Essential Cash Management Tools to Help Your Small Business

Venturing a small business can make you think of all the good things like the opportunities to become a well-known large-scale business and obviously enormous profit. Although many large businesses as of now were once small, no one really ponders over the struggles they had to face as a small business. Many small businesses struggle with cash flow problems such as paying their employees, paying fixed expenses, or their suppliers on time. This hinders a business to survive, let alone growth. It can feel like a strenuous job in the start to cope with paying bills and making reasonable sales simultaneously with a sane mind. Not with the right tools. Starting off with a mixed money counter that allows you to count different denomination notes and coins quickly so you can focus on your business operations better. Whereas, to help you meet your business, so goals, you can get your hands on SmartBank online banking that provides solutions like savings and investing.

In addition to these, you can also incorporate some essential cash management tools to help your small business survive and grow into a large-scale business just like you dreamed.

How Does a Cash Management Tool Help?

A cash management tool allows you to “manage” the cash of your business efficiently. It means you can manage all the cash inflows and outflows in a way that will help you keep paying off your expenses, bills, wages, etc. It even gives you optimal solutions to help you cope with any future cash problems ahead of time.

Obviously, as an apprentice business owner, owning such tools can help you keep track of your business operations and finances. In case you don’t pay the startup business loans, your suppliers, or your workers timely, your business will be liquidated in no time. To keep such problems at bay, check out the best essential cash management tools below.

The Best Cash Management Tools for Small Businesses

1.    Scoro

As a new business owner, you can lose track of time. With this tool, you can earn surplus revenue by saving lots of time to help you focus on your business operations more.

Scoro lets you keep track of your projects, daily activities, and sales revenue in one easy-to-use interface. You can add all your team members as well, so they can view the amount of time required to complete a project along with their tasks. In case there’s a delay in the project, you can easily update it in the interface.

You can even integrate the tools that you already use such as Dropbox, Google Drive, and other well-known accounting software to make your work easier. 

2.    Float

This tool is ideal for cash budgeting. It allows you to forecast your cash inflows and outflows to plan in advance, and it also calculates variances (actual result vs. the budgeted) to let you see how precise and accurate you were in calculating your budgets and implementing them. You can also plan average, best or worst-case scenarios to keep yourself prepared for any possible outcome.

Additionally, you can keep track of the payables and receivables to ensure you’re always up-to-date. You can also integrate your account with Xero, QuickBooks, and FreeAgent. Wave goodbye to difficult spreadsheets with this cash management tool. 

3.    Pulse

Starting up a small business comes with several daunting questions. Such as, should I invest in this PPE? Should I take this project? How is my cash going to be affected by recruiting a new employee? Pulse gives answers to all such questions.

Pulse has an intuitive user interface that makes it very beginner-friendly. It allows you to view and monitor multiple cash flows in different periods of time like daily, weekly, monthly, or yearly. If you work with international clients, you can easily convert the currency on the basis of current exchange rates.

You can forecast your cash flow for your future prospects and see if they are going to be profitable. With the help of charts and graphs, you can easily get an overview of your business’s success. You can sync it with QuickBooks online to make bookkeeping hassle-free.

4.    Cushion

This cash management tool is ideal for those who run their business either as a freelancer or sole proprietor. It prevents you from overbooking projects by displaying a summary of the entire year. This also helps you to keep track of multiple projects at a time and never miss a deadline.

You can also forecast your income and set goals that are different from your current estimated profit. You can keep track of the receivables and payables as well for the smoother liquidity of your business. It supports more than 100 currencies and automatically converts them.

It features professionally designed invoices that can be translated into more than 20 languages to help you look more professional. It also gives you deep insights into your different clients, so you know who’s more worth working with.