Top 6 Treasury Management Software Providers for 2024

Treasury Management vs. Cash Management

Cash management and treasury management are two terms that are often used interchangeably. But, despite popular belief, these two are distinct concepts that are each fundamental for businesses of varying sizes. Whether you're a seasoned pro or a financial rookie, it’s crucial to understand the disparities between these two concepts.

One key distinction is that cash management is a colloquial term that encompasses many different practices. But, there is no specific software category for cash management. In general, cash management covers cash flow management.

Treasury management, on the other hand, is both a practice and a software category. The software category tends to be associated with larger companies but can be useful for all growing companies. Treasury management encompasses cash and liquidity management. This includes managing debt, investing, forecasting, banking, risk management, payments, fraud protection, and reporting. 

The main objectives of treasury management are to maintain the business's liquidity to meet its financial obligations. This includes investing excess cash, lowering borrowing costs, and safeguarding against financial risks such as interest rate movements and credit risks. It also involves maintaining compliance with regulators and ensuring that the company's financial operations run smoothly.

Who Needs Treasury Management? 

Treasury management is essential for many companies. This includes growing companies in the range of $10 million to $100 million in revenue. While the needs and goals may vary, the following types of companies can benefit from treasury management:

• Large Corporations: Large multinational corporations often have vast balance sheets, subsidiaries, and complex cash flow structures. Effective treasury management helps with optimizing cash usage, managing liquidity across borders, and mitigating risks with currency and interest rates.‍
• Small and Medium-Sized Businesses (SMBs): As SMBs grow, they may encounter cash flow challenges and the need for better financial management. Treasury management can help improve forecasting, managing working capital, and investing surplus funds.

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What is Treasury Management to SMBs/Growing Companies?

Treasury management for SMBs and growing companies gives a tailored approach to managing financial resources. It also helps with managing financial risks. Here's what treasury management means for SMBs and growing companies:

• Optimizing Cash Flow: Treasury management can help SMBs ensure they have the right amount of cash on hand to meet day-to-day operational needs. This involves better cash forecasting, so they can plan for expenses, payroll, and other obligations.
• Working Capital Management: SMBs often have limited working capital. Treasury management assists in managing working capital by improving accounts receivable, accounts payable, and inventory management. It helps strike a balance between liquidity and profitability.
• Technology Integration: Treasury management software or systems can streamline financial operations for SMBs. This makes it easier to monitor cash flows, manage accounts, and track financial performance.
• Strategic Decision-Making: Treasury management equips SMBs with the financial insights and data necessary for informed decision-making. It supports strategic planning by providing a clear view of financial health and opportunities for growth.

What is Treasury Management Software?

Treasury management software is a financial technology that assists businesses in managing financial operations. The software provides a platform for automating and optimizing treasury management tasks and processes. 

Here are key features and functions typically found in treasury management software:

• Cash Forecasting: Treasury software helps predict future cash flows by consolidating data from bank accounts, invoices, and payment schedules. Accurate cash forecasting is essential for maintaining liquidity.
• ‍Cash Position Reporting: It provides real-time visibility into an organization's cash across accounts and financial institutions. This helps professionals monitor cash balances, make informed decisions, and avoid overdrafts.
• ‍Liquidity Management: The software assists in managing liquidity by finding surplus cash and investment opportunities while also ensuring funds are available for operations.
• ‍Payment and Receivables Processing: Treasury software automates payments, allowing businesses to initiate electronic payments, wire transfers, and ACH transactions. It also simplifies the reconciliation of incoming payments and accounts receivable.
• ‍Integration with Banking Services: Many treasury management solutions can integrate with banking services, such as electronic bank statement retrieval, fund transfers, and payment initiation.
• ‍Workflow Automation: Workflow automation streamlines approvals for payments, investments, and other transactions, reducing manual tasks to improve efficiency.

What are the Key Functions of Treasury Management Software?

