For larger businesses who will have the resources available (e.g. finance and administrative staff),
this can be completed effectively, however, small businesses may struggle to keep track of cashflow
and other financial requirements whilst also focusing on their core responsibilities.
To support small businesses in their financial requirements, there are countless tools out there that
aim to streamline the process and report on key performance indicators. In this blog we will take a look
at the finance tools that come highly recommended by industry experts worldwide, most of which
can easily integrate into the leading cloud accountancy software packages, whether that is Xero,
FreeAgent, QuickBooks, Wave or any number of others.
A cashflow forecast is the ideal way to monitor where your cashflow may be heading, giving you a
much clearer idea of the path your business should take for its longevity. Futrli can be integrated
into a number of software programs including Xero, QuickBooks and even Excel spreadsheets. The
three-way cashflow forecasting that Futrli offers (calculated from your profit and loss, balance sheet
and cashflow statement) ensures that you make informed business decisions.
With over 30,000 businesses now using GoCardless, it is the ideal way to drastically reduce late
payments by providing a simple way for customers to pay by direct debit, whether it be recurring or
a one-time payment. By knowing precisely when you will be paid, and with integrations into the
majority of leading cloud accountancy software, GoCardless will allow you to monitor and predict
cashflow within your business much more effectively.
The administration heavy task of submitting expense reports is now a thing of the past, thanks to
tools like Expensify. It allows users to quickly and easily submit receipts, create expense reports,
track receipts and submit business travel expenses. With a user friendly interface, Expensify lets you
submit a receipt by simply taking a picture; its patented OCR technology will do all the work for you
by picking up the required information and adding it to your expense report, it will even alert you to
any receipts that need your attention.
If your business’ invoicing is reliant on tracking your time, then Minute Dock is ideal. The software
allows you to separate your work by client, project and task. Track your time across multiple devices, generate reports, create invoices and set targets and budgets for yourself and your team.
The tools covered above are just some of many pieces of financial software that have been
developed to support small business cash flow. Of course, no small business can operate efficiently
and compliantly without a reliable accountant. As Making Tax Digital comes into play, it is essential
that you ensure your accountant operates digitally. As the experts in the financial field, they will
themselves have their own recommendations for finance tools specifically for your business, and
therefore in essence, your accountant will be your best finance tool by far.
Your own Moneypenny PA to answer calls exactly as if based in your office.
Discover >All the functions and support of an office phone system, minus the hardware.
Discover >
