What is the importance of cash management?

The important of cash management is mange the inflow and outflow of your cash and in my opinion the inflow will be controlled by credit department and outflow will be controlled by accounts payable department but we have not to forget that both and all departments are dependent to each other

Some of the most common goals achieved by cash management are receivables’ days reduced, avoidance of bankruptcy, management of short-term investment, and increasing the cash on hand for company’s ability to invest in itself.
Careful cash management is a very important tool for small businesses since they’re more vulnerable to affordable available credit, are in need of upfront cash for running day to day business, liquidity management, payroll, and unexpected expenses.

True.
Debtors or Accounts Receivable is one of the most important assets of an organisation which calls for careful consideration.
If managed well, it will definitely remain as one of the greatest assets of the organisation.
In other words, how well the debtors' accounts are managed will reflect on the inflow of cash into the business.
Once there is a smooth inflow of cash into the business, management of cash will not be much of a hassle as there will be enough liquidity to meet your periodic commitments (outflow of cash).
If the Credit Control Department is not able to meet the collection forecast, it will ultimately result in a cash crunch and increased Days Sales Outstanding (DSO) and the business will not be able to meet its working capital requirements.
In the scenario, the business will have to raise cash from external sources like bank overdraft, the over dependence on which is not good for the overall financial health of the organisation.
Thus effective cash management is extremely important in an organisation.