The 11 best treasury management software solutions in 2024
Pick the right treasury management platform for your business.
Updated:
May 8, 2024
.png)
May 8, 2024
Treasury management is a critical corporate finance process aimed at helping businesses optimize their cash reserves for liquidity, security, and yield to boost their bottom line.
However, the process can be time-consuming, hence why many organizations hire in-house banking and treasury teams or third parties to oversee their treasury functions.
This may be a luxury for smaller businesses, so it is common for businesses at this stage to use treasury management software solutions to help them manage liquidity and invest excess cash quickly to get around this challenge.
There are many options on the market, so this guide is designed to help busy finance teams and business owners evaluate and select the right treasury management platform for their companies.
Automate your treasury strategy and put your corporate cash to work in U.S. Treasury Bills today.
Treasury management is the series of processes involved in managing cash flows, optimizing investment returns on available cash, and planning liquidity to fund business operations.
Depending on the nature of your business, at any point, you may have a significant sum of cash in a checking account earning near-zero yield. This is understandable if most of these funds are expected to be used for operations.
A treasury management strategy can be a significant value add when you expect a significant sum of non-operational cash you don’t plan to use immediately.
Typically outlined in a company’s investment policy, any treasury management strategy aims to invest your cash reserves in a highly-rated investment portfolio that balances yield generation and liquidity needs while minimizing fees.
Treasury management and business banking are interconnected. As money storage facilities, bank accounts are used by treasury teams to move funds in and out of treasury investment accounts.
For example, a business earning a 5.25% yield on U.S. T-Bills may elect to sell those holdings and transfer funds to a bank account via ACH deposit to fund payroll, vendor payments, and other business expenses.
Banking and corporate treasury work together to manage cash flows, investments, and debt financing and monitor several risks (liquidity, interest rate, currency, etc.)
Financial management focuses on the company’s financial stability and performance, which can be influenced positively by a strong treasury management strategy and process.
In other words, treasury management is one aspect of corporate finance management alongside budgeting, making operational decisions, and reviewing financial reports. All work together to help maximize shareholder, employee, and customer value over the long term.
Effective treasury management helps businesses balance the following:
Treasury management software automates cash flow, liquidity, investments, and risk management. The best software is fully integrated with banking, accounts payable, expense management, and financial reporting tools.
Treasury management software helps automate much of the heavy lifting that goes into successfully executing a cash management strategy, including:
A properly designed treasury management system (TMS) manages liquidity and cash flows better than alternative, manual methods (e.g., spreadsheets).
Treasurers work with financial operations to plan for the company’s cash needs. The treasury staff must monitor investment performance and use financial data to evaluate risks.
The treasury system provides funds for day-to-day operations and maximizes the efficient use of company resources.
Rho is a financial operating system that helps businesses boost their profitability. The platform helps by automating treasury management, helping lean businesses generate yield on their cash reserves while maintaining liquidity and security.
Rho offers a comprehensive set of solutions built into our platform that make it easy for companies to achieve this:
Once onboarded, Rho Treasury clients select a custom investment policy tailored to their business’s unique liquidity and security needs, supported by Rho’s in-house investment team.
Rho's platform then actively adjusts customers’ portfolios of government securities like U.S. Treasuries to earn market rates while monitoring operating account balances and automatically transferring money as needed.
Rho integrates with QuickBooks Online, Oracle NetSuite, Microsoft Dynamics 365 Business Central, and Sage Intacct.
Rho also supports flat-file CSV exporting, so you can automatically tailor transaction categorization to your business needs. Read more about our accounting integrations here.
The Rho platform is free, but the Rho Treasury capability does have a small annual management fee depending on investment size. Learn more at rho.co/product/treasury!
HighRadius is a finance platform that provides tools for managing order-to-cash processes, B2B payments, treasury, and risk management.
The HighRadius Autonomous Treasury solution provides access to all bank accounts on a single platform. The solution offers cash management, cash forecasting, and automated bank reconciliations.
Users can track and manage financial instruments, including investments and debt obligations. Real-time reporting is offered for treasury activity.
Integrations with SAP, Netsuite, Sage Intacct, and Microsoft Dynamics 365.
HighRadius requires you to book a sales call for a specific quote.
HighRadius reviewers mentioned difficulty reaching support, long response times, and difficulty resolving support tickets. Rho offers live, expert support via chat or phone 7 days a week.
HighRadius users have bank integration, ERP integration, and other functionality issues. Rho offers a seamless platform to manage treasury, accounts payable, expenses, and banking. HighRadius charges platform fees, and Rho does not charge platform fees.
While primarily known for its AR automation solutions, Tesorio provides a cash flow management automation solution that helps businesses establish a full view of their treasury operations. The treasury solution doesn’t provide a way for businesses to invest in investment instruments directly, but helps integrate a company’s bank accounts so they have a full picture of cash in one place.
