to automatically match payments to open invoices.
• Automated collections: Billtrust provides credit and collections management with automated collection workflow.
• Advanced reporting and analytics: View detailed insights into AR performance, payment behaviors, and customer interactions, enabling you to make data-driven decisions.
• Integrated payment solution: Enable your AR team to manage customers’ payment preferences from a single source.

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Versapay

Versapay is an AR automation platform that combines digital invoicing with integrated payment processing and advanced customer communication tools. Businesses can use it to streamline their AR processes, enhance cash flow, and foster stronger customer relationships.

Best for: Mid-market and enterprise businesses looking for customer-centric AR automation.

Pricing: $$

Key Features:

• Integrated payment processing: Versapay allows you to offer customers a variety of payment options, including B2B virtual card payments, improving overall customer satisfaction.
• Automated cash application: Versapay uses AI and machine learning to match traditional payments with open receivables
• Real-time customer communication: Collaborate with customers online to quickly answer questions and resolve disputes.
• Seamless Integrations: Versapay integrates with popular ERP systems and accounting software, enhancing overall operational efficiency.

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So which tool is right for you?

Choosing the right cash management software is a big decision but an important one. Whether your priority is managing complex subscription billing, driving strategic financial planning, or streamlining accounts receivable processes, the right tool can make a significant difference in your business.

By automating and centralizing financial tasks, these 12 cash management solutions enhance efficiency and provide insights your business can use to make more informed, data-driven decisions that can drive business growth.

As you evaluate your options, consider your specific requirements and how each platform’s features align with your financial management goals. Investing in the right cash management software can lead your business to more predictable growth, sustained success and financial stability.