Utilizing Mobile Technology for Effective Cash Flow Management in Small Businesses
In today’s ‘always on’ economy, small business owners can leverage mobile technology to efficiently forecast and manage cash flow, even while on the move. Tablets, in particular, are gaining traction among entrepreneurs, offering the ability to oversee business operations anytime and anywhere.
As a result, numerous free and paid applications for both tablets and smartphones are available to help business owners monitor their cash flow effortlessly. Below, we highlight some of the most effective tools for cash flow management.
Top Free Cash Flow Management Apps
FreeAgent
FreeAgent is a comprehensive cloud-based accounting solution designed to monitor your business’s cash flow seamlessly. By syncing directly with your bank accounts, it automatically categorizes transactions, allowing you to manage invoicing, expenses, and tax returns all in one intuitive interface. Notably, a free version is available for NatWest, RBS, and Ulster Bank business customers, making it an accessible option for small enterprises.
Pandle
Pandle is another excellent cloud-based accounting tool specifically tailored to small businesses. It connects to your bank accounts and automatically organizes transactions, facilitating efficient cash flow management. With features including expense tracking, invoicing, and real-time financial reporting, Pandle provides a holistic view of your business’s financial health. Its free version supports unlimited transactions, ensuring a cost-effective solution to manage your finances effectively.
Shoeboxed
For small business owners focused on managing expenses, Shoeboxed is a must-have app. This tool allows users to easily document receipts by taking photos, thereby generating organized expense reports. By utilizing Shoeboxed, you can save valuable time on tax return preparation, expense reporting, budgeting, and bookkeeping tasks.
Paid Cash Flow Management Apps
inDinero (iOS)
inDinero is a cloud-based financial tracking application that consolidates information from various bank and credit card accounts, providing a clear overview of your business finances. The free version allows you to track 50 transactions every 30 days, making it ideal for small businesses that are just getting started.
CashFlow (iOS & Android)
CashFlow is a user-friendly asset management app that makes it easy to track daily cash income and outgoings. Users can manage banking and credit card accounts and generate reports on a daily, weekly, monthly, or annual basis, helping businesses stay on top of their cash flow.
Float
Float offers a visual cash flow forecasting service that automatically updates your accounting data, enabling quick cash flow projections and better financial decision-making for small businesses.
Upgrading to Accounting Software
While free apps are a great starting point, they often have limitations. After using various tools, you may find it beneficial to invest in accounting software that offers enhanced functionality. Simple yet effective options such as Sage, Intuit QuickBooks, and Xero are available and typically offer free trials. This feature can be especially advantageous for startups, helping them avoid monthly fees as they establish their businesses.
If you’re interested in enhancing your cash flow management with an all-in-one business platform, consider Small Business Pro. With just one subscription, access low-cost payment processing solutions and funding options from a network of professional lenders.
Further Reading on Cash Flow Management
The insights in this article were contributed by Colin Hewitt, CEO and co-founder of Float.
