Cash management software
Today’s best cash management software streamlines and automates financial functions, giving corporate treasurers the control over their operations and working capital risk. Cash management software solutions enable teams to manage their payment processes efficiently and quickly. The smart software of Payt ensures an increase in cash flow and boosts your customer relationships, with less work, less worry and more control. Whether you are an entrepreneur or a financial director researching how to solve a liquidity problem, here you will find all the information you need to know about cash management and how it can get you cash flow back on track.
What is cash management software?
Cash management is the process of collecting and managing your cash flow. It is a key component for your company’s financial stability. Effective cash management requires good communication with your customers and team and it relies on precise cash management forecasting and optimal management of payments. However, in many businesses, cash management can be prone to error and confusion because of an inefficient process. For example, Excel spreadsheets cannot facilitate internal and external communication, offer real-time visibility, show credit scores of your customers, etcetera. However, credit management software can help you with this.
The ultimate cash management tool
Businesses are doing their utmost to bring in new customers, but fail in the part when these new customers have to start paying for their products or services. Your cash management involves more than just calling and emailing customers to remind them to pay their invoices. Rather, it involves gaining a deep understanding of why your customers do not pay on time and to make predictions with this information. Automating these repetitive tasks is key in order to increase your cash flow and master your Days Sales Outstanding (DSO). The most complete software of Payt can help you with this.
Strengthen your cash position
With Payt you do not have to work with questionable data or Excel sheets any more. You get a deeper understanding of why customers fail to pay their invoices (on time), you can estimate when someone is going to pay and how to set up the follow up process, you can immediately see what the outstanding balance is and in which phase of the billing process a customer is. In addition, you can finance your outstanding balance for growth and keep track of the credit scores of your (future) customers. By doing this your cash management will be much more efficient and effective.
Communicate with your customers and team
As discussed before, the communication with your customers and your team are of utmost importance. In the Payt platform you can communicate with your customers per invoice. This makes an invoice a point of contact in the customer experience and ensures better payment behaviour. It is a great way of gaining insight into the reason for late payments. In addition, you can communicate with your team through internal notes and you can make to-do lists for you and your colleagues.
Organise invoice financing
You can organise invoice financing of your outstanding invoices via the Payt application. This can help you to reinvest and grow your business. You do not have to wait for your customers to pay their invoices in order to make more efficient use of your companies’ cash.
How to use cash management system software
You can easily link Payt to your bookkeeping- or invoicing software. Payt then sees which invoices need to be followed up and in what way. The software automatically reminds your customers of any outstanding invoice. Consistently from the first invoice to the last reminder with you in complete control of the process. Get paid 30-50% faster and save up to 80% of your time spent on accounts receivable management.
Curious what Payt can do for your organisation? We are happy to tell you in a personal consultation.
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Schedule an online demo
Curious about the benefits of Payt for your organisation? Schedule your personal online demo with Alastair! You will receive an interactive demonstration of our platform for accounts receivable management, without any obligations.