Best Business Tools to Help You Manage Your Cash Flow

Best Business Tools to Help You Manage Your Cash Flow

Maintaining control of your business cash flow is one of the most difficult, yet most important, tasks you will face as a business owner. Being able to leverage your cash flow effectively could mean the difference between business success and failure. With this much at stake, it is vital that you make managing your cash flow a priority.

The good news is there are several great business tools available today which can help you maintain better control over your company’s cash flow.

Cloud-Based Bookkeeping Services

There are a variety of online bookkeeping services, including QuickBooks, Wave, Xero, and FreshBooks, which enable you to track your finances in real time. Since your company data is stored in the cloud, your team can access the information it needs from a desktop computer, or via an app on any mobile device. This allows your team to create on-the-spot estimates and real-time invoices, as well as update customer information. These capabilities will not only improve customer service but also your cash flow by speeding up customer payments.

Payment Platforms

Payment platforms such as Square and Paypal Here allow customers to make point-of-sale card payments right on-site. Your team can present the customer with a real-time invoice and accept payment at the time of service. This reduces paperwork, improves accuracy and, most importantly, puts much-needed cash into your business account more quickly.

Cash Flow Forecasting

The ability to accurately predict future cash flow can help you maintain control of your business finances. Float is a powerful app which can improve your company’s cash flow forecasting capabilities. Float is compatible with several bookkeeping platforms, including QuickBooks and Xero. It analyzes previous company data to determine patterns and predict future cash flow for your business.

Managing A/R

Startups and companies facing stages of rapid growth often need cash to push their business to the next level. In many cases, the company’s account receivables do not convert into cash fast enough, even when using real-time invoices and point-of-service payment systems. For times like these, factoring can provide much-needed capital. A factoring agency will purchase the company’s A/R and give the business quick access to funds.

Having the right tools at your disposal give your business greater control over the company’s cash flow. This can give you access to the funds you need for your business to grow and remain competitive.

Related: 6 Best Apps for Your Business

Post A Comment