Without it, you chance losing representatives, resources, development openings, and, most imperatively, clients. This direct includes 13 helpful cash management tools to help you take better control of your business’s finances. Let’s go.
What Is Cash Management?
Cash flow management is the process of determining how much money your business needs to cover debt, overhead, and inventory replenishment. Effective cash flow money management ensures there is enough money to pay bills and expenses such as employee salaries, orders, and general operating expenses.
What Is Cash Management Software?
Cash flow management software solutions, also known as cash flow management tools, help businesses manage cash flows in the past, present, and future. They also help regulate a company’s financial position, optimize cash flow, and control its cash position.
Below, we list 13 of the most effective tools for managing a company’s cash flow. With the right cash flow management tools in place, your business will be ready for success.
Cash Management Tools For Forecasting
Cash flow forecasting gives companies certainty that they can meet costs and pay employees and suppliers on time. It also helps identify seasonal issues or drops, which means businesses can anticipate periods of low cash flow, eliminating the worry of where the money management will come from.
These cash flow forecasting tools estimate a company’s cash inflows and outflows based on the company’s past performance.
Fathom provides helpful financial insights using cash flow trends from your company’s latest financial statements or your current budget to help you streamline cash flow management.
It combines custom money management reporting and cash flow forecasting using comprehensive financial modeling to provide a clear picture of your business performance. Every number in Fathom’s cash flow forecast can be analyzed and audited to find out exactly where those numbers are coming from.
Cube software is developed for the financial sector. From cash flow forecasting to situation examination, the 3D shape gives a strong arrangement for all your cash administration forms.
The stage is right now, as it were, a computer program that automatically transfers data from any spreadsheet to a multidimensional database.
Agicap helps provide an accurate picture of your company’s current cash flow situation by collecting the cash flow data from your banking and business tools. The software provides accurate analysis of your cash flow by tracking your cash inflows and outflows in real time to provide better cash flow forecasts.
Phocas is known as a budgeting and forecasting interface that retains the familiar aspects of spreadsheets but has intuitive and forward-looking features. Cloud-based software and connectivity with business process functions allow companies to access reports, budgets, and forecasts from anywhere, anytime. Forecasting demand and sales is a key function of some cash flow management tools.
Cash Flow Management Tool For Credit Control
Some cash flow money management tools are able to accurately retrieve live data from all source systems, while predictive analytics improves cash flow management and optimizes credit control.
Invoice is a simple and secure cash management tool for B2B. It facilitates credit control by allowing clients to make a organize of providers and clients. Invoiced gives a quick and exact way to submit, process, and approve accounts payable and receivable.
6. Quick Book
QuickBooks connects to your banks, credit cards, and other payment platforms to show real-time business tracking. It provides all the information you need to oversee the cash stream, progress credit control, and make more intelligent trade choices.
Interfacing your commerce account with QuickBooks gives you a complete view of your finances and saves you time reconciling cash and credit with real-time transaction data.
7. Launch Of B2B E-Commerce Portal
Our B2B e-commerce portal automates the B2B sales process, helping to reduce costs by eliminating manual processes and potentially costly human errors. By disposing of manually arranged passages, you’ll be able to streamline your trade forms to extend effectiveness and disentangle exchanges.
The stage improves customers’ shopping involvement by permitting them to put and track orders rapidly and effortlessly. It moreover gives businesses the ability to define B2B sales as “advance payments only” to reduce credit risk and improve credit control.
Xero helps SMBs work smarter with intuitive accounting software that offers a variety of cash flow management tools. From updating finances using bank reconciliation, tracking and paying bills to, sending invoices online and accepting payments online to provide a clear overview of your company’s cash flow.
Xero automatically calculates taxes, payroll, pension, and GST. The software also has the function of sending payroll details and business activity records directly to the tax office.
