Tracking the cash flow of any business is much more than tracking the amount of money on the bank account. It’s about managing the whole system of incoming and outgoing transactions within your company. There is a number of cash flow apps for a small business that are aimed to help you maintain positive funds flow and predict future funds flow based on the latest transactions and a history of financial or operational data in the software.
Cash flow tracking software is often used by the financial or accounting teams accompanied by separate bookkeeping software packages. So it’s the important criteria when choosing the right app. Additionally, a product must have a specific set of tools, to qualify for inclusion in the cash flow management category. It has to provide the company with the statements that show where money is going from and track funds flow.
- What is cash flow management?
- Why is cash flow important?
- Top Cash Flow Apps List
What is cash flow management?
Knowing what is cash flow and how to manage it is essential for your company. You can easily direct your business in the right way, knowing the principles of the behavior of your cash flows. You will always be one step ahead of your competitors and will gain a better understanding of the market if you understand the movement of finances within the company.
Modern cash flow tracking apps even allow you to predict spending. Each business has its ups and downs. However, knowing the upcoming costs of team members’ overtime, equipment replacement, and other needs is essential in order for your business to deal with any setbacks along the way.
Why is cash flow important?
Since funds flow is basically the money that goes in and out of your business, when it comes to determining its performance, this is just as important as profit. Fast-growing companies tend to require more money to buy stocks, hire employees, and more, so keeping track of cash flows is very important. A high profit of a company does not mean success and forethought, because the company may have low cash flow (because of overspending or ordering too much inventory).
Tracking and monitoring your expenses is also very important and there are many applications that will save your time and help you out. Expense Sensei is a great tool to handle and manage business spendings with automated approvals and reimbursements tool. It allows you to collect expense reports and automatically approve them from any device. Track expenses by specific categories and make reimbursements in advance. Moreover, Expense Sensei is a real magic tool for your cash flow management, as you can easily export the needed data.
Let’s take a look at the list of top cash flow apps for small businesses, that we have prepared.
Top Cash Flow Apps List
QuickBooks is a comprehensive business solution if your cash management needs are not overly complex. If you don’t need the bells and whistles, you will work great with a desktop app, which provides simple cash flow management tools.
QuickBooks offers two ways to manage the funds flows of your business: cash flow forecasts and the Quickbooks Cash Flow Projector. The cash flow forecast tool uses information about the funds you receive, the funds you spend, and information from your bank account to predict your cash flow for months ahead. The Cash Flow Projector tool allows you to enter data manually, submit starting cash balances, projected money flows and business expenses to get an idea of your company’s flow.
Another application for cash flow forecasting, budgeting, financial analytics, and strategic planning is PlanGuru. The app has quite a plantly of tools for forecasting that allow you to design financial behavior for up to 10 years.
The PlanGuru planning feature provides you the “what-if” situations, which allows you to see how specific events can affect your cash flow and understand the full effect of decisions on the profitability of your business. Additionally, PlanGuru can be easily integrated with QuickBooks or import data to Excel.
The Float application also provides a fast and easy solution for cash flow forecasting. It additionally automatically reads all your invoices, bills, and invoices in the Quickbooks Online, and provides you with an always up-to-date and accurate cash flow forecast in minutes.
Float is focused on generating cash flow projections for businesses using Quickbooks, and FreeAgent. It automatically updates data from one of these accounting platforms to create cash flow projections, eliminating the need to enter the required information manually. Float charts can show you if you’re in the red and help you simulate payment dates and plan to stay in the black.
One more member of the best cash flow apps list is Pulse. The Pulse application allows small businesses to track daily, weekly, or monthly cash flow, forecast it, and create visual reports so you can quickly see what it looks like. You can also use the app to see the impact of a new project, client, or expense.
Again, if you are using Quickbooks Online, you are able to connect it to your Pulse account to check the accuracy of your predictions. You can also offer different levels of Pulse access to peers, partners, and investors to keep everyone in the loop at a level that suits you.
DryRun is a forecasting software aimed to track your invoices and due dates so you can see who owes you money and when it is due, when the due date is, and if you have money to pay your own payments.
The software’s budgeting feature also gives you the ability to define your own categories and create recurring budget items that you can view in different levels of detail.
As you can see from the list above, most tracking apps are similar in their goals and many functions. However, depending on the concept of your business and the size of the company, you can individually choose the best solution for you.
When choosing the right application for cash flow management, first of all, pay attention to whether you really need all this wide list of functions that some of them offer. And don’t forget that using automated expense tracking software will greatly facilitate analytical work for you and your employees.