Managing cash flow efficiently is critical for any business, but many finance teams struggle with outdated, siloed systems that create friction and inefficiencies. Traditional payment and billing solutions often lack key features and integration that today’s finance leaders need to operate optimally. That’s why forward-thinking companies are exploring new cash management platforms designed for the digital era.
Legacy tools like paper checks and desktop software can’t keep up with the pace of modern business. They lack mobility, automation, and the ability to integrate with other business applications. Cashflow.io, Melio, Tipalti, AvidxChange, Stampli and BILL.com built their products to solve these problems, but choosing the right one for your business is important. Modern finance teams need an intelligent hub to centralize cash processes and illuminate opportunities for revenue growth. The following article will highlight the top tools that offer a new, efficient approach to managing cash in the digital age.
The Best All Around: Cashflow.io
When it comes to effective cash management, Cashflow.io stands out as the ideal solution. It’s a comprehensive platform that streamlines your cash flow by seamlessly managing payables, receivables, and financing. With Cashflow.io, automating payables is effortless; simply forward invoices to a unique email address, triggering bank transfers without the need for manual processing through various bank portals.
On the receivables front, you can craft tailored payment plans, automate reminders, and ensure prompt payments with pre-authorized debits. This strategic approach optimizes your cash flow by eliminating delays in payments. Cashflow.io also offers transaction-based financing, providing rapid approval and same-day funding for substantial customer orders.
Key Features
- Automate and simplify: Streamline your entire process, from quote to cash. Send, receive and finance customer orders more efficiently than ever.
- Bring your own payments: Quickly connect your own payment processor to start receiving digital payments with no disruption.
- No integration costs: Get started quickly – for free. Pay as you grow.
- Work from anywhere: Manage your business transactions on any device, using simple but powerful cloud-based tools.
- Built for teams: Set permissions for each user in your team to ensure that they can access only what you want.
Streamline Payables for Efficient Cash Management
Managing payables effectively is crucial for cash management, and Cashflow.io excels in simplifying this process. It consolidates and automates your payables through a single, user-friendly platform. Say goodbye to the hassle of logging into multiple bank portals for manual payments. With Cashflow.io, you can forward invoices to a unique email address, triggering automatic bank transfers for vendor payments, saving time and reducing effort.
Read this if you want to know about How to Automate Accounts Payable
Responsive Customer Support for Financial Peace of Mind
Cashflow.io offers dedicated customer support with knowledgeable representatives who respond promptly to your queries via phone, chat, or email. No more waiting hours for an email reply; Cashflow.io ensures you receive fast and effective support when needed.
Optimize Cash Flow with Custom Payment Plans
Enhancing cash flow is a priority, and Cashflow.io enables you to achieve this by creating custom recurring payment plans for each client. Additionally, you can use features like automated payment reminders and pre-authorized debits to ensure clients pay on time as per the agreed schedule. Prompt customer payments significantly boost your cash flow, allowing you to focus less on accounts receivable and more on reinvesting in business growth.
Easy Access to Financing
Accessing financing swiftly is vital for cash management, especially for large customer orders. Cashflow.io simplifies this process by offering near-instant approval and same-day funding directly through the platform. Say goodbye to lengthy applications and traditional banks. This integrated financing empowers you to confidently accept new business opportunities without worrying about capacity limitations.
Start, Customize, and Scale Effortlessly
Cashflow.io ensures a smooth onboarding process. You can connect your business bank accounts and payment processors at no cost. Furthermore, the platform is highly customizable, allowing you to tailor its features to suit your evolving business needs over time. Cashflow.io grows with your company, providing convenient access to financing as you expand.
Intuitive Tools for Time-Saving Cash Management
Cashflow.io simplifies cash management with intuitive, user-friendly tools. Its centralized dashboards condense your financial data into an accessible format on any device. This centralized hub for payables, receivables, and financing provides an intuitive snapshot, saving you valuable time. Plus, the user-friendly interface allows you to work seamlessly from your phone or tablet, ensuring efficient cash management wherever you are.
