One of the most crucial things when it comes to managing your business is cash management. It doesn’t really matter if your company is a small start-up or a huge corporation, if you count on a good solution, you can keep your liquidity in good condition, increase your profits and savings, and maintain financial stability.
However, there are so many cash management solutions that claim to give you a hand in managing your money — how to know which one is the best for you? In this article, you will learn how to choose the best cash management solution for you with Prometeo API being among them.
Why Cash Management Matters
Cash management is like the invisible link that keeps your company healthy. Cash management is not just about where you receive the money and where it goes from your bank. Cash Management is more about managing your cash effectively and efficiently closer to real-time to provide liquidity to meet your obligations as they come due. Furthermore, with good cash management, you will know how much cash is available for investment to avoid unnecessary borrowing. In addition to that, a cash management solution will help with optimal profit and time efficiency.
Key Features of Cash Management Solutions
There are a lot of different factors to take into account when looking for the perfect cash management system.
- Close to real-time data: Having current information about your company’s money is one of the biggest challenges a company might face. Thus, a cash management solution will help by giving a current snapshot view of a platform with all of your accounts on it, transactions that have been posted, and pooling and planning accurately based on that data.
- Automation: Time is money when we are talking about your enterprise. Because saving time means saving money in the long term, reducing human errors, and improving the client experience. The solution? Automation! Look for an automation tool to help with payment files, reconciliation, cash forecast problems, book transfers, or any other process you think is relevant and can be solved in a frictionless way.
- Integration: The issue of information being scattered in every place is one of the problems many companies have to face. No matter how many formats and places your finance data comes from, the cash manager needs to have everything at their fingertips to avoid mistakes because complexity doesn’t lend itself well to intuitive decision-making. So, a cash management solution should have all your stuff in one place!
- Security: Look out for companies that provide the best solutions in terms of data encryption and multi-factor authentication. You can even inquire if an external specialized firm audits the cash management solution’s security for that extra safety.
Top Cash Management Solution Providers
- Prometeo API
Prometeo API is a well-known fintech company in Latin America that works in the open banking world. It is a 100% Saas virtual platform built for the cash management of a company of any profile.
This real-time account aggregation offers a direct view; allowing you to access your cash, your financings, your new balances, your consolidations of projections, payments, and receipts, and supports bank transfers.
With its powerful API integration, Prometeo API allows you to manage your cash flow automation, payment processing, and decision-making. Prometeo API is the best feature to connect effortlessly with financial systems and gives the capability to manage cash flow within a second, without additional IT resources. Enhanced security features are available to protect financial information from unauthorized access as well.
- Trovata
Trovata — cash aggregator is an AI-enabled software that allows organizations to obtain a live view of their cash positions. With a direct bank account connection, all available banking transaction data can be categorized.
- Kyriba
Kyriba is another online cash management platform for enterprises that delivers cloud-based treasury and risk management services. Kyriba gives your company visibility of real-time cash positions, liquidity, and financial risk. By deploying Kyriba, you can run the business at an optimal cash position. Organizations also have the decision support and ability to reduce risk.
Choosing the Right Solution
Of course, there are few options in the market, and sometimes it is hard to pick the best cash management solution. In this case, it is good to choose an aggregator that suits the requirements of your company. Prometeo AI will be the best choice that you can make! It is an open banking solution that can connect to any financial system. It is very flexible and secure and the business can effectively manage its cash position in the evolving financial landscape.
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