Cash flow can make or break a business, especially a smaller one or an organization just starting out.
If you don’t manage your cash flow efficiently, you could end up in sticky situations where you aren’t able to pay suppliers or employees on time.
This is far from ideal, and can lead to you losing out on profits, racking up serious debt, or even going out of business.
No one wants that!
So, which system should you go for?
In this post, you’ll find out:
- Why every business needs a cash flow app
- The best apps for businesses
- What each app does and how it can help you.
Why Your Business Needs An App
Thanks to major technical advancements in recent years, there are some incredibly powerful solutions on the market. Now, even the smallest businesses can afford to manage their cash flow using apps.
These systems allow you to monitor incoming and outgoing money in real-time, and benefit from making accurate projections for month-end or even year-end.
With accurate projections, you can plan when you’ll need to make payments and deliveries.
You’ll also be able to spot potential problems before you find yourself in them, and can take suitable steps to mitigate the issue.
You’ll no longer be blindly relying on customers to pay on time, and won’t simply assume that you’ll have money to spend on supplies or salaries.
You’ll have a clear picture of where your business is financially at all times.
Let’s take a look at the most popular apps:
Primetric is an entry-level app that’s great for small businesses and startups. It’s more of an all-in-one solution than just a cash flow management tool.
Using this app, you can plan your projects, schedule work, track employees’ time, keep an eye on the profit margins of a project, and manage the finances for it.
All this information allows you to be proactive about allocating resources based on what is going to be the most beneficial for your business financially.
It’s a comprehensive management system that ensures you get the most out of each project or job you take on. In turn, this ensures you can keep on making money.
This app puts the power in your hands to see both past and future data at a glance. It’s both a tracking app and a planning one when it comes to business cash flow concerns.
You input past expenses, payments, invoices, projects, and any payment category that’s relevant to your business. From here, you can make projections about where you are likely to be in the coming year, and plan for lean times or good times.
The app allows you to look at your cash flow as a whole, giving insight into where you could be saving money, or which projects or clients to prioritize based on the revenue they will bring in.
Additionally, you can use the system to understand how your team’s performance impacts your income and cash flow.
If you already use accounting software or even Excel, you can get this app to help you make projections on your cash flow. It integrates seamlessly and makes informed projections on what you can expect to see per month, quarter, and year.
Float looks at historical information about your general income and expenses, as well as how and when different clients pay. This helps account for late payments or other trends in your business.
The app provides easy-to-read forecasts that are highly visual, allowing you to see right away where any red flags are popping up.
The app assembles these reports and projections entirely automatically, meaning you don’t need to spend hours poring over spreadsheets to make cash flow decisions.
If you want to see the key metrics of your cash flow and financial forecasts, then this is a great app to use.
Calqulate was created for the SaaS (Software as a Service) industry specifically, and can track your subscription numbers and growth ratio.
It has powerful, automated dashboards that showcase all of your growth metrics and the KPIs that you’re aiming for.
The system tracks all of your financial elements, such as income, expenses, staff, and loans. This means you can look at reports on historical data and get snapshots of where you are right now.
It has an automated forecast feature that shows you where you could be in the next quarter or year based on the growth and numbers it can see from previous time periods. This gives you the competitive edge, as you can plan well in advance.
To get quick, on-the-go information about your current cash flow, this is a good option.
Trovata was built on open banking connections natively, so it can automatically view your cash situation and give you immediate updates on payments made and received.
The entire point of the app is to give you greater control and higher visibility on your cash flow in real-time. This allows you to make better decisions about what you can afford, and which clients you need to chase.
Based on this information, you can use other handy tools like a loan calculator to determine what additional funding you require if you have a temporary shortfall, need a cash injection, or want to scale up.
If cash flow in your business or your industry can be volatile, this is a great app for making forecasts. It can integrate with a number of different accounting systems in order to make use of existing data, too.
With all of that information, the program can then extrapolate possible future outcomes for your business based on historical cash flow in the same time period.
Dryrun provides a high level of flexibility, so you can set it up to display the information that’s most important to you and your company.
Once it’s set up, you simply have to pull the reports, and it compiles the information automatically. This makes it much easier and quicker to obtain projections, and make informed decisions backed by concrete data.
So, there you have it.
Are you going to try one of these apps and see how they boost your cash flow management?
Try it and see for yourself!