Tools for Managing Cash Flow

[JamesJacobFinative]

Hi everyone,

Along with 3 co-founders, I've just started a FinTech company in South Wales. We're looking to get feedback from UK SMEs on how they manage their cash flow, what tools they've had success with, and what they'd like to see from a new cash flow solution. Any feedback would be much appreciated, as I'm sure like yourselves cash flow is priority right now!

Best,
James

 

[dotcomdude]

I think this is too vague to get any meaningful responses.

If you've already started your 'FinTech', surely you know what products/services you are offering?

 

[mattk]

I use Xero to manage my day-to-day, invoicing, payroll, bank rec etc. and then have a simple cashflow forecast for the year in Google Sheets, which I change from forecast to actuals on a monthly basis.

 

[JamesJacobFinative]

I think this is too vague to get any meaningful responses.

If you've already started your 'FinTech', surely you know what products/services you are offering?

I think this is too vague to get any meaningful responses.

If you've already started your 'FinTech', surely you know what products/services you are offering?

Thanks for your feedback. It's intended to be vague to cater for the variety of different ways that SMEs handle their finances. We are currently building a remote on-boarding solution for finance professionals, utilising technology such as open banking. We're aware that this technology has potential applications for SMEs to use also (e.g., for cashflow), so that's the reason for the post.

 

[JamesJacobFinative]

I use Xero to manage my day-to-day, invoicing, payroll, bank rec etc. and then have a simple cashflow forecast for the year in Google Sheets, which I change from forecast to actuals on a monthly basis.

Great - thanks for the feedback!

 

[fisicx]

Talk to @Ian J - it's what he does for a living.

 

[bodgitt&scarperLTD]

BBLS

 

[STDFR33]

We use a spreadsheet to manage the cash flow. It works perfectly well, and wouldn’t use a software package to manage it.

 

[Opinion87]

We use a spreadsheet to manage the cash flow. It works perfectly well, and wouldn’t use a software package to manage it.

Same for me.

 

[AshGrover]

To manage cash flow for your New Business you can use Invoicera Invoice management system.
You can try the tool for free.

 

[Mattymoomoo]

Sadly i use a spreadsheet too. However if some of the accounting packages improved how they operated, i would definitely use this to reduce time and errors.

 

[Bob Morgan]

Tools for Cashflow? - My little man in Fulham and a Baseball Bat!

 

[Mattymoomoo]

Tools for Cashflow? - My little man in Fulham and a Baseball Bat!

reminds me of a story a colleague of mine once told me. He was straight out of the army and looking for some work. he got an offer to work as a 'collections officer'. All unofficial and he would only be assisting someone else. Their job was to collect money from a tenant or evict them that day. He turned up at the address and saw the other guy dressed like a hells angel. Small scaffolding pole in one hand, large chain in the other. knocked on the door with no small amount of noise, when answered he said if you dont have the cash in 3 hours, you will be out with all your shit or ill be helping move you...Apparently it only took them 45 mins to get out. Safe to say, that was the only job he did and i suspect he was as scared as the occupier.

 

[Accounting Controls]

Hi
Most SME's use a spreadsheet. I use one for severe cash flow problem clients on a daily basis forecast up to about 3 months and monthly thereafter. It is difficult to find a useful one in an accounting program - I have looked at the one in Sage - but your accounts have to be up to date in order to provide meaningful data. A spreadsheet enables you to manage from an opening bank balance and semi- forecast on scenarios you know are going to happen coupled with historical data which is a guide for future forecasting. Spreadsheets are far easier to view and manipulate.
Jane

 

[SillyBill]

Spreadsheet that is updated once monthly. Sometimes you have more trust Microsoft is going to be supporting the application next year than here today gone tomorrow software providers. Had a couple of bad experiences with software (not finance related though) where we've employed and later gone back at great time and expense. Really have to look at the value these days as gone are the days where "software" = must be good, must be improvement! 10 years ago maybe. We tried for a time to do all of our R&D project work on Monday.com which was our latest reversal, I was banging the drum for everyone to use it while admittedly I was getting more frustrated in using it myself. As to what it was offering above what we had with spreadsheets and word beforehand, not a lot apart from just another tool/application to manage. In the end I relented and we exported all our info out and back into the old format that worked okay before.

 

[MikeHunter]

I also use Xero. Its a great way of having financial information readily available with detailed reports almost in real time. It revolutionised our financial management when we introduced it.

 

[Marcus A. Wright]

I just use Xero which works fine but then again my business cashflow is fairly simple, not really looking for anything else