Treasury management software provides a comprehensive suite of functions to streamline financial operations for busy teams. Here are the key functions found in treasury management software:

• Risk Management: Helps identify, assess, and manage financial risks. This can include interest rate movements, foreign exchange (FX) risks, and credit risks. Software can also help with hedging risks.
• ‍Investment Management: Improves investing strategy by finding opportunities, tracking performance, and automating investment-related tasks.
• ‍Debt Management: Manages loans, bonds, and other debt instruments, tracking interest rates, amortization schedules, and compliance with debt covenants.
• ‍Reporting and Analytics: Generates reports and analytics for treasury positions, performance, and risk exposure, This helps with decision-making and reporting to stakeholders.
• ‍Treasury Document Management: Manages treasury-related documents, such as contracts, agreements, and compliance data, for easy retrieval and auditing.
• ‍Interest Rate Management: Monitors and manages interest rates on loans and other financial instruments to improve income and expenses.
• ‍Credit Facility Management: Manages credit lines, revolving credit facilities, and other forms of credit arrangements with financial institutions.
• ‍Compliance and Audit Trails: Maintains records of all transactions and activities for compliance, auditing, and reporting purposes.

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What is the best treasury management software for 2024?

1. Centime: Best All-in-One Treasury Management for SMBs and Mid-Market Teams
2. Kyriba: Best Treasury Management for Large Enterprises with Complex Banking Needs
3. Coupa: Best Cash Management Platform for Enterprise Teams
4. Bottomline: Best Enterprise Platform for Business Payment Functionality
5. Tesorio: Best Point-Solution for Accounts Receivable with Treasury Management
6. HighRadius: Best Point-Solution for Accounts Receivable with Basic Forecasting

Ideal for growing businesses that want to take total control of their treasury & cash processes

Centime is a comprehensive treasury management solution designed for SMBs and mid-market businesses. Its all-in-one platform automates accounts payable (AP), accounts receivable (AR), cash flow forecasting, as well as banking and working capital solutions.

As growing companies expand, they often encounter similar challenges as enterprises, but with fewer resources. While SMBs and mid-market companies may not have netting or international exposure, they still require essential features like cash forecasting, payment automation, collections, banking support, and working capital. Centime addresses these needs by offering an affordable and user-friendly treasury management solution tailored specifically for these teams, without the hefty price tag associated with enterprise solutions.

This focus on non-enterprise teams is what sets Centime apart from other treasury management providers on this list. By focusing exclusively on SMBs and mid-market teams, Centime can provide an enterprise-level treasury management solution that is otherwise unavailable in the market to non-enterprise businesses.

Centime Features

• Accounts receivable automation. Centime’s AR automation solution enables you to predict inflows, streamline collections, accept payments, and track performance over time. 
• Accounts payable automation. Centime’s AP automation solutions helps AP teams to streamline and digitize their end-to-end workflow. It simplifies invoice processing, approval routings, payments, and reporting – so your team can invest its time in more strategic (and less manual) projects. 
• Cash flow forecasting. Teams use Centime’s cash flow forecasting software to accurately forecast cash, manage liquidity, and track performance. 
• Working capital offerings. Centime’s software makes it easy for customers to access working capital credit lines and credit cards, for when you need quick access to extra cash. 
• Banking solutions. In addition to the features listed above, Centime also partners with trusted banks to offer diversified banking, risk protection and high-yield checking to customers so you can make the most of every dollar and keep your capital safe. 

Pros

• Only all-inclusive treasury management software built for small to mid-sized businesses
• Affordable solution for growing teams.
• Easy installation and user-friendly interface.
• Embeds directly into your accounting system for quick access.
• Top-rated customer support.
• Bank diversification functionality for fund protection.

Cons

• Built for NetSuite, QuickBooks, and Sage Intacct users only.
• No multilateral netting for enterprise customers.

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If your business has multiple entities and needs inter-banking netting, Kyriba is a strong contender

Kyriba is a robust treasury management software that helps large enterprises make corporate strategic decisions. The platform is a great solution for large enterprises, but lacks the support to service businesses with fewer resources.

Kyriba Features

• Cash management. Kyriba helps with cash management by supporting bank connectivity, cash positioning, forecasting, cash accounting, in-house banking and multilateral netting. 
• Financial transactions. The platform centralizes financial transactions so that your team can manage trading activities, calculations, deal tracking and reporting of your financial instrument portfolios all in one place. 
• Liquidity planning. Kyriba’s BI dashboards and ERP integrations unify forecasting data so you can look at scenarios and plan accordingly.
• Banking relationships. Kyriba supports segregation of duties and provides a clear audit trail – along with bank fee analysis, signatory management, and FBAR reporting. 

