The Best Apps And Tools To Track Business Cash Flow

December 6, 2022
Photo by Pavel Danilyuk from Pexels

As businesses expand, it is difficult for managers to fully understand what the company’s cash flow looks like and how much cash is on hand. If you find yourself struggling to keep track of your cash flow, you should consider using an app or tool that can track and predict how your funds will look over the long term.

So what is the best software for accounts receivable to track business cash flow? We will give you the answer and more today.

What Does Cash Flow Management Software Do?

In overly simplistic terms, cash flow is the task of tracking the money coming into and out of the business. With accurate cash flow monitoring, you will have a better idea of the liquidity of your business and understand where you stand concerning financial health.

Apps tracking cash flow, which you may have heard referred to as software for accounts receivable, allow you to understand where the money comes from and how it leaves your business. While smaller companies may be amenable to manually keeping track of these factors, larger companies may necessitate the need for automation.

Aside from knowing where the cash went, you get the critical bonus of understanding trends and predicting how your money will change over time. Predicting the future gives you a leg up on your competition.

What Benefits Do I Receive Using Cash Flow Management Software?

There are several reasons to use an app or tool to manage cash.

  • Constant updates on cash flow
  • Increased productivity
  • More informed predictions

Having constant access to up-to-the-minute data allows you to know exactly where your business is daily. You will never be surprised by changes weeks down the road, as you will see the day of if there is a large influx of cash or spending.

Saving time is perhaps the best reason to use a cash flow management software app. Instead of having an employee dedicated to monitoring your assets and spending their valuable time on busy work, you can automate the process to free up their schedule for more productive activities. Additionally, you limit the mistakes made when calculating transactions.

Finally, the prediction information you find in these apps allows you to better anticipate the future of your business in the short and long term. If you understand what your cash intake and spending say about your business, you can capitalize on opportunities or make course corrections before critical issues arise.

The Best Cash Flow Apps and Tools

Now that you know what cash flow apps do, we will look at some of the best on the market today.

1. Upflow

Upflow provides you with a detailed dashboard through which you can analyze your accounts receivable data to make better decisions. You can easily see how long your company takes to collect payments, which clients are falling behind, and predict future trends. By controlling all the KPIs, you can have a real vision of your company’s accounts at all times.

You can create customer portals to facilitate payment which tends to avoid delays. But if payment isn’t made on time, you can also set up automatic reminders.

Upflow has several plans available depending on the scale of your business. There’s a free basic plan, the “Grow” plan at $440/month, the “Scale” plan at $880/month, and the Enterprise plan with custom pricing.

2. Float

Float is an excellent alternative if you are looking for a more affordable option that still provides many of the features you expect from a cash flow tool. Float also updates itself automatically from your database, though it is more limited in what it can draw from. However, the app can still take data from popular business databases such as Quickbooks, FreeAgent, and Xero to name a few.

The main draw of Float is its ability to forecast cash in the future. It uses the past and present to predict the future, and you can even use the app to set budgets and understand upcoming payments. All of the data is laid out in easy-to-read graphs so you can understand a financial situation at a glance.

Payment for Float starts at just $59 a month and goes up to $199 per month. The company also offers a 14-day free trial.

3. DryRun

If you are the kind of manager who likes to plan multiple contingencies, DryRun is the software for accounts payable for you. After you input your data, you will be able to create scenarios to see how different outcomes will affect your business’s liquidity. If you want a better understanding of long-term cash flow implications for your company, DryRun offers the best features for it.

Aside from simulating your corporate situation, DryRun also assists managers by tracking payments, even if they are delayed. There are also several customization options on the app, allowing you to understand certain aspects of your cash flow in a vacuum.

You can subscribe to DryRun for your business for $200 a month, or upgrade to the Pro package for an additional $100 per month.

4. Pulse

The company behind Pulse has aimed the app at smaller businesses. But that doesn’t stop the app from being useful for any sized business to understand its liquidity. You can connect the app with Quickbooks to quickly import your spending data, and you can even allow your coworkers to use the software with varying levels of control.

If you need to better understand what an expense means to your company, Pulse is one of the best apps for it. You will be better informed about how durable your business is against the expense.

The Small Business Plan for Pulse is $59 per month, while you can unlock extra features for an additional $30 per month.

Conclusion: The Best Apps and Tools to Track Business Cash Flow

No matter which software for accounts receivable you decide to use, having a tool to monitor the cash flow of your business is a vital tool to better predict the future. Any of these programs could be called the best apps and tools to track business cash flow, and we recommend you check out any of them that sound useful to your company.

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