Robust Security for Your Financial Peace of Mind
Cashflow.io prioritizes the security of your financial data. It employs the highest standards, including AES-256-bit encryption, adhering to PCI and SOC compliance guidelines. Your data protection is paramount, and Cashflow.io ensures that sensitive information is not directly stored. It operates via certified Level 1 PCI payment processors, providing peace of mind regarding your financial security.
Best Cost-Effective Software: Melio
Melio is an accounts payable and cash management automation software that helps businesses optimize their bill payment workflow. It allows users to pay vendor bills electronically via bank transfer, virtual card, or check to maximize their cash flow. Melio syncs with accounting software like QuickBooks for seamless integration with any other key accounting tools.
Features
- Send ACH payments to vendors for free
- Pay vendor bills with debit/credit card to optimize cash flow
- Automatically sync Melio with QuickBooks Online and Desktop
- Schedule future payments in advance
- Mail physical checks on your behalf
Pay Bills with Cards
Optimize cash flow by paying vendors electronically with a virtual debit or credit card. The payment arrives as a bank transfer to the vendor while extending the cash float for your business. It is useful for managing cash flow crunches.
Schedule Payments
Schedule bill payments in advance with just a few clicks. Melio lets you set payment dates for anytime in the future so you never miss a payment deadline. Useful for automating recurring payments.
Pricing
Melio offers a free basic plan. Advanced features like faster payments, bulk payments, and API access require upgraded plans starting at $29/month. Transaction fees apply for non-ACH payments.
Best Real Time Tool: Tipalti
Tipalti is a cash management software that streamlines global supplier payments and financial operations. It automates invoice processing, approvals, payment execution, reconciliation and tax compliance.
Features
- Automated supplier onboarding and validation
- Multi-entity, multi-currency support
- Real-time payment tracking and reconciliation
- Robust tax compliance capabilities
- PO and invoice automation
- Supplier portal and communication
Automated Invoice Processing
Tipalti automatically captures and codes supplier invoices using OCR technology. It learns from historical data to auto-populate invoice details, reducing manual data entry by 80%.
Global Payment Execution
The platform enables supplier payments in over 190 countries, 120 currencies via bank transfer, check, or local payment methods. Tipalti can handle almost all regulatory and tax compliance situations as well.
Payment Visibility
Tipalti provides suppliers with a self-service portal to view invoice and payment status in real-time. It improves supplier communication and cash flow visibility.
Pricing
Tipalti pricing starts at $149/month for basic features. Advanced plans with additional users, entities, and customizations are priced on request.
Best for Basic Automation: AvidXChange
AvidXchange is an accounts payable automation software that eliminates paper and manual processes. It digitizes the entire invoice-to-payment workflow.
Features
- Email invoices directly into AvidXchange
- Automated routing, matching, and approvals
- Integrations with accounting systems
- Secure digital repository
- Online payments via AvidPay
Digital Invoice Processing
Vendors email invoices directly into AvidXchange for automated data extraction and coding. It reduces manual data entry by up to 80%.
Configurable Workflows
AvidXchange routes invoices to approvers based on rules and thresholds. It enforces compliance and financial controls.
AvidPay
Make electronic payments to suppliers via ACH, virtual card, or check. It optimizes cash flow and earns rebates.
Pricing
AvidXchange pricing is customized based on monthly invoice volume. You would need to contact AvidXchange for an accurate quote.
Best for Integrations: Stampli
Stampli is an accounts payable automation software that streamlines invoice processing and approvals. It integrates with over 70 leading ERPs, and is a versatile cash management tool.
Features
- Automated invoice capture and data extraction
- Configurable invoice routing and approvals
- Real-time reporting and analytics
- Payment integration with major banks
- Fraud detection and prevention
Intelligent Data Capture
Stampli uses AI and machine learning to automatically capture invoice data, reducing manual data entry by over 80%.
Invoice Workflow Automation
The platform routes invoices for automatic 2- and 3-way matching. It enforces compliance by automating approvals based on rules.
Analytics and Reporting
Stampli provides real-time dashboards, analytics, and reporting for full visibility into AP metrics like invoice cycle times, disputes, and more.
Pricing
Stampli pricing is customized based on number of invoices processed per month.
