Managing Your Small Business Cash Flow

Part Three

This is the final instalment of the ‘cash flow’ series. Today we’ll look at different apps that may help you manage your cash flow. As we know, one of the most common causes of business failure is inadequate financing.

Let’s be honest here, no one likes sending out invoices, calculating the weekly payroll, filing taxes and keeping meticulous records of expenses. This is especially difficult when you’re a small business owner, as you often have to do these tasks yourself. Here are some applications that may help you manage your business cash flow:

Wave

This app manages your accounting, payroll and invoice needs. The bank reconciliation feature allows businesses to link their bank accounts, PayPal accounts, and other sources to give data for real-time transaction records. Wave also allows a business to generate reports like balance sheets, sales tax reports and account receivable and payable reports.

Your business can also use Wave’s invoicing tool to collect money. Invoices can be sent via email, and the system's payment processing allows users to collect credit card payments.

Freshbooks

FreshBooks is one of the best cloud solutions for small business owners. It is the holder of FinancesOnline’s Best Accounting Software Award for 2016 as well as the Supreme Software Award for 2016.

Businesses get to manage invoices and recurring subscriptions in less than no time, while also collecting online payments within the same system. FreshBooks enables Google Wallet, PayPal, and credit card payments, and integrates with a long list of business systems and applications that can streamline this process.

You Need A Budget

This is possibly the simplest of the applications on the list. It is a simple app that allows you to track your spending and budget for your future. You enter your income for the month and then budget how it’s going to be spent or saved.

Expensify

Expensify is software that streamlines data entry and automates your expense tracking. You can track both credit card and bank transactions directly in this app, making it ideal for managing business expenses.

Expensify also tracks the time spent on a particular project. All this information can be uploaded to your web account, so you have the information saved in more than one place.

What Works For You

Managing your cash flow as a small business owner can be a difficult task, but there are many ways to help streamline this process. It may be trial and error to find a solution for you and your business, but it will be worth it in the end if your business has strong cash flow.