One way to manage cash flow efficiently is to download a free piece of software, which is readily available for tablets and smartphones in the form of an app.
Tablets in particular are rising in popularity among small businesses, enabling users to manage their business while on the move. This may be particularly useful if you need to be able to work away from a fixed office, with limited access to a desktop computer.
Here are just a few useful apps that should make it quick and easy to manage and track your cash flow. These can be run on any tablet which feature the two main operating systems (Apple’s iOS or Google’s Android), for example the Advent Vega or Apple’s iPad.
1. MyBizTracker (available with Apple iOS)
Business accounting software firm Intuit recently launched this free app to help small businesses make record-keeping of income and expenses easier and more accessible. The app was developed in line with requirements set out by HMRC and keeps a record of income and expenses. It also captures and stores photo records of invoices, bills and receipts, so it’s easy for small businesses to manage cash flow.
2. inDinero (available with Apple iOS)
A cloud-based financial tracking app, inDinero will help you monitor cash flow by pulling information from various bank or credit card accounts to give a comprehensive view of your business finances. The free version tracks 50 transactions every 30 days.
3. CashFlow Free (available with Apple iOS or Google Android)
A simple asset management app, CashFlow Free allows you to manage your daily cash incomes and outgoings, bank and credit card accounts. It is easy to use and small businesses can check daily, weekly, monthly or annual reports to keep on top of cash flow.
4. Shoeboxed (available with Apple iOS or Google Android)
If expenses are the main area of cash flow that you need to manage, an easy way to document receipts and generate expense reports is by using the app Shoeboxed. It allows users to take photos of receipts and organise expenditure. Time is saved on tax return preparation, expense reports, budgeting and bookkeeping.
Free apps are great but tend to be limited. After using one, you may decide to make an investment in cash management software which will provide additional functionality. There are simple and cost effective options available, for example Sage Instant Accounts 2012 or Intuit Quickbooks 2012, sold by PC World Business or cloud based options like Kashflow or Xero.
These software packages help business owners to manage accounts and track cash flow in more detail than free apps. They also aid quote preparation, preparing invoices and balance sheet reports for more detailed accounting.
