When you stay on top of your cash flow projections, you can easily spot gaps – like a possible shortfall in the middle of next month – and take action to close those caps in time. If you’re still using Excel to manage your cash flow forecasts, or you just look at your bank balance every day, then spotting those gaps are very difficult. That is where a cash flow management tool comes in handy. That said, the new tool you use shouldn’t take forever to set up and any changes to your forecast should be quick and easy to do. In this blog, we’re looking at five of those apps, and it will come as no surprise to you that they all sync with Xero so that transactions are automatically pulled into the cashflow app eliminating the need to duplicate anything.
MyCashFlowApp
MyCashFlowApp is a proudly South African-made application. Although we want to support local businesses when we can, that’s not the only reason this app made the list. It’s affordable and it’s easy to use. With MyCashFlowApp, you can have real-time cash flow forecasting at your fingertips.
Features:
Real-time syncing with Xero
Cashflow calendar showing due dates of payments and receipts
Chart forecasts
Daily detail page which includes bank balances and expected receipts and payments
Compliance reminders, like VAT return submission and payment deadlines
Dryrun helps you to make your next business move easily with flexible cash flow forecasts that are updated in real time. The app is simple-to-use and reports are easy-to-read.
Features:
Create different ‘what if’ scenarios with just a click
Manage your cash flow forecasts, sales forecasts, and budgets
Due date tracking
Complete, manual control and flexibility
Easily collaborate with team members, advisors, and management
ou can sign up for a 14-day free trial to test the app.
Float
Float is an online cash management and forecasting tool that can help you to manage your business and keep on top of your cash flow so that you can make right business decisions.
Features:
Easy to set up
Explore different scenarios
Sync with your accounting software for real-time data
Make transaction notes to remember why you’ve set it up that way
Drill down into the detail to see the transactions that make up a number
Budget bars allow you to compare actuals to budgeted figures
Mentio is still in beta and offers a free version to businesses that are just starting out. Easily monitor and analyse your cash flow, accounts receivable, sales, expenses, and profitability.
Features:
Make a 15-minute call to a Mentio expert to help you make decisions based on your cash flow data
Highlight customers who are likely to pay late so that you can send them reminders in time
List your best and worst customers
Smartphone app
Integrations:
Xero
Quickbooks
Pricing:
Revenue under $5 million: Free
Revenue above $5million: $99/month
(Pricing accurate at time of publishing)
Free trial:
Mentio currently offers a 90-day free (limited offer)
FUTRLI
FUTRLI takes cash flow management a bit further. It’s an all-in-one forecasting and reporting app. If you’re only looking for an app that manages your cash flow forecasts, this one may be overkill, but for the business owner or accountant who wants to delve a bit deeper and run a few more ‘what if’ scenarios, this app can be very powerful.
Features:
Updates automatically with Xero transactions
Quick and easy to use
Create forecasts from trends and prior year figures
Explore different ‘what if’ scenarios to decide which path to take
KPI dashboards and reporting
Alerts you to possible risks or where you’re performing better than expected
Full customization
Integrations:
Xero
QuickBooks Online
MYOB AccountRight
Pricing:
$49.99/month. (Pricing accurate at time of publishing)
Free trial:
You can test FUTRLI for 7 days
Ready to Take Charge of Your Cash Flow?
Knowing how to spot gaps in your cash flow forecast is one thing, but closing those gaps is another. Read this blog about how to improve your cash flow if you sit with a conundrum you don’t know how to fix. And if you need a bit more help, get in touch with us to help you tweak your cash flow forecast and manage your inflows and outflows better.
