BOSTON, MA — Centime today announced updates to its award-winning Cash Management suite: a set of powerful applications that enable small and mid-sized businesses to more effectively manage and control key aspects of their cash life cycle.
Cash is the lifeblood of every business, and surveys show that small and mid-sized businesses deal with the stress of cash management every day. With Centime Cash Management, businesses can monitor cash balances, forecast cash flows, strategically manage AP and AR, obtain working capital credit, and track key indicators of cash performance all in a single integrated platform.
The Centime Cash Management suite includes the following interconnected applications:
Cash Forecasting: Centime’s forecasting application automatically creates and continuously updates a rolling 13-week cash forecast. Forecasts provide insights into cash flows, help plan the use of cash and ensure adequate liquidity to meet operational needs.
Accounts Payable Automation: Centime AP automates all aspects of the AP process: processing invoices to capture and approve invoices, planning payment runs to preserve cash, and making payments to suppliers. AP Automation saves costs, boosts efficiency, mitigates fraud, and improves cash flow.
Accounts Receivable Automation: Centime AR predicts past due payments, automates collections workflows to proactively remind customers, presents invoices for online payments, and applies received cash against open receivables. AR Automation improves collections effectiveness, reduces past due payments, boosts working capital, and increases team efficiency.
Working Capital Line of Credit: CentimeCredit™ is an embedded, cost-effective, unsecured line of credit designed to meet your short-term cash needs. Easily draw cash and payback within 90 days (or sooner with no penalty). Businesses can apply online, qualify quickly and receive funding promptly.
KPI Tracking and Monitoring: This application enables businesses to gain insights into cash performance by tracking KPIs such as cash flow, cash burn, and runway. Also included are KPIs specific to AP and AR performance.
Technology advisory group Aite-Novarica granted Centime its Commercial Banking Fintech of the Year award for 2022. “Standing out in today’s fintech market is no mean feat,” Aite-Novarica Group Senior Analyst Gilles Ubaghs said, noting that award winners “solve real problems for their customers and offer a glimpse of where the future of banking and payments is headed.”
Centime’s clients cite both efficiency gains and cost savings as clear, quickly achieved and easily quantified benefits of implementing the solution. “Managing cash flow manually is very time-consuming and can involve a lot of predictive guess work, creating room for error. Centime has transformed how we manage this critical asset,” said Ellen Peterson, Accounting Manager at Skillwork.
The Centime Cash Management suite can be purchased directly from the company or from select financial institutions and referral partners.
One financial institution and strategic partner is the First National Bank of Omaha (FNBO). “As bankers we recognize the need to play a greater role in our clients’ cash control lifecycle. We think that Centime helps us do that with an easy-to-use solution that includes the proven cash control practices employed by larger enterprises,” said David Cota, executive vice president, Customer Business Segment, FNBO.
Another partner is 512Financial, a provider of accounting services to high-growth businesses. “We’re always looking to deliver value to our clients. Centime is a well-priced solution that gives CEOs and CFOs insights into cash, whether it’s regarding payment options for AP or tracking down AR,” 512Financial co-founder and CEO Bart Davis said. Davis continued: “Clients love it, and they love us for bringing it to them.”
Cash is the lifeblood of every business.
Centime provides powerful SaaS solutions to enable businesses to better manage cash and cash flow.
With Centime Cash Management, businesses can monitor cash balances, forecast cash flows, strategically manage AP and AR, obtain working capital credit, and track key indicators of cash performance.
Centime was awarded 2022 Commercial Banking Fintech of the Year by Aite-Novarica.