Best for Multiple Users: BILL.com
BILL.com is a financial operations platform for SMBs. Their platform automates payables, receivables, and expense management. Their specialty is small businesses with complex AP and AR needs, and they are a great cash management tool, especially if you are dealing with complex cash management needs.
Features
- Automated Bill Processing
- Customizable Approval Workflows
- Real-time Financial Insights
- QuickBooks Desktop Integration
Benefits
Automated Bill Processing
Reduce the time and effort required for bill processing, allowing your team to focus on strategic tasks while minimizing errors.
Multi-Approver Workflow
Customize approval workflows to match your organization’s needs, ensuring all bills go through the appropriate channels for review and approval.
Real-time Visibility
Access real-time financial data, providing you with the insights needed to make informed decisions and manage your finances effectively.
Integration with QuickBooks Desktop
Effortlessly sync BILL.com with QuickBooks Desktop, streamlining your accounting processes and ensuring accuracy.
Pricing
BILL.com offers flexible pricing options tailored to the specific needs of their customers, but plans start at $45 per month.
Best for Larger Companies: Airbase
Airbase is the premier modern spend management platform designed for businesses with 100-5,000 employees. It offers an integrated solution to control spending, expedite financial closing, and mitigate financial risk. Airbase combines accounts payable automation, expense management, and corporate cards into one cloud-based package.
Features
- Fast OCR technology for efficient data extraction.
- User-friendly interface for easy adoption and reduced errors.
- Integration with popular general ledgers.
- Guided procurement from request to reconciliation, streamlining the purchasing process and ensuring oversight.
- Robust reporting capabilities for in-depth financial analysis.
OCR Technology
Experience lightning-fast and mostly accurate data extraction with Airbase’s OCR technology, boosting efficiency in accounts payable processing.
User-Friendly Interface
Enjoy an intuitive platform that requires minimal training, enhancing user adoption and reducing errors.
Seamless Integration
Integrate Airbase effortlessly with popular general ledgers, ensuring accurate and efficient financial management.
Guided Procurement
Simplify procurement from request to reconciliation, fostering ease of use and providing oversight for all stakeholders.
Pricing
Airbase offers flexible pricing plans, including Standard, Premium, and Enterprise options. For detailed pricing information and custom plans, you have to contact them directly.
Explore this guide to learn How to Simplify B2B Payments through Automation
What is the Best Cash Management Tool in 2023?
To summarize, Cashflow.io excels across essential criteria such as automation, customization, reporting, support, and affordability. It provides comprehensive process automation, extensive customization options, centralized reporting dashboards, and responsive customer support. With its potent features, flexibility, and cost-effectiveness, Cashflow.io stands out as the top choice for payment and financing management when compared to other alternatives.
| Solution | Automation | Customization | Reporting | Support | Affordability | Score |
|---|---|---|---|---|---|---|
| Cashflow.io | Full automation for payables, receivables, financing | Highly customizable | Centralized dashboards | Quick responsive support via phone, chat, email | Affordable plans | 9/10 |
| Airbase | Full automation across the AP process, approvals, invoicing, and more | Moderate customization | Strong reporting and analytics | Decent support | Custom pricing based on business size | 7/10 |
| Melio | Full accounting automation including invoicing, reporting, and AR/AP | Moderate customization | Robust analytics and insights | Good support | Starts at $20/month | 8/10 |
| BILL.com | Full financial automation including payables, receivables, cashflow | Moderate customization | Robust reporting and forecasting | Good support | Starts at $79/month | 7/10 |
| Stampli | Advanced automation focused on AP and invoicing | Moderate customization | Strong reporting insights | Decent support | Paid subscription required | 7/10 |
| Tipalti | Comprehensive automation for payables, global payments, expenses | Limited customization | Extensive reporting and analytics | Good support | Starts at $149/month | 7/10 |
In Conclusion
Cashflow.io emerges as the best solution for modern businesses seeking to streamline their cash management processes. In a digital era where traditional systems fall short, Cashflow.io offers a comprehensive approach that covers payables, receivables, and financing in one unified platform.
