In order to run a successful business, a clear cash management plan is important to reach your profit potential. Business owners should have a clear and deeper understanding of their cash flow so that they can keep spare funds to deal with unexpected cash flow problems and a slump in sales. Keep in mind that cash is the fuel that powers startups, small businesses, mid-size companies, and established enterprises to operate smoothly and efficiently. By managing your working capital, you can stay on top of your finances and maintain and grow your business operations.
There are some cash management tools that can help you manage your working capital, provide financial forecasts to make well-informed decisions. Let’s check out the top 7 cash management tools that can help better manage your business finances.
1. Float
Float is a cash forecasting tool that can easily be integrated with different accounting platforms, such as FreeAgent, Quickbooks, Xero, and collect useful data automatically. It clearly defines your financial situation, which will eventually help you make the right business decisions.
Float gives you a real-time, graphical view of your cash flow and automatically synchronizes to your accounting software to gather information from your bank accounts. It allows you to see which invoices are overdue and your big bills. When you have a future cash position, you can easily make investment and hiring decisions.
2. Scoro
Scoro is a robust business management tool that smartly handles all aspects of running a successful business. From project management to budget planning, sales, and customer relationship management to managing business finances, Scoro is all in one business management tool that can meet your business needs. The automated reports and personally tailored dashboards allow you to stay on top of your finances. Scoro allows businesses to manage their daily operations and analyze data in real-time.
The tool manages your sales and finances and provides you with a detailed report of your entire business. You can check your purchases, orders, costs, revenue, and profit and make accurate cash forecasts. With the help of Scoro, you can also keep track of recurring invoices, scheduled payments, and late invoices.
3. Cushion
Cushion is a cash management tool for solopreneurs, freelancers, and sole traders that help them stay on top of planning and managing a business. This tool can be used as a cash forecasting tool to schedule and plan months in advance. Cushion provides you an in-depth view of your entire schedule; you can check when you are available or overbooked and keep track of your projects and their deadlines. The tool allows you to track paid, invoiced, and estimated income and send well-designed invoices to your clients so that you get on-time cash. With Cushion, you can easily accept card and ACH payments, get notifications when invoices are viewed, and much more.
4. Pulse
Pulse can help you monitor your cash flow and provide you with a detailed report of your daily, weekly, and monthly financial reports. With Pulse, you can organize your income and expenses by client, project, or company. Entrepreneurs who are thinking about company formation in Dubai or recently launched a startup company can try Pulse. The cash flow management features of Pulse help small business owners decide when to hire staff, buy equipment, or make big purchases. The plus point of using Pulse is its ability to track cash flow and create detailed reports in multiple currencies. You can easily integrate Pulse with Quickbooks to check the accuracy of cash forecasts.
5. Wave Invoicing
It is an easy-to-use invoicing software that is especially tailored to meet the financial needs of small businesses and startups. It notifies you when you get paid and makes managing customer information stress free. It allows you to access all customer information in one place; you can easily view the payment history of each customer. The automated reminder emails allow you to get paid fast, which will eventually improve cash flow. It alerts you when an invoice is viewed, due, or paid, which will help you make the right and timely decision to manage your cash flow. With Wave Payments, your customers can pay instantly by credit card and secure bank payment.
6. CashAnalytics
CashAnalytics is one of the best cash flow management tools that allow larger businesses, mid-size companies, and startups to manage their capital efficiently. The cash forecasting and liquidity planning features enable business owners to view valuable finance insights that they can use to make better decisions about their company. CashAnalytics is a highly customized and configurable platform that can automate manual cash forecasting tasks and data required to manage future cash flow. The clear visibility of your future cash flow allows your accounts team to better prepare for the upcoming cash shocks and liquidity surprises.
7. Caflou
Caflou is a reliable cash flow software that is tailored to make businesses more organized and highly efficient. With Caflou, you can track, plan, and manage your company’s cash flow. You can keep track of your cash flow and analyze income and expenses by suppliers, customers, and projects. A simple form allows you to create your past and future payments and view all payments in the list format that you can easily sort by applying different filters. Caflou helps you manage your project budgets, track payments so that you can stay on top of your finances.
Now It’s Your Turn
Now you know the top cash management tools, you can try any of them for your startup company. When you get a solid grasp on how your money is working, you can decide how you spend your capital and cut unnecessary expenditures. These tools will give you a clear picture of how much you have earned in a week, last month, or year to come up with a workable financial plan that is more favorable to grow your small business.
