FEATURED ARTICLE — December 4th, 2019
Imagine how difficult managing cash flow must have been before computers came into the picture. Each time cash came in and went out, it had to manually recorded and needed frequent updates to the accounting books (actual books!). With the human tendency for error, something almost always got left out. We have come a long way since the time of the William Burroughs’ adding machine, the first-ever commercially viable adding machine.
Yet, small businesses struggle with problems like high overhead expenses, excess inventory, and slow-paying invoices—all of which can be traced back to inefficient cash flow management. If you want to know more about how you can manage your business’s cash flow, check out this guide to managing cash flow. Business can overcome these by using various cash flow management technologies that are widely available today.
How Technology Helps Cash Flow Management
1. Better Ledger Management
Cash flow management platforms can keep track of how much money you owe to your suppliers and creditors, as well as how much money your customers or debtors owe you.
2. Expense Monitoring
Connect your business’s bank account with an expense monitoring platform to get instant access to details as to where the cash is coming from and where it is going. You can also set up alerts to avoid late fees and overdraft charges.
An essential software for your finance department is a forecasting software with a dashboard that can forecast seasonal and long-term cash flow. This is important for you to plan your expenses accordingly. The best cash flow management software can make accurate forecasts.
The Best Tools to Manage Your Cash Flow
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