With its key features, including the ability to automate and simplify complex financial tasks, seamless integration with your preferred payment processors, and a user-friendly interface accessible from any device, Cashflow.io stands out as the go-to choice for businesses of all sizes.
In a world where efficient cash management is vital, Cashflow.io offers a complete solution that simplifies your financial operations, enhances cash flow, and propels your business forward. Say goodbye to the limitations of outdated tools and embrace the future of cash management with Cashflow.io. Check out their homepage to get started.
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Managing Cash Flow Efficiently
Managing cash flow efficiently is crucial for any business. It involves monitoring the inflow and outflow of cash to ensure that there is enough liquidity to cover expenses and meet financial obligations. Efficient cash flow management helps businesses maintain financial stability and make informed decisions about investments, expenses, and growth opportunities.
Outdated and Siloed Systems
Many finance teams struggle with outdated and siloed systems that create friction and inefficiencies. These systems often lack integration and automation, making it difficult to streamline cash flow processes. Upgrading to modern cash management platforms can help overcome these challenges by providing centralized and automated solutions.
Traditional Payment and Billing Solutions
Traditional payment and billing solutions, such as paper checks and desktop software, are often inadequate for the demands of modern business. They lack mobility, automation, and integration with other business applications. As a result, they can hinder efficient cash flow management.
Cash Management Platforms for the Digital Era
Forward-thinking companies are exploring new cash management platforms designed for the digital era. These platforms offer features and integrations that address the limitations of traditional solutions. Some notable platforms mentioned in the article include Cashflow.io, Melio, Tipalti, AvidxChange, Stampli, and BILL.com.
Cashflow.io: The Best All-Around Solution
According to the article, Cashflow.io stands out as the ideal solution for effective cash management. It is a comprehensive platform that streamlines cash flow by managing payables, receivables, and financing. Cashflow.io offers automation, customization, and centralized reporting dashboards. It also provides responsive customer support and affordable pricing plans.
Melio: Best Cost-Effective Software
Melio is an accounts payable and cash management automation software. It helps businesses optimize their bill payment workflow by allowing users to pay vendor bills electronically via bank transfer, virtual card, or check. Melio offers features like sending ACH payments to vendors for free, scheduling future payments, and syncing with accounting software like QuickBooks.
Tipalti: Best Real-Time Tool
Tipalti is a cash management software that streamlines global supplier payments and financial operations. It automates invoice processing, approvals, payment execution, reconciliation, and tax compliance. Tipalti offers features like automated supplier onboarding, multi-entity support, real-time payment tracking, and robust tax compliance capabilities.
AvidXChange: Best for Basic Automation
AvidXchange is an accounts payable automation software that eliminates paper and manual processes. It digitizes the entire invoice-to-payment workflow and offers features like email invoice processing, automated routing and approvals, integrations with accounting systems, and online payments via AvidPay.
Stampli: Best for Integrations
Stampli is an accounts payable automation software that streamlines invoice processing and approvals. It integrates with over 70 leading ERPs (Enterprise Resource Planning systems) and offers features like automated invoice capture, configurable invoice routing and approvals, real-time reporting and analytics, payment integration with major banks, and fraud detection and prevention.
BILL.com: Best for Multiple Users
BILL.com is a financial operations platform for SMBs (Small and Medium-sized Businesses). It automates payables, receivables, and expense management. BILL.com offers features like automated bill processing, customizable approval workflows, real-time financial insights, and integration with QuickBooks Desktop.
Airbase: Best for Larger Companies
Airbase is a modern spend management platform designed for businesses with 100-5,000 employees. It offers an integrated solution to control spending, expedite financial closing, and mitigate financial risk. Airbase combines accounts payable automation, expense management, and corporate cards into one cloud-based package.
In conclusion, efficient cash flow management is crucial for businesses, and modern cash management platforms offer solutions to overcome the limitations of traditional systems. Cashflow.io, Melio, Tipalti, AvidXChange, Stampli, BILL.com, and Airbase are some of the top tools mentioned in the article that provide comprehensive and efficient approaches to managing cash in the digital age. Each platform has its own unique features and strengths, catering to different business needs.
