6 best cash flow software tools of 2023: Which is right for your finance team?

6 best cash flow software tools of 2023: Which is right for your finance team?
Ira Fridman
June 15, 2023
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Finance and treasury leaders usually turn to cash flow software because they’re tired of:

  • Spending days on cash flow reporting
  • Manually tracking their cash balances across accounts
  • Never having real-time visibility into their cash flow and cash positions 
  • Painstakingly calculating currency conversions and exchange rates
  • Juggling multiple bank account and PSP log-ins, passwords, and credentials
  • Risking exposure to defaults and going under or over thresholds
  • Forecasting volatility and making projections without confidence 
  • Worrying about fraud, cash sweeping, and suspicious activity 
  • Invest your cash strategically to optimize for yield

Cash flow software enables finance and treasury teams that are operating at scale to get instant insights into their cash position and cash flow and drive real-time business decisions.

In this post, we’ll review the best cash flow software tools on the market and help you determine which one is best for your team.

The 6 best cash flow software tools on the market 

1. Ledge

best cash flow software

Ledge is a cash flow software tool that automates finance and treasury operations for finance teams operating at scale. It provides instant insights into your cash position and cash flow across all accounts and enables finance leaders to drive real-time business decisions.

Instant cashflow reporting for insights and analysis

best cash flow software

Say goodbye to manually tracking your cash in spreadsheets and disaggregating cash flow for reporting every month. Ledge enables you to see your cash position across all accounts in real-time and instantly analyze any spikes, anomalies, or concerning trends.

Understand where your cash has been spent or earned over time and keep a close eye on revenue streams, fixed and variable expenses, and capital shifts. 

Improved liquidity management 

best cash flow software

Get an accurate picture of your true cash position and working capital across multiple accounts, currencies, and entities. 

By providing you with real-time visibility into your actuals, Ledge enables your finance and treasury team to make decisions immediately, such as if you need financing to bridge a gap or should invest excess cash and generate yield.

One log-in for multi-bank cash management

best cash flow software

Since the collapse of SVB, the majority of businesses have adopted a multi-banking strategy where they’ve diversified their banking across two or more accounts. While this mitigates risk, it raises new operational challenges, requiring teams to spend hours juggling multiple log-ins and credentials, logging in, downloading data, and importing cash position across accounts into a spreadsheet. 

Ledge makes multi-bank management a breeze, giving you one centralized dashboard view to see your cash position across all accounts in real-time, including pending and actual balances.

Go from high-level aggregates to transaction-level details

best cash flow software

With all of your data ready for analysis in one place, you can segment and filter to see the data from any perspective, and drill down into the details of any transaction. See collections by product line, payments by vendor, transactions by PSP, and more.

Reduce cashflow forecast volatility & track towards budget and burn rate 

Ledge gives you total, real-time visibility into your actuals, enabling you to forecast with more accuracy and confidence and reduce cash flow volatility.

Ledge’s cash flow software also enables you to maintain continuous budget discipline and see your monthly burn rate and spending. 

Stay updated with customizable real-time alerts

Get automatic alerts when high-value transfers or anomalies occur, and set up custom rules-based alerts when balances get too high, too low, or about anything else you’d like to identify to address issues in real time. 

This can protect you against fraud and cash sweeping as well as ensure that accounts stay within desired ranges and under FDIC coverage limits.

Get set-up in hours and see instant time-to-value

Ledge does all the heavy integration lifting and is already connected directly to your banks, PSPs, ERP, and more. That means no R&D or IT resources or system implementers are required to get up and running ASAP. 

Ledge is best for: Finance teams at fast-growing companies and businesses operating at scale that want comprehensive cash flow reporting and real-time visibility in a flexible and easy-to-use system, with no R&D resources or lengthy implementation time required. 

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2. Kyriba

kyriba

Kyriba is a well-established treasury management system (TMS) that enables cash and risk management, payments, and working capital solutions. It streamlines global payment processing by standardizing payment controls, reducing fraud, and unlocking real-time payments.

Kyriba empowers treasurers to make more confident cash and liquidity decisions, along with analytical tools to manage more complex global cash structures and optimize liquidity across the enterprise.

Like most traditional treasury management solutions, Kyriba can take 6-12 months to implement and requires extensive ongoing maintenance with a full-time system administrator that’s dedicated to managing it daily. 

Kyriba has a steep learning curve for users and its infrastructure is inflexible, making changes very cumbersome and labor-intensive to implement when the business’ needs change. 

Kyriba is an all-in-one system, so finance teams that want to use it to manage liquidity must be ready to centralize all other payment and operational functions into the system, as well. From top to bottom, Kyriba fundamentally changes the way finance teams work.

