Here’s how you can use software to manage cash flow

By Michael Somerville on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs The post Here’s how you can use software to manage cash flow appeared first on Small Business UK.

Oct 2, 2024 - 21:00

Here’s how you can use software to manage cash flow

By Michael Somerville on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs

With the ‘always on’ economy, small business owners can benefit from mobile technology by forecasting their cash flow while on the go.

Tablets are also rising in popularity among small businesses, enabling users to manage their business while on the move.

And, as a result, there is a range of both free and paid apps for tablets and smartphones which can help business owners manage cash flow efficiently.

Here are just a few useful apps that should make it quick and easy to manage and track your cash flow. These can be run on any tablet that features the two main operating systems (Apple’s iOS or Google’s Android).

Free software

FreeAgent

FreeAgent is a cloud-based accounting app that helps you monitor your business cash flow by syncing with your bank accounts and categorising transactions automatically. It provides a comprehensive view of your business finances, allowing you to manage invoicing, expenses, and tax returns all in one place. FreeAgent offers a free version for NatWest, RBS, and Ulster Bank business customers, giving small businesses an easy and efficient way to track their financial health.

Pandle

Pandle is another cloud-based accounting tool that is specifically tailored for small businesses, enabling seamless cash flow management by connecting to your bank accounts and automatically organising transactions. With features like expense tracking, invoicing, and real-time financial reporting, Pandle gives you a clear overview of your business’s financial health. Its free version offers unlimited transactions, making it a user-friendly and cost-effective solution for managing your finances efficiently.

Shoeboxed (available with Apple iOS or Google Android)

If expenses are the main area of cash flow that you need to manage, an easy way to document receipts and generate expense reports is by using the app Shoeboxed. It allows users to take photos of receipts and organise their expenditure. Time is saved on tax return preparation, expense reports, budgeting and bookkeeping

Paid apps

inDinero (available with Apple iOS)

A cloud-based financial tracking app, inDinero will help you monitor cash flow by pulling information from various bank or credit card accounts to give a comprehensive view of your business finances. The free version tracks 50 transactions every 30 days.

CashFlow (available with Apple iOS or Google Android)

A simple asset management app, CashFlow allows you to manage your daily cash income and outgoings, banking and credit card accounts. It is easy to use and small businesses can check daily, weekly, monthly or annual reports to keep on top of cash flow.

Float

This visual cashflow software forecasting service automatically updates small businesses’ accountancy data so forecasts can be worked out quickly.

Accounting Software

Free apps are great but tend to be limited. After using one, you may decide to make an investment in accounting software which will provide additional functionality. We always recommend using the right software packages for your business.

There are simple and cost-effective options available, such as Sage, Intuit Quickbooks and Xero. Most paid accounting software options also offer a free trial for businesses to test out their services, which is especially useful for new businesses and start-ups, who might want to avoid monthly fees while they are starting out.

If you are looking to improve your cashflow with an all-in-one business platform, why not try Small Business Pro? With one subscription, you’ll gain access to low-cost payment processing solutions and to funding options from our panel of professional lenders.