Cash Flow Tracking Solutions in Cloud Bookkeeping and Accounting Software
Cash Flow in Cloud Accounting: Mainstream cloud bookkeeping and accounting software products like QuickBooks Online, Sage 50cloud Accounting, Xero, and Zoho Books have cash flow reports. Tracking significant aspects of the business is built into these products, including invoicing, bank transactions, and credit cards.
Cash Flow products that extend accounting: Included cash flow reports in accounting products are simple. Therefore, sometimes you need or want more capabilities. For instance, cash flow products include CashFlowTool (Finagraph), Fathom, Futrli, Jirav, LivePlan (Palo Alto), and Spotlight Reporting.
Other Tracking Solutions in Cloud Bookkeeping and Accounting Software
Stopwatch: Many cloud accounting platforms offer a stopwatch or time tracking facility. Therefore, you can time the number of hours worked and convert this into an invoice detailing billable hours, suitable for contractors, freelancers, and self-employed professionals.
Mileage tracking: Many cloud accounting platforms offer a mileage tracking facility. Therefore, you can track the miles driven and convert this into a billable transaction for invoices or expense reporting.
Credit Control: As part of your software subscription, you may be able to access credit control facilities to track upcoming payments, automate reminders, and flag outstanding invoices. By actively keeping tabs on the cash moving in and out of your business, you can protect company cash flow and encourage on-time payments.
By engineering technology into the accounting and bookkeeping journey, you can operate efficiently and reduce inaccuracies. Such software can allow you to store your financial data digitally and securely. After that, transferring the data directly to your accountant or bookkeeper is easier.
Accounting professionals typically produced master spreadsheets with integrated formulas. These spreadsheets helped to efficiently calculate whether the business was running up losses or generating profits, considering accruals and amounts owed. During an age where industry-standard accounting software was scarce and hard to come by, spreadsheets represented an efficient operating means.
Cash Flow Test for Insolvency
Tracking company cash flow can help paint an accurate image of how your business is faring at any given time. By incorporating tools to understand company cash flow better, you can act pre-emptively. If your business is due to run out of cash and requires a cash injection, it is better to know as far in advance as possible. On the other hand, if your business exceeds expectations and is beating records, tracking such progress can help fuel company growth.
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Understand the latest in cash flow technologies in our CPD courses on accounting and customer support systems in small business accounting with add-ons or mid-market accounting, which includes cash flow systems.