Kyriba is best for: Finance teams at large enterprise organizations that are managing highly complex treasury operations across the globe and need capabilities for international payments and working capital solutions.

3. Coupa 

coupa

Coupa is a business spend management platform that enables finance leaders to see end-to-end spend across the company in real-time and unite departments around a streamlined procure-to-pay process on one unified platform. 

Its treasury platform delivers complete, real-time cash visibility for organizations with multiple subsidiaries, currencies, and accounts.

Like Kyriba and other traditional treasury management solutions is not an out-of-the-box, plug-and-play system; it needs to be designed and configured correctly for large businesses to accommodate the processes they already have in place.

Users have remarked that once the system is set up, adding custom fields and changing approval chains is quite difficult and time-consuming.

Coupa is best for: Finance teams at large enterprises that are looking to gain total control over their expense, procurement, and treasury management processes across the globe and have a dedicated team member to manage the platform.

4. HighRadius

highradius

HighRadius is a well-established treasury management system that was founded in 2006. It provides a 360-degree view of your global cash positions across all banks, geographies, businesses, and currencies, and connects credit, billing and invoicing, cash applications, deductions, and collections into a single business process.

HighRadius streamlines and automates administrative AR processes, allowing finance teams to devote time to higher-value activities such as analysis and strategic decision making.

HighRadius is powerful and feature-rich, but its user interface has been described as “clunky” by users. Like Coupa and Kyriba, its implementation is a massive and time-consuming undertaking with difficult and labor-intensive configurations, and it requires intensive training for both users and dedicated system administrators.

Users have noted that for dynamic businesses with quickly changing needs, the system is difficult and expensive to change once configured.

HighRadius is best for: Finance and treasury teams at very large enterprises that are looking for a comprehensive treasury management system for standard operational workflows such as order-to-cash, invoicing, and collections.

5. Agicap

agicap

Agicap is a cash management solution that provides SMBs with real-time cash flow monitoring, reliable cash flow forecasting, and customizable reporting. 

Supporting integrations with banks, ERPs, spend and invoice management solutions, payment solutions, and databases, Agicap consolidates data and processes to provide total control and visibility over your cash.

Unlike traditional treasury management systems like Kyriba and HighRadius, Agicap is known to be a flexible and intuitive tool that’s designed to be rapidly adopted by smaller businesses that don’t have the resources or budget for lengthy implementation periods and expensive system integrators.

Agicap is European-based with reach in France, Germany, Spain, Italy, and the UK, and mainly supports European banks and institutions. 

Agicap is best for: European-based SMBS that are ready to upgrade from spreadsheets and need a simple and agile cash flow software tool.

6. Float Cash Flow

float cash flow

Float is a cash flow forecasting, cash budgeting, and cash management tool that’s built exclusively for use with Xero, Quickbooks Online, or Free Agent. It enables accountants and bookkeepers at small businesses to gain real-time visibility over their financial data and control their cash flow.

Unlike traditional treasury management systems that are heavy, expensive, and take ages to implement, Float integrates seamlessly with accounting tools, is very easy to use, and provides quick time-to-value.

Because it’s designed to be a light cash flow management tool for small businesses, Float lacks more in-depth functionality and customizable views and does not support multi-currency accounts.

Float is best for: Accountants at small businesses that are looking for a cash flow forecasting tool to complement Xero, Quickbooks Online, or Free Agent.

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Wrapping up: The best cash flow software for your team

The best cash flow software is one that eliminates manual tracking and gives you total control and visibility over your cash position and cash flow. Which case flow software is right for you? To recap:

Ledge is best for: 

Finance teams at fast-growing companies and businesses operating at scale want comprehensive cash flow reporting and real-time visibility in a flexible and easy-to-use system, no R&D resources or lengthy implementation time required. 

Kyriba is best for:

Finance teams at large enterprise organizations that are managing highly complex treasury operations across the globe.

Coupa is best for:

Finance teams at large enterprises that are looking to gain total control over their expense and treasury management processes across the globe and have a dedicated team member to manage the platform.

HighRadius is best for:

Finance and treasury teams at very large enterprises that are looking for a comprehensive treasury management system for standard operational workflows.

Agicap is best for:

European-based SMBs that are ready to upgrade from spreadsheets and need a simple and agile cash flow software tool.

Float is best for:

Accountants at small businesses that are looking for a cash flow forecasting tool to complement Xero, Quickbooks Online, or Free Agent.

Looking for the best cash flow software?

Try Ledge with your own data

Looking for the best cash flow software?

Try Ledge with your own data
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