Best Cashflow App For Your Business
Positive cashflow
is a business owner’s best friend. Great for business and great for your
confidence. Unfortunately, tight cashflow is the reality for many small
businesses in Australia. Research shows 51% of start-ups close within four
years with poor cashflow responsible for 41% of those closures.
That’s a sobering
statistic. And we believe an avoidable one.
With our clients at
iKeep, cashflow is high on the agenda
when we talk accounting strategy with them. They ask us to manage cashflow and
we push back. They get surprised and we get the chance to tell them why it’s
better if bookkeepers don’t touch cashflow.
With traditional
forms of accounting – think desktop and multiple manual entry – a bookkeeper
would create a spreadsheet with cashflow information. This takes too long to do
properly and requires somebody to continually update and monitor cash in and
cash out. Not easy if there is multiple transactions and bank accounts. They
pass this the business owner who doesn’t use it because the interface is too
hard to manage OR the information is out of date.
It’s not an
effective solution.
What we do is
advise our clients to manage their own cashflow BUT do it smartly using online
apps that link with the cloud accounting platform we are using to manage their
accounts.
This gives the
business owner the cashflow information in real time in a spreadsheet version
or a visually appealing graphic. At a glance the business owner gets a current
snapshot of the cashflow situation. Everything is updated automatically so no
manual entries which of course means more time and money to spend on other
areas of the business. Also, check out our blog on 5 tips to improve your
cashflow.
And yep! There is
an App for that. Here are our picks:
1.
Futrli: Get a grip on your cashflow and make decisions about your
business' future, fast. No one likes spreadsheets, and keeping your forecasting
and reporting up to date can be a challenge. Futrli shows you real-time data
for a live view of business, perfect for business owners and advisors. When you
view your forecasting and reporting as a wall of numbers, it's impossible to
collaborate over. Integrating your future assumptions with current performance
and using the past as a marker is the only way to work..
2.
Vistr: Has a strong forecasting tool represented in a user-friendly
graphic. The business owner can look ahead and get proactive about managing
costs in lean times or expanding and consolidating in the good times.
We find business
owners value their bookkeeper more if they can help with suggestions to improve
cashflow. For us, it’s about guiding them towards online solutions that save
them time and money. The longer they’re in business, the more likely they’ll
need our services so it make good business sense to us. For more information
check out our blog on how can a business improve its cashflow.
Teach a man to fish
and you feed him for a lifetime! Speak to one of our experts today to get
advise on how iKeep can help you best exploit these tools.
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