The cash flow monitoring process doesn’t have to be complicated or time-consuming. There are many great apps and tools you can use to automate and simplify cash flow monitoring. Let’s look at some of the top apps and tools for cash flow performance monitoring. But first, let’s explore the benefits of using these tools.
The Benefits of Using Cash Flow Management Tools
Why do companies monitor [RE2] cash flow? Because without healthy cash flow, your business won’t be able to continue operating and growing. While you can monitor cash flow manually, there are many benefits to using tools for this task.
- Save time. Cash flow management tools will save you time by handling tedious and time-consuming tasks automatically.
- Reduce errors. Cash flow monitoring tools connect with accounting software to use the most up-to-date and accurate information.
- Make smarter decisions. Tools make it easy to see the big picture and pinpoint areas where you can make changes to improve your cash flow. Their data helps you make smarter business decisions.
Cash flow management tools give you many advantages, but which one should you choose? We’re going to share some of the top tools and apps available to businesses.
Top Cash Flow Management Tools
DryRun makes it easy to create cash flow forecasts, track invoices and keep tabs on your upcoming bills. The software can provide you with helpful information, such as being able to:
- Track due dates for bills and invoices
- See who owes you money and how much they owe
- Whether you’ll have the cash to pay your bills
- Track partial and late payments
- Sync data on invoices, bills and payments
You can also create what-if scenarios to compare the outcomes of your business decisions.
Cash Flow Frog
Cash Flow Frog is a complete cash flow monitoring system that integrates with some of the most popular accounting tools, like QuickBooks, Xero and FreshBooks. Using their Xero cashflow app, you can quickly and easily:
- Create cash flow forecasts and projections
- View customer insights to see which ones pay on time
- Generate branded reports for stakeholders and lenders
- Compare your planned vs. actual results
- Run what-if scenarios to see the impact of your decisions
- Use different perspectives to plan your cash flow
- Consolidate data from multiple entities to see your overall cash flow at a glance
One great thing about Cash Flow Frog is that they offer different plans. You can get started for free, too.
Wave is a free program aimed at independent contractors and very small businesses. With this software, you can:
- Track sales and expenses
- Create accounting reports
- Manage your payments and invoices
- Pay your employees
- Create cash flow statements
While the features are basic, Wave is a helpful tool for businesses that are just getting started and freelancers.
QuickBooks is one of the world’s most popular software solutions. The platform has multiple pricing tiers geared toward businesses of all sizes, and the features offer rich insights into the health of the business.
A few of the many great features of QuickBooks, include:
- Track all of your income and expenses automatically
- Pay contractors and employers right through the platform
- Generate multiple financial statements to always know the financial health of your business
QuickBooks has tools that can help you manage businesses of all sizes and in all stages of operations. The platform is one of the most trusted in the world.
PlanGuru aims to make planning your goals, increasing profits and making the right decisions easier. Nonprofits and businesses rely on PlanGuru for the following:
- Budget and financial analytics that allow for goal setting, accountability and lead to results
- Rolling forecasts that show the business’s profitability and cash
- Strategic planning, which will help businesses run what-if scenarios, run risk assessments and more
Dynamic forecasting and a wealth of features are built into PlanGuru to help businesses better manage their operations.
Manually creating cash flow reports takes too much time and resources to be a viable option for businesses. With the wide range of software and tools to help with cash flow forecasts and reports, it only makes sense to automate this part of your business. It will save you money and reduce the risk of costly errors, too.