Cash-flow management is so much more than simply taking a look at how much money's in the bank. Fortunately there are tools out there to help you manage your cash flow more effectively.
Tools can be fairly simple, providing a basic forecast that can guide your decisions. They can also incorporate lots of bells and whistles, building in functions that reach across silos into all aspects of your company.
Here is a look at seven cash-flow management tools that can help you get a handle on your finances.
PlanGuru integrates with accounting platforms to provide users with both current cash-flow data and forecasting.
It also offers an analytics tool to help entrepreneurs drill down and make sense of complex financial data. PlanGuru is best for small businesses, as its functionality is limited when compared to more robust tools on the market. Cash-flow management plans start at $99.
Float also integrates with many accounting platforms, and it gathers information automatically, which means you don't have to spend time manually inputting data.
With the ability to forecast cash flow years into the future, Float helps give you an idea as to where your business is headed, letting you plan more effectively. Float plans start at $49.
Scoro is a much more ambitious and robust tool. It certainly includes cash-flow management in its suite of services, but it's really a business management tool, incorporating budgeting, customer relationship management and even project management. It's highly rated by users who praise the platform's reliability.
Scoro charges an on-boarding fee of $899. Monthly plans require a minimum of five users and start at $22 per user per month.
The chief benefit of QuickBooks' cash-flow management tool is that so many businesses already use the accounting software, so there's no need to add (and learn and check) another app.
QuickBooks offers fairly simple cash-flow forecasting, though it's not nearly as comprehensive as some other platforms. QuickBooks is best suited for small companies, and plans start at $26.95 per month.
Cash is the lifeblood of your company, and Pulse can help you monitor it. You can look at your cash flow on a daily, weekly or monthly basis, and Pulse connects with QuickBooks.
Whether you need cash-flow projections or you'd like to track cash flow in multiple currencies, Pulse was built to give businesses the power to use cash-flow management to grow and evolve. Pulse plans start at $29 per month.
Big companies need cash-flow management tools too, and CashAnalytics is there to help. With forecasting functions and automation for various cash-flow sources, CashAnalytics provides insight for finance teams of larger businesses.
Highly configurable and customizable, CashAnalytics is a formidable platform. Prices will vary depending on the custom solution designed.
7. Google Docs
Google Docs offers several different user-generated templates built to help individuals and businesses with cash-flow management. Obviously, these free tools aren't as sophisticated as the paid platforms, but they can provide a simple introduction to tracking, monitoring and forecasting cash flow.
Whether you're looking for a tool that does it all or simply one that gives you a quick snapshot, the most important thing is that you are actively managing your cash flow, accurately forecasting it and building cash-flow awareness into every aspect of your decision-making process.
That's because running a business is all about making decisions. Should I hire a new salesperson? Would it be a good idea to invest in opening a second location? How can I minimize my expenses? Should I borrow money to buy new equipment?
Making good decisions determines whether your company flounders or prospers, and in order to make sound decisions, you need good information—particularly about your financial situation. Cash-flow management is important in steering your company through the various decisions you'll have to make—and these tools may be able to help.
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