COVID-19 Manage your cash flow with Float during the coronavirus crisis
Do you struggle to keep up a good cash flow in your business?
Now, more than ever, businesses are looking to manage their cash flow effectively. That’s why we’re working with our clients to implement streamlined forecasting, planning and money management strategies. In the midst of Covid-19, when businesses need to keep track of cash flow projections, one of the apps in our AppStack is helping clients gain a deeper insight and understanding of their finances. For all of our recommended apps and the training we provide, click here.
First of all, let’s look at how Float will help your business during difficult times and beyond.
Here are our top tips for using the app
Embrace cash flow forecasting
Here at Northern Accountants, we know how important it is to have a clear and accurate picture of your cash flow situation both now and in the future. With Float, you can get a real-time view of your numbers and make more confident business decisions going forward. Simply enter your cash forecast for what you expect to happen each month. The app will then import actuals such as invoices and bills to help you see how accurate your forecasting is. Drill down into what might happen next week or a year ahead of time and use this tool to identify cashflow shortages and surplus moments. Armed with such knowledge, you can then make business decisions such as investing in staff or making essential cutbacks.
Scenario plan for the what-ifs
As an award-winning accountancy firm, we know it’s important to track your day-to-day cash flow accurately and eliminate guesswork. A simple mathematical mistake can have a detrimental impact, so why not let the app do all the hard work for you? With Float, you can also scenario plan for the what-ifs by modelling different hypothetical situations to see how they compare to your actual forecast. With a few clicks, you can find out whether you can afford to lose a client, turn down a job or grow your internal team. Again, this all comes down to spotting cash fluctuations and making well-considered, software aided forecasts.
Export and share insights
As a company, there will be times you need to share important numbers with stakeholders. The cash flow of your business is an important benchmark for investors too, which is why Float allows you to export your forecast to a CSV or a PDF. The numbers provided by the app can be used in business meetings and assist with business development. The insight tab will also reveal how accurate your budgeting has been and prevent you from making wild and untamed assumptions about your cash flow.