If Float can make that leap, it'll easily be the #1 cash flow app. Float creates cash flow forecasts that are more accurate, always up to date and take a fraction of the time to prepare when compared to spreadsheets. The concept with this program is so excellent, and I am holding out on new features being released that totally eliminate the need for other products (such as Excel) for tracking and projecting cash flow. Float is an award-winning cash flow forecasting add-on for businesses using Xero, Quickbooks Online, or FreeAgent accounting software. It might be way more usable if it gave us the option to view this from a customer/vendor name perspective, since we plan our cash flow on that basis, rather than by the GL account. Currently, details on cash is based on GL accounts. The product would be infinitely better if it supported multi-currency accounts, especially with more businesses holding more than 1 currency. This is ideal for anyone who wants to get an idea of their cash flow history and projections. The invoices due and bills to pay reports are an easy way to access overdue bills and invoices without clicking through the accounting system. You can even attach the original invoice to the email so you can skip the back and forth if they can’t find it.Comments: Better cash flow overview, minimizes the need for Excel.įloat easily integrates with Xero, allows you to easily configure which banks get synced for display purposes, and provides excellent insight into the sources of cash and also where cash is being spent. Set it up so that by a certain date (maybe the invoice due date for example) your customer gets a gentle reminder that it’s time to pay up. Brilliant!Ĭhasing customers for payment is definitely low on most people's list of favourite things to do! It can be an awkward process but you can take the awkwardness out of it by sending automated email reminders with QBO. It also lets you add or adjust things so you can see what impact you can have on your future cash flow. But basically, it just uses your financial history to forecast where your money might come and go from in the future. Here’s a quick demo vid if you’d like to see how it works for yourself. Their brand new cash flow forecast tool is currently being rolled out to their customers. QBO has a couple of handy new features to help you out. How can QuickBooks Online help with my cash flow? If this seems a bit above your paygrade, don’t worry because your friendly, local bookkeeper can help! This can help you to make better business decisions and identify issues before they come up. Cash flow forecasting estimates the amount of money you expect to flow in and out of your business within a given time period. Another handy tool you can use is forecasting. Keep track of who owes you and what you owe so there are no surprises and nothing gets forgotten. You can keep an eye on your cash flow by using reports. Bonus, it’ll keep a healthy relationship with the supplier so next time you need, say, an urgent delivery, they might be more likely to help you out. This should be achievable, if you’ve followed my advice in step 1 and brought the cash into your business. Is there a pay on time discount? If you can, pay on time and get that discount so you can have less money flowing out of your business. Take advantage of any discounts on your bills The longer it’s unpaid, the worse for your cash flow so get on top of it.Ģ. Don’t let your invoice sit in their inbox for weeks on end (or worse, a paper copy lost somewhere in their house!). The other tip I’ve got for you is to follow up with late payments (or even just before the invoice due date) by sending a friendly reminder. If you’re wondering how tricky it will be to send an invoice that quickly - well actually, if you’ve got your smartphone or tablet with you, it’s super quick and easy with QuickBooks Online. They’ll be so chuffed with their working toilet that they’ll be super keen to send that payment through. Just finished fixing their broken toilet? Stand back, admire your work with your customer and then email that invoice before you even leave their house. The best thing you can do is invoice straight away. How to keep the cash flowing in 3 easy steps:Įasier said than done, right? Maybe not.
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