To start a business from scratch and building it in to a successful company, is a grueling task. However, the hardest and the most challenging are the initial years, where one experiments with different business strategies to weigh in the pros and cons of each, before settling on one. As a result, the initial years of a business see inconsistent cash flow, fluctuating income, and other such troubles. At such a tumultuous time, financial management becomes of utmost importance. A key component of financial management, known as cash flow forecasting, helps businesses estimate their cash flow, by calculating their income and expenditures in the near future.
FreshBooks, accounting software for freelancers, startups, small and midsize businesses. They are easy to use and have features such as invoicing, organizing expenses, tracking time and following up with clients. It’s a cloud solution for your business, accessible from anywhere.
Cash flow forecasting plays an important role in the initial years of a startup, by helping the business owners avoid a cash crisis. However, a business owner might not be adept at publishing an accurate forecast of cash flow, additionally they might also lack the funds to hire a professional to help them do so. In such a scenario, there are various business expenses apps that can help them manage their cash flow, and publish an accurate forecast. Let us take a look at some of them.
A revolution in the world of accounting apps, PayPie tracks the activities of your business and produces timely reports to help you manage your cash flow. Each time you log in, the app tracks and records your offline activities. Moreover, the app also provides strategic insights into the business, thus helping the owners modify their strategies and obtain maximum profit.
Pulse is a web application, designed specifically for small businesses and the less accounting inclined. It tracks your daily, weekly, and monthly expenditure and presents it to you in forms of excel sheets and charts, that are very easy to understand. The Pulse application also publishes a cash flow forecast based on your team’s activities.
Google offers cash flow templates, that a business owner may download and use to track cash flow. The fact that these templates are free, is another attractive feature.
Zoho is a favourite among small business owners, owning to its easy-to-use user interface. Zoho not only allows business owners to coordinate with their team through their mobile app, but also allows them to generate and send invoices, track expenses, sync bank accounts, and management tax deductions and exemptions.
As per the founder of Gusto, the software was created with a ‘people first’ mentality, and thus allows business owners to add personal touches to their cash flow reports. Gusto accumulates all your HR needs in one place, and manages actions such as payroll, tax filings, tax deductions, payments to merchants etc.
Quickbook is an accounting software with the aim to help business owners spend the least possible time managing their finances, thereby giving them ample time to focus on other aspects of their business. It is one of the favourites among small business owners and is admired for its generation of accurate cash flow forecasts.
Xero, an accounting app, not only tracks your cash flow to generate a report and forecast, but also offers solutions, should a cash crisis arise. Xero analyses your business and offers customised solutions for your business, making it a perfect financial management tool for start ups.
As hard as it may sound, with the financial management apps available to business owners today, entrepreneurs can now effectively manage their finances and take their start ups a notch higher. After all, effective management is the key to success.