9. Money Management
Simple to use, the Cash Flow Manager records business transactions, generates invoices for customers, and automatically calculates and records GST. The interface helps SMEs manage their accounts and simplifies the completion and filing of business activity declarations. Money management also helps SMEs create, monitor, and review their cash budgets. Small businesses increasingly need money management tools to ensure they avoid insolvency during growth spurts.
Free Money Management Tool
Most business money management tools offer a free one-month trial. Others offer basic services for free while having to purchase more advanced features.
Anchor is a cloud-based standalone payment solution that helps businesses pay on time by simplifying invoicing, collection, and B2B payments with fully automated invoicing and collection software from start to finish. It eliminates the manual part of these processes and eliminates the risk of human error or fraud in B2B payments. Anchor also fully automates the entire invoicing and payment cycle, from supplier and customer agreements to invoice, payable, and reconciliation management. This means no more late payments or lost revenue.
Usually guides business owners to better understand the components and implications of cash flow. It helps them use strategies to improve cash flow, which in turn can lead to higher profits. The app also helps the users track cash flow over time to identify trends that could affect their financial performance. This allows them to create and manage integrated simulations to generate accurate forecasts and manage income and expenses consistently.
12. Venous Solution
Vena is a tool designed for Microsoft 365 and integrated with Power Business Intelligence that enables companies to work, plan, and grow. Vena’s cash flow planning software allows you to create and run driver-based models on a daily, weekly, or monthly basis. With the flexibility of the Excel interface and OLAP block technology in a single unified platform, OLAP cubes enable rapid data analysis and can display and aggregate large amounts of information.
Venous seamlessly integrates and secures business data, helping organizations optimize strategic planning through cash-flow management scenario planning and hypothetical scenario analysis.
13. Odoo. Accounting
The Odoo Accounting app has a very convenient customer portal that integrates with all major payment providers to facilitate quick payments backed by automatic tracking of any late payments.
This app automatically tracks supplier deposits and receivables to simplify bank reconciliation and automatically integrates bank feeds from over 15,000 financial institutions, mainly in the United States, Canada, and New Zealand. Tools you might not think of are cash flow management tools.
While not specific cash flow management tools, there are several other software solutions that can also help optimize cash flow for SMBs.
B2B payments are an important portion of cash stream administration. Late installments can make a swell impact on the cash stream and lead to a number of money-related issues, such as late paychecks and late installments to providers.
B2B entries are incredible for making strides in cash stream administration through deals productivity, adaptability, and integration with other commerce frameworks. This Western Australian bakery chain claims to have saved $40,000 per year by adopting Unleashed’s B2B portal.
B2B portal helps you optimize sales efficiency, becoming a powerful cash flow management tool for the manufacturers.
- Customer relationship management (CRM) software
- CRM technology is another tool a business can use to increase cash flow.
- CRM helps increase average order value, increase order volume, and reduce the average cost of sales. A B2B CRM can make a huge difference in profits and is the foundation for most successful businesses.
- Tools like Prospect CRM can successfully improve your sales process to accelerate B2B sales and win valuable new customers more efficiently.
Inventory Management Software
While inventory management software is not considered a specific cash flow management tool, it will directly affect cash flow and profitability.
Inventory is often one of the biggest expenses for most businesses, absorbing a significant amount of free cash flow. A company’s cash flow is directly related to its inventory. Thus, inventory can also positively and negatively affect cash flow. This is where inventory management software becomes a game changer, helping to optimize revenue, streamline inventory, and support Lean practices. Making it an essential cash flow management tool for any organization.
Benefits Of Using Cash Flow Management Tools
Cash flow management tools automatically retrieve more data faster. Consolidate data into a single source of accurate information, and provide instant access to accurate, real-time financial data.
Increase Efficiency And Improve Accuracy
Software automation for more streamlined, fast, and error-free processes
- Cost savings through automated operations that improve cash flow
- Streamline payment, receivable, and account reconciliation activities
- predictive analytics to collect historical and current data for better cash flow forecasting
- controls to help eliminate fraudulent payments
- Automated payment reconciliation to reconcile and process bulk payments.