Pros

• Best for large enterprises or global corporations (multiple entities/subsidiaries) that need inter-banking netting. 
• Strong risk and fraud detection, once parameters are configured.
• Delivers great line-of-sight for teams with multiple bank accounts across different banks, currencies, or jurisdictions. 
• Integrates with multiple popular accounting systems. 

Cons

• High implementation costs make the tool too expensive for most mid-market or small businesses.
• Cumbersome setup and access processes. 
• Limited customization capabilities. 
• Doesn’t support international bank transfers if you use EBICS protocol.
• Limited to treasury and payment solutions only. 
• Customers have complained of customer support quality.

A strong cash and spend management solution for enterprise teams

Coupa is an enterprise cash and spend management product. The platform is another common treasury solution for large enterprises, but lacks certain tools and capabilities needed to service growing businesses.

Features

• Cash and liquidity management. Coupa delivers real-time visibility for organizations to view cash positions, move funds, and predict how long funding will last.
• Debt and investment management. The platform makes it easy for finance teams to manage maturities, interest, principal settlements, and risks across banking partners. It also automates transactions, accrual, and valuation accounting so your team can focus on less tedious and more strategic projects. 
• Forecasting. Coupa customers can use the system to draw scenarios, manage workflows, consolidate groups, and analyze actual vs. planned  cash forecasts. It also facilitates intercompany forecast reconciliation.  
• Multilateral netting. Coupa can automatically reconcile and net intercompany invoices.
• In-House banking. The solution offers centralized group-wide payments, cash pooling, and account structures for a solid in-house banking experience. 
• Risk and exposure management. With Coupa, you can document, manage, and evaluate deals and trades, as well as protect against FX and interest rate risks. 

Pros

• Best for enterprise companies that are focused on streamlining purchasing processes. 
• Simplifies payments by streamlining PO invoice approvals, approval changes, and supplier registrations. 
• Seamless general ledger coding and great integrations with enterprise spend management applications. 
• Strong risk management functionality. 

Cons 

• Expensive even for enterprise teams. 
• Lack-luster UI can make it more difficult to use. 
• Doesn’t handle foreign vendor taxes well. 
• Too many workflows. 
• Difficult to integrate. Coupa doesn’t have any operations to export columns as different column names during the integration process. 

An option to consider for companies with complex business payment needs

Bottomline is a treasury management software for large corporations that focuses on business payments. It specializes in electronic payments, digital banking, and bank connectivity for enterprise teams, but lacks other traditional treasury management capabilities. 

Features

• Paymode-X. Bottomline’s Paymode-X simplifies payments for teams so they can make and receive secure electronic payments. 
• Fraud management. Bottomline offers both internal and external risk mitigation functions for customers. 
• Financial messaging and bank connectivity. Unlock global transaction management with Bottomline to communicate, reconcile, and manage international transactions.
• Digital banking. The platform delivers a best-in-class digital banking experience. 
• PTX cash management and payments. Bottomline’s PTX cash management and payments automate spreadsheets and payments control for finance teams. 
• Legal spend management. Clients can improve their legal bill process by using Bottomline’s legal spend management software. 

Pros

• Best for U.S.-based companies that have U.S. operations interested in treasury management software
• Strong legal spend management capabilities, like bill review processes and claims data insights
• Automated AP solution for multifamily, CRE and other Real Estaste companies

Cons

• Long, inflexible contract and package terms
• Statements can lack clarity – like line items without reasons
• Lacking integrations
• Missing treasury management features that large companies need, despite being enterprise-focused

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An AR point-solution with basic treasury management options

Tesorio is an AR-focused solution that also offers treasury management. Its treasury management functionality includes forecasting, cash application, and a financial care center. With Tesorio, users can improve cash performance and increase overall cash flow visibility.

Features

• Accounts receivable automation. Tesorio delivers AR data aggregation, automated dunning, invoice prediction, and collaborative workspaces for customers to streamline manual AR processes. 
• AR forecasting. Tesorio unlocks new insights for customers with AI-powered predictions, real-time cash tracking, and reporting.
• Cash application. Tesorio makes it easy for customers to record payments, match payments with invoices, post items to NetSuite, and automate bank imports. It also offers touchless posting for portal payments so that your cash application is a breeze.
• Financial care center. Tesorio’s financial care center gets you paid faster via a streamlined payment portal where customers can self-serve. This portal supports global payments and also offers custom branding to keep your company’s look and feel. 

