Cash Flow Management Tools that Businesses Can Use to Stay at the Top of Their Game

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March 17, 2021 Business

Having an effective cash flow management plan in place is one of the most important factors for businesses to take care of. It helps them stay at the top of their game and analyze all that is happening in the company’s coffers. Now with the pandemic dismantling our lives at every turn and the economy in ruins, businesses must tend to their cash flow management more than ever. Optimizing the cash flow can help businesses, especially the small ones, to navigate this period of crisis and stay afloat. However, all that said, the process of cash flow management can be quite arduous if you do not know where to begin and which tools to use for the purpose.

Plus, to add to our confusion, there are tens of thousands of tools and apps on the market that can make it incredibly difficult for you, an entrepreneur, to choose the right ones for your business. Cash flow management is not just taking a look at how much money you have at the end of the month. It is a lot more than that. Therefore, it is imperative that businesses learn to pick the right tools from a hoard of thousand others and handle the aspects of cash forecasting, cash distribution and customer relationship management with ease.

PlanGuru:

The first tool that we want to talk about is PlanGuru. This tool helps in integrating with different accounting platforms so that users can easily access current cash flow data as well as details about cash forecasting. PlanGuru also provides users with an analytics tool that helps them break down nebulous financial data and understand the same. The tool has limited functionality, and that is why it serves as the best tool for small-scale businesses. The cash flow management plans with this tool start at $99, which is quite affordable, and therefore, one of the best cash flow management tools on the market.

Scoro:

Contrary to PlanGuru, a basic cash flow management tool we discussed a while ago, Scoro is a more robust tool with a host of functionalities. Cash flow management happens to be one of its primary functions, but it does more than just that. It is mostly a business management tool that helps in budgeting, customer management and even takes care of project management. Scoro comes at an on-boarding fee of $899, and monthly plans require at least five users. Each user must pay a minimum of $22 per month to avail the services of the tool.

QuickBooks:

QuickBooks is a simple tool with a user-friendly interface that helps businesses look at a number of aspects like cash flow forecasting, cash distribution, cash flow management and the like. The primary benefit of this tool is that many businesses already have accounting software at their disposal. Therefore, there is no need to break your head, learning how to use this tool.

QuickBooks serves as one of the best cash flow management tools for small businesses, with monthly plans that start just at $26.95 per month.

Pulse:

Pulse is one of the most important tools that help you monitor the cash flow of your business. The tool allows businesses to analyze the cash flow on a daily basis, as well as on a weekly and monthly basis. Another perk of using this tool is that it can be connected with QuickBooks, thus, making your accounting job simpler and easier. Pulse helps businesses to look into their cash flow projections and also track cash flow in different currencies. The tool enables businesses to use cash flow management to the best of their abilities and evolve over time. The monthly plans start at $29, which makes the tool quite an affordable one to get your hands on.

CashAnalytics:

The final cash flow management tool that we have for you to consider in this article is CashAnalytics. Cash flow management is not just an important part of small businesses. Big companies also need to find tools that can help them manage their cash flow cycle. And CashAnalytics is that tool that big companies can use with a lot of ease. The tool offers forecasting options and also provides automation for a number of cash flow sources. Finance teams of larger businesses can also use CashAnalytics to find some insight into their different financial processes.

In a Nutshell:

As we already mentioned at the beginning of the article, choosing the right cash flow management tools can prove to be challenging for businesses, given that there are a number of tools on the market. However, the ones that we have mentioned in this article are the best that you can find. Therefore, if you have a business to run, ensure that you pick one of these tools depending on your situation and manage your cash flow with utmost efficiency.