Business

The Top 5 Tools and Apps for Monitoring Business Cash Flow

Every business needs healthy cash flow if they want to stay in business. While you can monitor your cash flow the old-fashioned way, apps and tools will save you time and money.

If you’re looking for the best app to forecast short term cash flows, these five tools are great options.

1. Wave

Wave is an app that helps monitor and manage business cash flows. It’s easy to use and has a user-friendly interface. With this one tool, you can:

  • Send and track invoices
  • Allow customers to pay invoices via bank transfer, credit card or Apple Pay
  • Track your income and expenses
  • Manage payroll
  • More

Wave is a tool that can help with money management, but they don’t necessarily specialize in cash flow management. If you need a good tool to manage your expenses and invoices, then Wave is a solid choice.

Flexible pricing and free features also make this tool a popular option among contractors, freelancers, consultants and small business owners.

2. Cash Flow Frog

If you want to monitor cash flows, create forecasts and build what-if scenarios, Cash Flow Frog is an excellent tool. The platform is focused primarily on cash flow and offers a suite of features to help you monitor, forecast and manage your business’s cash.

These features include:

  • Cash flow forecasts and projections
  • What-if scenarios
  • Customer insights to see which customers pay on time
  • Planned vs. actual
  • Multiple perspectives and consolidated entities
  • Branded reports
  • More
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Cash Flow Frog integrates with some of the top accounting tools, so if you need a Xero cashflow app or a tool that works with QuickBooks, Cash Flow Frog is a great option.

Because this tool specializes in cash flow forecasting and management, it’s a great option for any business and can easily complement the other tools and apps on this list.

Whether you need to create short-term cash flow forecasts, long-term projections or compare your actual results to your planned, Cash Flow Frog has the tools to help you stay on top of your cash flow.

3. QuickBooks

QuickBooks is one of the leading accounting software solutions for small businesses. With this tool, you can:

  • Automatically track your income and expenses
  • Pay contractors and employees
  • See your profit
  • Accept payments
  • More

While QuickBooks isn’t exactly an app cash flows, they do have the tools you need to monitor your income and expenses. Plus, QuickBooks can integrate with tools like Cash Flow Frog to make cash flow management a breeze.

4. PlanGuru

PlanGuru is a budgeting, planning and forecasting tool that helps businesses meet their objectives. With this tool, you can:

  • Create forecasts for all three financial statements – balance sheet, income statement and cash flow statement.
  • View budgeted vs. actual reports.
  • Create rolling forecasts.
  • Create budgets.

PlanGuru offers a wealth of features that are a bit more complex than some of the other options on this list. But for cash flow monitoring and budget planning, it’s a great option and should be managed by an experienced team member.

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5. DryRun

DryRun is a tool that helps with financial modeling and cash management. The flexible platform integrates with popular tools, like QuickBooks, Sage, Xero, Pipedrive and more.

With DryRun, you can:

  • Create model scenarios with unlimited assumptions, different currencies, different locations and more.
  • Manage your financials. Build forecasts, collaborate and track AR & AP easily.
  • Monitor risk. View your key numbers and actionable data to make informed decisions and avoid cash shortages.

Automation and flexibility save you time while ensuring you’re monitoring the most important metrics for your business.

Having the ability to monitor risk and create model scenarios will help you make smarter business decisions. However, this tool is best used as a complement to a true cash flow management solution.

In Conclusion

Managing and monitoring cash flow is a crucial aspect of running a business. In order to continue growing and reaching your goals, you need to ensure that you have enough cash. These tools can help you create forecasts and statements while monitoring your cash. Because they automate much of the work, you save time and reduce the risk of errors. While all five of these tools are great choices, it’s important to compare the pros, cons and features to find the best option for your business.

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