Cash Flow Software: The Best Ones For 2023 (2024)

In today's business world, effective cash flow management plays a key role in the success and stable development of any organization, regardless of its size or industry. Cash flow management software has become a powerful tool designed to provide greater control over financial operations. With the ability to streamline financial processes, gain real-time information and improve cash flow management strategies, choosing the right software is paramount to sustainable financial health.

With a cash flow software you can always keep an eye on your cash flow and also see how your cash will develop in the coming months. Here we present the best cash flow software currently available on the market.

Cash Flow software definition

Cash flow software helps you keep track of your business’s incoming and outgoing cash flows. Such software provides a unified view of a business’s past transactions and historical cash flow, making it easier for it to forecast its future cash flow easily and identify venues for cost optimisation.

How and with what features does the software help with cash flow management?

Cash flow helps businesses with the following features:

• Seamless synchronisation with all your bank accounts.
• Consolidated view of your business’s cash flow.
• Smooth integration with all your management and ERP tools.
• Real-time comparison of your actuals and forecasted cash flow.
• Actionable insights into customer invoices to help you speed up collections.
• Build personalised recovery plans to follow up on late-paying customers automatically.
• Effortless bank reconciliation.

How is it different from accounting software?

Accounting software helps businesses keep track of and report their financial transactions. It also automates a firm's bookkeeping. In comparison, cash flow software records a business's cash inflow and outflow.

What are the main features of a good cash flow software?

• A good cash flow software is characterised by the following features: Automatic connection to bank accounts and automatic retrieval of account transactions
• Clear presentation of revenues and expenses in categories
• Clear presentation of the past, current and future cash flow
• Creation of cash flow scenarios for the simulation of worst cases and best cases

What are the best cash flow programs?

The most popular cash flow software programs in detail

Agicap

Agicap is a dedicated cash flow software. It communicates with the bank servers via an API interface and retrieves the transactions from your bank accounts every day.

Agicap also communicates with other financial management tools, such as your invoicing software, via the same interface. From there, Agicap retrieves the invoice amounts and due dates and automatically transfers them to the cash flow forecast, making it even more accurate.

Agicap automatically classifies recurring transactions on your bank accounts into categories defined by you. Thus, the tool allows for detailed cost control.

In addition to a main scenario for your cash flow forecast, you can also create as many other cash scenarios as you like. For example, you can look at how long your cash will last if customer demand suddenly drops sharply or there are delivery problems.

Agicap is well suited for companies looking for a focused cash flow management software that integrates with many other financial management apps.

Axonaut

Axonaut is a CRM software suite that offers not only cash flow management, but also invoicing and customer management. The suite automatically connects to your bank accounts and retrieves transactions in real time.

Axonaut presents your revenues and expenses in a statistical overview. You can also enter target figures for what you expect in terms of revenue and expenses in the coming months. With the help of a target/actual comparison, you can see whether you are ahead or behind plan with regard to your cash situation.

If you are looking for a software that offers customer management as well as accounting functions, Axonaut could be a good solution for you.

Quickbooks

Quickbooks is an accounting software that also offers cash flow management. Just like Agicap and Axonaut, it automatically connects to your bank accounts and retrieves the revenues and expenses in real time. These are clearly displayed in a table.

At the touch of a button, you can generate documentation of your cash flow, which is very helpful when preparing the cash flow statement for the annual accounts.

In addition to cash flow management, you can also manage your invoices and receipts in Quickbooks. This makes the tool particularly suitable for companies that want to automate many functions in their accounting.

Xero

Xero is a cash flow accounting software fit for small businesses, bookkeepers, and accountants. This solution gives you all the cash flow data and can be painlessly integrated with other apps and financial services you need to run your business.

With Xero, you can pay your bills on time, receiving insights into your accounts payable and cash flow. This cash flow reporting software lets you reconcile your bank accounts with your financial statements and connect them to Xero so that all your transactions are securely fed into your dashboard daily, enhancing your cash visibility.

This solution enables you to accept payments globally — it supports over 160 currencies and you can link your Stripe and GoCardless accounts to get paid faster online. It allows you to quote your prices, send invoices, and accept payments for individual projects, assisting you in conducting the cost-benefit analysis for the project.

You can also use this cash flow analysis software to track your cash flow data with factual accounting reports. Xero even doubles as a forecasting software, allowing you to project your future cash flows in the UK. Using its app, you can effectively run your business from anywhere, at any time.

Float

Leveraging this forecasting software, you can easily visualise and plan your future cash flows for up to 3 years. This cash flow planning software integrates with Xero, QuickBooks, and FreeAgent, giving you the freedom to link your chosen accounting solution for advanced accounting insights.

You can use Float as a cash flow budget software to map out multiple scenarios to act upon plans A, B, C, or D ready in case any of the potential worst-case scenarios begin playing out in real life. It allows you to import your spreadsheets to have all the data you need for budgeting in your dashboard.

