Four Best Cash Flow Management Software Tools in 2022

Software for cash flow forecasting makes managing your cash flow simple and easy. Manual cash flow statements are time- and resource-intensive, causing you to spend hours each day running forecasts or a lot of money.

However, cash flow software for businesses can change all of that.

Why Should You Use Cash Flow Management Software?

If you haven’t started using cash flow software for small businesses yet, you may be wondering why you should even start. After all, if your business is running well, you’re making money and able to keep operations going.

However, without knowing your cash flow, you’ll never truly know the financial health of your business.

This is where software comes into play.

When you use the right cash flow software, you benefit in three key ways:

1.    Real-time data. What was your cash flow this morning? If you don’t know, how can you be sure that you can pay your bills or have enough cash to order supplies? Software gathers all of your financial data and helps create a simple and easy picture of your business’s financial health. Real-time data is crucial to making the right decisions for your business.

2.    Smarter decisions. Cash flow management is necessary to make smarter business decisions. When you know how much cash you have at any given point in your business’s operations, you can plan for the future, grow your business and even improve revenue.

3.    Save money. Software can crunch numbers faster and more efficiently than an accounting team. Cash flow management software helps save money and frees up time for accountants and finance managers so that they can focus on more important areas of your business.

Cash flow is one of the most important metrics for your team to monitor. If you’re not using software for cash flow forecasting, you’re wasting valuable resources by making forecasts manually.

And if you’re not generating forecasts at all, guess what?

You can’t make financially sound decisions for your business without knowing your cash flow. At best, you’re playing a guessing game with the decisions you make.

Four Best Cash Flow Management Software Tools

1. Cash Flow Frog

Cash Flow Frog is our top choice of software for cash flow because it works so well. The platform is designed from the ground up to help you master cash flow and provide clear insight into your business’s operations.

Some of the key features available include:

·         Forecasting and projections

·         Customer insight analysis

Forecasting can be narrowed down even further by the day, month, week, quarter, and even further out to have a general idea of your cash flow at any given point in the future or in real-time.

2. Cube

Cube is a dynamic solution that allows businesses to manage their financial planning all within one piece of software. The platform will gather data from all of the sources you connect to provide in-depth insights into your business’s finances.

While robust, efficient and “smart,” Cube doesn’t allow you to:

·         Easily view their pricing structure

·         Run graphical reports

One of the main issues with Cube is that despite it being a powerful platform, it doesn’t offer the refined reporting options necessary to make understanding cash flow easy.

3. Anaplan

Anaplan is a cloud-based solution that allows you to solve your financial challenges. While extremely powerful and robust, the software has a major learning curve in using each feature correctly.

Otherwise, the platform provides great insight into:

·         Financial health

·         Strategic plans

·         Operational planning

One neat feature is the ability to create pricing and profitability models within Anaplan.

4. Planful

Planful is one of the most robust financial planning and analysis platforms available, but it’s often used by large businesses instead of small businesses. The main issue is that there are too many options.

In-platform training is lacking, and teams learning the platform need to master structured planning, reporting, consolidation and dynamic planning sections of the platform.

The main issue with Planful is that it’s often too much power for a small business.

Software is an integral part of many business operations. If you’re not using software to help you understand your cash flow, you need to start. The options above can help you streamline your cash flow forecasts and make confident decisions on the future of your business.

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