The cash flow management tool aggregates all bank accounts and provides data on a single platform. Users can forecast cash flows, perform scenario planning, and generate reports. Customers can search and filter transactions to find data quickly.
Tesorio has ERP integrations with NetSuite and Sage Intacct.
Tesorio requires you to book a sales call for a specific quote.
Tesorio does not offer an integration that allows excess cash to be transferred into an investment account. The platform has glitches and login issues, which slow down productivity. Finally, Tesorio charges platform fees.
Rho provides bank account and investment account integrations and a reliable treasury management solution with no platform fees.
SAP helps businesses to optimize working capital and automate operations with integrated treasury management. Users implement SAP to deploy assets effectively, mitigate financial risks, and comply with regulations.
SAP users gain real-time access to global bank balances and centralized management of bank accounts. Businesses can reduce the risk of fraud, increase transparency across multiple banks and financial institutions, and automate workflows from start to finish.
SAP integrates with the components of SAP S/4HANA Cloud, such as Financial Accounting and Cash and Liquidity Management.
SAP requires you to book a sales call for a specific quote.
SAP is expensive and time consuming to implement, and SAP may not offer integrations with other ERP providers. The learning curve is very steep, and users must invest a great deal of time to use the system.
Rho offers a treasury solution that is integrated with expense management, banking, and AP within one intuitive platform. Users can implement Rho quickly, and there are no platform fees.
Kyriba provides treasury management, risk management, payment processing, and working capital management to maximize company liquidity. The platform integrates with several ERPs.
Kyriba’s treasury management solution offers cash management, liquidity planning, financial transaction processing, and the ability to manage banking relationships. Users can generate real-time reports and use forecasting tools.
Kyriba has ERP integrations with Oracle Fusion, NetSuite, SAP ECC 6.0, SAP S4/Hana, and Microsoft Dynamics 365.
Kyriba requires you to book a sales call for a specific quote.
Implementing the Kyriba platform is time consuming, it takes time for staff members to learn the platform and to fully utilize all the features. Rho provides an intuitive platform that is simple to learn and much easier to implement.
Kyriba charges fees, and there are added costs for new users and to add more functionality. Rho does not charge platform fees.
Coupa provides solutions for procurement, invoicing, expenses, payments, and treasury management. The company also offers travel and expense management, supply chain planning, and contract management.
Coupa users can optimize return on cash and reduce borrowing costs by gaining deeper insights into your cash position. Safeguard liquidity with fraud controls and hedge financial risks. Drive efficiency and save time by automating cash management.
Coupa has ERP integrations with SAP, Oracle NetSuite, and others.
Coupa requires you to book a sales call to get a specific quote.
Coupa Treasury users may experience glitches with integrations, and there are problems with changing and deleting item and supplier data. Coupa Treasury’s mobile solution is fairly new, and the company charges platform fees.
Rho offers a seamless treasury management platform, with a number of reliable ERP integrations. The treasury function is integrated with commercial banking, accounts payable, and expense management. Rho does not charge platform fees.
Finastra provides lending and corporate banking services, payment processing, and investment management services.
Finastra’s Fusion Treasury platform allows businesses to leverage corporate banking and treasury management solutions. Fusion Treasury is a cloud-based platform that offers customized workflows. Users can view liquidity, risk management, and profitability metrics in one system.
Fusion Treasury does not provide any ERP integrations, based on our review.
Fusion Treasury requires you to book a sales call for a specific quote.
Very few users have provided reviews for Fusion Treasury. Finastra is strong in the lending industry, but far fewer customers use Fusion Treasury. Rho Treasury is widely reviewed and is highly ranked by users on G2 and other review sites.
Rho’s Treasury function is integrated with commercial banking, accounts payable, and expense management. Fusion Treasury charges platform fees, and Rho does not.
Oracle Cash and Treasury Management provides a complete web-enabled treasury workstation solution for managing global treasury operations while improving visibility, profitability, and control.
Oracle Cash and Treasury Management allows users to monitor and adjust for currency risk and interest rate risk exposure. Customers can build workflows based on the firm’s investment policy. Use the platform to optimize investment yields on excess funds.
Oracle Treasury integrates with other Oracle solutions and ERP systems.
Oracle Treasury requires you to book a sales call for a specific quote.
Oracle Treasury is expensive and time consuming to implement, and Oracle may not offer integrations with non-Oracle products. The learning curve is very steep, and users must invest a great deal of time to use the system.
Rho offers a treasury solution that is integrated with expense management, banking, and AP within one intuitive platform. Users can implement Rho quickly, and there are no platform fees.
Treasury Intelligence Solutions (TIS) provides a cloud-based platform for cash flow management, liquidity, and payments.
The CashOptix solution offers cash forecasting, working capital management, and automates bank statement reconciliations. These capabilities are focused on providing organizations with 360-degree visibility and control over their global cash positions, bank account structures, and working capital metrics.