Using this cash flow reporting software, you can keep track of your cash inflows and outflows, manage your bills and invoices, and compare your actual cash position with your projections. This will help you make real-time business decisions about your revenue and expenditure.

Additionally, Float offers priority support from qualified accounts so that you can create budgets, forecast your cash flow, interpret multiple scenarios, and understand how they will impact your bottom line even if you know nothing about these concepts.

Kyriba

Kyriba is an API-enabled enterprise liquidity platform that aims to empower CFOs and treasurers by offering them cash visibility. It supports treasury and risk management forecasts, centralisation of payments, and company-wide connectivity.

With Kyriba, you can proactively manage and improve your cash conversion cycle. It even gives you clarity regarding your cash, liquidity, and financial risk exposures.

Serrala

Serrala is a global financial automation solution. It’s hosted on SAP technology and is compatible with cloud platforms, too. It can quickly automate all stages of accounts payable, saving you time and eliminating errors.

Serrala will also let you manage and forecast cash, reconcile payment data, digitise payment workflows, automate credit and risk management lifecycle, and compile your data and documents.

HighRadius

HighRadius is an AI-driven autonomous finance solution. It empowers businesses to transform their order to cash, record to report, and treasury activities. In simple terms, it automates credit reviews, covers EIPP, resolves deductions, enhances collections, and provides accurate cash flow forecasting.

HighRadius offers visibility on your cash position at all times to improve your cash management and promotes a connected workspace for seamless account reconciliation.

TIS

Treasury Intelligence Solutions (TIS) is a cloud-based platform that helps CFOs, treasurers, and finance teams improve their liquidity and enterprise payments. Used by businesses and banks, this solution consolidates global accounts and allows related stakeholders to collaborate on and execute payments.

TIS also analyses cash flow and compliance data to help you improve your liquidity and manage associated risks.

CashAnalytics

CashAnalytics is a cash flow management platform that replaces spreadsheets and automates manual cash flow forecasting and reporting activities. It unifies cash flow data in a single place to help business managers and treasurers make informed decisions.

With CashAnalytics, you can connect your bank accounts to receive a consolidated view of your cash inflows and outflows. Moreover, you can take advantage of AP and AR analytics to gain actionable insights into your cash flow.

Why use Cash flow software?

A cash flow software centralises all cash transactions, providing a business visibility into its cash position. This allows a business to observe cash inflows and outflows and make informed strategic decisions based on reliable data, such as ensuring that it has enough liquid cash to take care of its daily operations. Moreover, cash flow software allows businesses to forecast their cash flow and test out multiple scenarios.

How to choose a Cash flow software based on your company needs?

It can be a little challenging to choose one cash flow software given the variety in the market, but you can check if a specific software has the following characteristics:

1. Customisation within treasury software

A robust cash flow software must support customised dashboards to let you generate reports and work out ratios per your experiences and business needs. This will help you make informed decisions based on accurate data.

2. Visual appearance of treasury software

Your chosen cash flow software must have a user-friendly, intuitive design and appearance, so that you or your team don’t spend time and effort learning its intricacies. It should help you visualise, report, and share your cash flow data.

3. Multi-user capability

Cash flow software must offer multi-user access to support real-time collaboration and make it easier for multiple stakeholders to use the same tool without any glitches.

4. The number of entities that can be managed

If you manage multiple entities, your chosen cash flow software should allow you to monitor and forecast your cash flow by each entity. It should also provide you with a consolidated view.

5. Multi-currency use

Cash flow software must be flexible to suit all your business needs and allow you to deal with multiple currencies effortlessly. The cherry on top would be if the solution lets you convert the cash information into your primary currency based on daily exchange rates.

6. Data security

A cash flow software must conform to the set rules and regulations for data security. Moreover, it must follow the highest standards in-house to keep your personal and bank data safe.

7. The number of partner tools

Seamless integration with other business tools allows you to automatically sync your cash data to eliminate unnecessary paperwork, reduce errors, and minimise manual labour to enhance data accuracy and strategic decision-making.

8. The type of company for which the tool is intended

Check if the cash flow software can support and cater to your small, medium, or enterprise-level business’s needs.

9. Support: good customer service

Responsive and good customer service will ensure that you receive optimal support for your challenges.

10. Trial period and demonstration of the treasury software

Choosing a cash flow software to handle your business’s cash flow is a big commitment, and you might not always receive the features and support promised. So it’s better to go with software that offers a demo and a free trial period.

What makes a good cash flow solution?

The following features make for a good cash flow solution:

1. Track of cash receipts and payments

The most basic and important feature of a cash flow solution is to keep track of your cash receipts and payments in real-time. This includes syncing your bank transactions too.