Pros

• Great solutions for teams at the higher-end of the mid-market to enterprise range, that are looking for basic treasury management and cash forecasting functionality. 
• Strong accounts receivables capabilities, so that your team can manage all receivables and invoices on a single platform. 
• Delivers great portfolio health insights so you can evaluate your company’s portfolio performance. 
• Simplifies collections by enhancing visibility and enabling tracking for all collections communications. 

Cons

• Currently lacks banking solutions, credit offerings, working capital options, and AP functionality. While Tesorio is a solid AR automation tool, its gaps listed above prevent it from being a  true treasury management company like others on this list.
• Limited integrations with popular accounting systems. Tesorio lacks a live sync with NetSuite so there is no 2-way sync. This often creates data gaps and issues down the line. Unapplied cash also does not sync back to your ERP. 
• No auto-pay or auto-cash application in NetSuite. 
• No invoice sync to customer portal for e-invoicing.

A viable point-solution for AR with basic cash forecasting functionality

While primarily recognized for its expertise in receivables automation, HighRadius extends its capabilities to provide end-to-end automation for treasury management. It offers an AI-based treasury management solution designed to empower businesses with efficient cash and treasury management capabilities. 

Features

• Data collaboration. HighRadius’ data collaboration functionality maintains updated insights so that your reporting is always accurate and up-to-date. 
• Financial outcome simulation. Reduce risk with HighRadius’ financial outcome simulation. 
• Cash flow forecasting. HighRadius makes it easy to monitor trends, predict directions, and create cash flow forecasts for your business. 
• Intelligent Reporting. Pre-made reports and dashboards help guide decision-making processes.

Pros

• Comprehensive accounts receivables automation tool with added forecasting capabilities. 
• Efficient system for finance tracking and reporting. 
• Straight-forwards interface makes it simple to learn the platform.  

Cons

• Not a true treasury management system despite often getting classified as one. It’s primarily an enterprise receivables platform that just so happens to also include basic cash forecasting. Unfortunately it still lacks key treasury management features like banking solutions, credit offerings, working capital options, and AP functionality.
• Support responses can be slow.
• Loading time is long. Customers have complained about HighRadius’s loading time. If your team has hundreds or thousands of bills to send out each month, then you will need a solution that expedites your receivables rather than slowing it down. 

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In the fast-paced world of finance, treasury management is essential. As we conclude our Buyer's Guide to the Top 6 Treasury Management Solutions for 2024, we've delved into the diverse landscape of treasury management software to help you make informed decisions for your organization's financial well-being.

Each solution we've explored in this guide offers a unique set of features and capabilities, tailored to different niches within the finance industry. Whether you're a growing SME, a large enterprise, or somewhere in between, there's a treasury management solution designed to meet your specific needs. Here’s a quick overview of each solution discussed in detail above. 

• Centime: Ideal for SMBs and mid-market businesses seeking comprehensive treasury management without the enterprise-level price tag. Its user-friendly features and affordability make it a standout choice for growing teams.
• Kyriba: A powerhouse solution for large enterprises with complex banking needs. Kyriba's robust features and risk management capabilities cater to organizations with multiple entities and subsidiaries.
• Coupa: Tailored for large enterprises looking to streamline their purchasing processes. Coupa excels in user-friendly PO invoice approvals and integrates seamlessly with various business spend management apps.
• Bottomline: Focused on secure electronic payments, Bottomline is an excellent choice for companies with U.S. operations seeking efficient treasury management.
• Tesorio: Tesorio's strong AR capabilities and cash forecasting features make it an ideal choice for companies focusing on receivables and cash management within the mid-market to enterprise range.
• HighRadius: With an emphasis on receivables management and basic cash forecasting, HighRadius caters to large enterprises seeking efficient tracking and reporting.

In the dynamic world of finance, choosing the right treasury management solution is a strategic move that can elevate your financial management to new heights. We hope this guide has provided valuable insights to guide you on your path to financial excellence in 2024 and beyond.

As you embark on your treasury management journey in 2024, consider your organization's size, needs, and long-term goals. Choosing the right treasury management solution for your team will streamline your financial operations, reduce risk, and empower your team to make data-driven decisions.