TIS has limited ERP connectivity that allows bank statements to be uploaded into an ERP. TIS does not offer fully synced ERP integrations.
TIS requires you to book a sales call for a specific quote.
The TIS user interface is difficult to navigate and is outdated, and implementing the solution can be time consuming. In addition, TIS does not offer full ERP integrations, and platform fees increase as your business grows.
Rho provides treasury, expense management, banking, and AP within one intuitive platform. Users can implement Rho quickly, and there are no platform fees.
GTreasury provides a single platform for cash management, payments, hedging, and risk management. The platform helps clients to optimize liquidity, manage risk, and to maximize productivity.
GTreasury offers highly configurable workflows for cash positioning, cash forecasting, and bank account reconciliations. Users can manage liquidity requirements, and minimize the cost and time required to move cash internally.
GTreasury provides API-enable connectivity to banks and ERPs. GTreasury does not offer fully synced ERP integrations.
GTreasury requires you to book a sales call for a specific quote.
The GTreasury platform may require a great deal of time to implement, and the system has glitches and sometimes lags when processing data. Some transactions are not posted immediately, which makes analysis more difficult. GTreasury also charges platform fees.
Rho offers a fast and reliable platform for treasury management, and the solution is integrated with AP, expense management, and commercial banking. Also, Rho does not charge platform fees.
Meow is a business banking platform that allows businesses to invest in money market funds. This includes Maximum Checking with up to $125 million in FDIC insurance through partner banks and their sweep networks, and U.S. Treasury Bills held in custody at BNY Mellon Pershing.
Meow users can invest using high-yield checking accounts or U.S. Treasury Bills. Users can manage multiple bank accounts using a single login on the platform. Workflows and permissions can be customized, and the solution integrates with payment and credit card processing tools.
Meow integrates with QuickBooks, Xero, NetSuite, and Sage.
Meow requires you to book a sales call for a specific quote.
Aside from being focused primarily on the venture capital and startup market, Meow’s treasury solutions are self-serve, which means you must make investment decisions on your own. If you aren’t comfortable doing that or feel you lack the experience, Meow is likely not a good choice.
Rho offers a seamless platform to manage all cash and spend for companies of any size, and treasury solutions that put your cash to work for you based on a policy you select.
Mercury is a financial technology company providing basic banking products and services tailored to VC-backed startups.
Mercury offers a few cash management solutions, including Mercury Vault and the option to invest in money market funds.
Mercury offers FDIC-insured checking and savings accounts, Mercury Vault, which offers up to $5M in FDIC deposit insurance, and a treasury solution that allows businesses to invest cash in money market funds with lower-risk, high-liquidity portfolios powered by Vanguard and Morgan Stanley.
Read our Mercury business credit card review for more information about their corporate card solutions for VC-backed startups.
Offers some limited integrations with QuickBooks and other ERPs.
Mercury offers fee-free banking services except for currency exchanges and charges some fees for the administration of investments.
Mercury is great for startup businesses that are just getting started and want access to business banking services built into a technology platform with a good user experience.
As growth-stage startups scale, they may need additional capabilities like multi-entity support, AP automation, and other important financial operations features. In those scenarios, Rho can provide a great alternative option.
Arc provides startup cash management essentials, including payment management, treasury services, and financing. Arc can manage a company’s operating account, and provide cash reserve account services. Investments are made through BNY Mellon Pershing.
Arc customers can invest in money market funds and treasury bills. Users can set up auto-balancing rules to automatically move funds between operating and treasury accounts.
Customers can also diversify deposit balances across Arc’s banking partners and receive up to $5.5 million in FDIC coverage and $500,000 in SIPC insurance.
Arc provides an integration with QuickBooks.
Arc Treasury has no account opening fees, transfer fees, or minimum balance fees, but charges fees for assets under management and other services. Arc requires you to book a sales call for a specific quote.
Arc does not currently offer a mobile app, which may slow down user productivity. Arc’s standard treasury account does not offer automated cash balancing.
Rho offers a fast and reliable platform for treasury management, and the solution is integrated with AP, expense management, and commercial banking. Also, Rho provides a mobile app and does not charge platform fees.
After reviewing the different treasury management software solutions on the market, think about the features and tools most important for your business.
And if you still need help choosing the best treasury management software, let's make this easy.
If:
All wrapped up in unbeatable pricing and live customer support available 24H Mon-Fri, 10-7pm ET on weekends sounds nice to you, reach out to Rho today!
Competitive data was collected as of December 20, 2023, and is subject to change or update.
Investment management and advisory services provided by RBB Treasury LLC, an SEC-registered investment adviser. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC Insured • Investments are not bank guaranteed, and may lose value. Investment products involve risk and past performance does not guarantee future results.