A new product from Centime will help small and medium-sized businesses (SMBs) by streamlining aspects of cash flow in a new app, according to a press release on Wednesday, June 30.
The program, called Cash Flow Control, will encompass everything involved in the control and management of cash flow. This not only includes tracking or forecasting cash flow, but also managing collections against accounts receivable (AR) and payments against accounts payable (AP). In addition, it will make it easier for businesses to obtain profitable credit.
The statement said Centime was using technologies such as machine learning (ML) and artificial intelligence (AI).
Commenting on the launch, BC Krishna, Founder and CEO of Centime, said: “Most businesses at some point are struggling with cash flow issues and the [COVID-19] the pandemic has exacerbated this problem. “
Krishna added, “Bringing a solution to the market in the midst of a global pandemic to solve a problem magnified by the pandemic has been a very interesting experience. I have nothing but gratitude and amazement at the incredible commitment of our Indian team to overcome immense personal challenges and bring this solution to market. “
Application programming interfaces (APIs) and cloud-based technologies have been preferred by companies looking to exploit more possibilities, such as connecting mobile apps to bank accounts, lines of credit or new advantages.
The Corporate Cash Management Playbook, a report by PYMNTS, found that Treasury departments were weary of the pandemic and viewed these economic ripples as their main challenge.
Cloud models can offer better insight into cash positions, and nowadays it seems inevitable that companies are heading in that direction. The Playbook wrote that “modernizing banking infrastructure via cloud and API technologies should therefore neither be viewed as an option in today’s social and economic climate, nor as a task that can be taken lightly.”
As small businesses continue to digitize, cash flow matters and can determine whether or not businesses stay alive during tumultuous times like a pandemic.