A new product by Centime will help small to medium-sized businesses (SMBs) by streamlining aspects of cash flow into one new app, a Wednesday (June 30) press release said.
The program, called Cash Flow Control, will encompass everything that is involved in cash flow control and management. This not only includes monitoring or predicting cash flows but also managing collections against accounts receivable (AR) and payments against accounts payable (AP). Additionally, it will make it easier for businesses to get cost-effective credit.
The release noted that Centime made use of technologies like machine learning (ML) and artificial intelligence (AI).
Speaking about the launch, B.C. Krishna, founder and CEO at Centime, said, “Most businesses, at some point, grapple with cash flow issues, and the global [COVID-19] pandemic has made this issue worse.”
Krishna added, “Bringing a solution to market in the middle of a global pandemic to solve a problem amplified by the pandemic has been a very interesting experience. I have nothing but gratitude and amazement at the incredible commitment of our India team to power through immense personal challenges and bring this solution to market.”
Application programming interfaces (APIs) and cloud-based tech have been favorites for companies looking to get more into possibilities like connecting mobile apps to bank accounts, credit lines or new perks.
The Corporate Cash Management Playbook, a PYMNTS report, found that treasury departments were weary from the pandemic and considered those economic ripples to be their top challenge.
Cloud models can offer better insights into cash positions, and these days it seems like it’s inevitable that business will move in that direction. The Playbook wrote that “modernizing bank infrastructure through cloud and API technologies should thus be seen neither as optional in the current social and economic climate nor as a task that can be taken lightly.”
As small businesses keep digitizing, cash flow is important and can determine whether companies stay alive or not during tumultuous times like a pandemic.
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