Help to stay afloat...
My previous post took a look at one of the many apps that integrate with cloud accounting systems, saving users time and in that case (tripcatcher) identifying potential VAT savings that more than cover the cost of the app.
To continue the theme in this post I am going to review a cash management tool that also integrates with the cloud – Float. Cash management is such a critical element for any small business (over 50% of all businesses go bust because they run out of cash) it must be worth investing the time and potentially money into tools that will help.
So what does Float do?
It allows you to forecast your future cash position, with multiple scenarios showing the results on a simple to understand dashboard either daily or monthly. The app uses the data in your accounting package to show both the current cash balance, known invoices due for payment in & bills for payment out.
So why is Float better than a simple excel model or other tools?
In terms of functionality you could create a model to do something very similar, but because the app talks directly to the accounting package it loads all the data automatically – saving the time to re key and allowing more time to focus on the “so what” – are there any pinch points coming up, what invoices should you chase, what payments need to be made….
Are there any standout features?
The feature in float that I thought was most useful was allowing the user the ability to vary the expected receipt/payment date of invoices based on knowledge of specific circumstances – this allows a real world view “customer A never pays on the 30 days they take 60”
Float will integrate with Xero, Quickbooks & Freeagent and pricing starts at £19 per month for an annual subscription, £24 for monthly. Whilst this could be seen as expensive I think it should be seen as an invaluable tool to ensure your business stays afloat (pun intended).
If you would like to find out any more detail then please don’t hesitate to get in touch.