What does 'Cash Management' mean?

The practice of collecting and managing cash flows is known as cash management. Individuals and businesses both benefit from good cash management; it is an essential part of a company's financial stability in business. Individuals require cash for financial security, and it is typically regarded as part of a complete wealth portfolio. Individuals and organizations can find various services to help with their cash management needs across the financial industry. For the safekeeping of cash assets, banks are often the primary financial service provider. Individuals and corporations looking for the best return on financial support or the most efficient use of cash can choose from various cash management options.