Technology: Tesorio raises $10M Series A to help companies track their cash flow - PressFrom - US

TechnologyTesorio raises $10M Series A to help companies track their cash flow

19:36  27 august  2019
19:36  27 august  2019 Source:

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With Tesorio ’s cash flow performance platform, finance teams can Tesorio uses machine learning to automatically analyze factors impacting cash flow , and help finance teams and their companies run more efficiently by better managing, predicting and collecting their cash .

Tesorio is a cash flow performance platform that helps companies better manage, predict, and collect cash . Tesorio ’s applications integrate with NetSuite in minutes to automate accounts receivable and collections, provide real-time cash flow forecasts, analyze accounts payable timing, and calculate

Tesorio, a startup that helps businesses aggregate and analyze their cash flow data, today announced that it has raised a $10 million Series A round led by Seattle's Madrona Venture Group. Existing investors First Round Capital, Floodgate, Y Combinator, Fathom Capital and Fuel Capital. This brings Tesorio's total funding to $17 million. Madrona's Hope Cochran will join the company's board.

The company is tackling an interesting market that is surprisingly underserved given that every company likely wants to be able to track its cash flow as closely as possible. In most companies, though, that's still done with the help of Excel spreadsheets. The fact that Jeff Epstein, former CFO of Oracle; Ron Gill, former CFO of NetSuite; and Greg Henry, CFO of Couchbase and former SVP of Finance at ServiceNow all gave angle funding to Tesorio shows how big a problem this is.

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Tesorio is a treasury enablement platform that helps every company operate with the foresight of a Fortune 500 finance team. It integrates with your existing financial software, offers insight into your working capital, and provides the ability to directly impact how cash flows in and out of the business.

Because cash flow is the lifeblood of a business. Comprehensive academic research shows that companies that manage cash effectively grow faster and have higher We built Tesorio for finance teams that believe cash flow is the most important metric in their business, that care about cash

"Billion-dollar companies are running their cashflow in Excel -- and that's real," Tesorio co-founder and CEO Carlos Vega told me. "What that doesn't allow you to do is use all that data that goes into that cashflow in a smart way. [...] Imagine all of that could be connected and interconnected -- and that's basically what we're building."

Tesorio raises $10M Series A to help companies track their cash flow© Provided by Oath Inc. app image 01 total cash flow

Tesorio helps businesses aggregate all of their cash flow -- in some ways, you can think of it as a Mint for businesses -- and then runs its AI models over it to predict a company's overall financial health. Current customers include the likes of Veeva Systems, Box, and WP Engine, who use the company's systems to, for example, automate their accounts receivable operations to understand when customers are likely to pay. While there are other tools that help you manage the overall workflow, Vega argues that Tesorio is different because it can pull in data from all of these disparate systems and create a cash flow forecast based on this.

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Learn about working at Tesorio . Join LinkedIn today for free. See who you know at Tesorio Our mission is to help companies grow faster by helping them understand and control their cash flow As always, please share. 8 Steps to an Effective Dunning Campaign ( Series ) Step 4: Adopt the Right

Financial operations software platform ScaleFactor has raised $ 10 million in a Series A , announced With ScaleFactor’s software, companies can access automated accounting and bill pay and “We’re also building new features that help businesses make decisions based on their cash flow – things

"Many departments have systems of record to log things like accounting entries, bank info, billings, customer interactions, spend, etc," Vega explained. "The exciting opportunity is to tie that data together dynamically so you can have a multifaceted view on the trajectory of your business (with a focus on the effects to cash flow) and then automate the levers that can help you impact cash."

While the company didn't disclose any revenue numbers, it did not that its revenue grew 4x year-over-year in 2018.

As Vega told me, it's usually the financial teams and CFO's that adopt Tesorio. The company focuses on bringing on companies with 100 to 3000 employees and it already has a number of international customers, too. In total, the platform has already analyzed $56 billion in payments, 10 million invoices and 5 million user activities. As will all machine learning services, every new transaction also helps to make its models more precise.

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10 Ways to Improve Cash Flow . FACEBOOK. Even growing, profitable companies can be hit with cash flow problems if their finance, operations and/or investing activities aren't running efficiently. By leasing, you pay in small increments, which helps improve cash flow . An added bonus is that lease

Tesorio - The Cash Flow Performance Platform - View company info, team members, fundraising and more. By eliminating cumbersome spreadsheet-driven processes, it not only increases the speed and accuracy of financial team activities but also frees their time for more strategic efforts.

As usual, Tesorio will use the new funding to expand its product -- with a special focus on adding integrations with other finance systems -- and its expand its go-to-market initiatives.

Tesorio raises $10M Series A to help companies track their cash flow© Provided by Oath Inc. app image 02 cash flow forecast

Madrona's Hope Cochran, who herself was a public company CFO during her time at Clearwire and King Digital, stressed the need for a service like this. "The ultimate financial metric for a company is Cash," she writes in today's announcement. "Not just the current balance, but the trajectory of the balance. In the vast majority of companies, this analysis is performed on a spreadsheet. One containing many links, often circular references, and pulling in data from multiple sources. The risk of an error, a break, is high. "

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