2. Customisable alert system

Cash flow solutions allow you to set up custom alerts for payments, bank overdrafts, and more. These early warning alerts allow you to strategise and implement preventive measures in time.

3. Access to reliable bank data

Having immediate access to your present and past cash flow data facilitates future communication with your bank—regarding loans and other stakeholders—regarding investments.

4. Automated bank reconciliation

With a reliable cash flow solution, you can bid your Excel sheets goodbye. The solution will automatically update cash flows taking your bank transactions into account.

5. Short, medium and long-term cash flow forecasts

A cash flow solution should let you forecast your cash flows based on your needs, be it short, medium, or long-term.

6. Automatic payment of supplier invoices

Reduce your workload and save time by paying your supplier invoices on time automatically. You can also monitor and validate all your supplier invoices from a consolidated dashboard.

7. Follow up on unpaid customer invoices

Automatically remind your customers via emails and letters to clear your invoices on time. A centralised view of your outstanding invoices lets you prioritise payment delays to speed up your receivables.

8. Works with integrations

A dependable cash flow solution allows you to integrate with numerous business tools so that you can get an accurate overview of your cash flow.

How does a cash flow forecasting software help a company?

Cash flow forecasting software supports managers in making strategic decisions. The software shows the company's expected cash flow for the coming months, enabling managers to assess when it is favourable to make an investment.

In addition, cash flow forecasts can also be used to identify potential cash shortages at an early stage. This gives those responsible more time to take measures to prevent the cash shortage from occurring in the first place or at least to mitigate its effects.

How do I create my own cash flow?

While the basics of creating a cash flow statement for yourself remain similar to that of businesses, the process is infinitely more accessible. Additionally, you can make the process completely painless by consolidating your cash flow data — cash inflows and outflows.

To gauge your cash position, begin by determining your monthly cash inflows. If you’re a salaried individual, first calculate your take-home salary minus taxes. Next, if you’ve another steady source of income, take them into account. For instance, any part-time or freelance job you might have.If you receive social security, child support, or alimony, don’t forget to consider them. Moreover, if you receive any dividends or interest for your investments, add them too.

It’s time to ascertain your monthly cash outflows. To arrive at an accurate figure, take all your expenses, such as rent, mortgage, credit card bills, investments (including contribution to IRA), student debt, car loan repayments, groceries, utilities, insurance, transportation, gym fees, Netflix subscription, dining, and the like, into account.

Now, subtract your monthly cash inflow amount from your monthly cash outflow amount to work out your financial health. If the resulting figure is negative, you spend more than you earn and need to cut back on discretionary expenses.

But if the figure is positive, you have a positive cash flow and some surplus cash you can invest in growing your wealth or setting aside for big purchases, like a home.

How do you manage cash flow in Excel?

Managing your business’s cash flow in Excel is quite simple. You can either use the built-in templates in Microsoft Excel for managing your business’s cash flow or go with an intuitive cash flow management online template to have a clear view of your cash flow so that you can make informed decisions.

Usually, both template types have pre-placed formulas to make the cash flow analysis easier for you. So you just need to fill in the data in your chosen template. You can pull the required data from your income statement and balance sheet. These documents should have all the necessary information to fill in the cash flow table's operating, financing, and investing sections.

What is the best way to track cash flow?

As a business, you might have multiple channels of cash inflow. Similarly, you’d be paying numerous vendors and incurring the cost for your operations and financing — cash outflow. If you’re an early-stage startup, it might be possible for you to keep track of all your income and expenses.

Though as your business grows, it'll become difficult for you to manage your cash flow. The best way to track your cash flow is by preparing a cash flow statement or report. This will give you a bird's eye view of all your cash inflows and their sources and enable you to account for all your expenses.

This will help you understand your business’s actual financial health each month, quarter, or year. It’ll assist you in spotting cash inconsistencies or shortages, so you can take strategic decisions and project future cash flows.

What is cash flow in software project management?

Cash flow in software project management allows project managers to track and record the cash inflows and outflows during a software project’s lifecycle. This includes the project costs, other payments associated with the software, and the income from the sale of the software.

While undertaking a software project, it’s necessary for managers to monitor the cash flow of the project to ensure that it stays on budget, identify potential cash shortages, recognize phases that would require more funding, formulate plans for contingencies, and understand how their decisions impact the business’s cash flow.

This supports managers in making strategic decisions, funding short-term and long-term operational goals, making proactive financial management decisions, and forecasting cash flows for other such projects.

Free cash flow software in Excel vs. dedicated software solutions

Many companies use Excel as their cash flow software. To do this, you first have to go through all the transactions on the bank accounts, divide them into categories and then add them up. The results are then entered into the Excel spreadsheet and the cash balance is calculated.

This approach involves a lot of work because none of the steps are automated. This is also the reason why many companies neglect cash flow planning, because it takes a lot of time. These companies are more prone to cash shortages because they do not have an accurate overview of their cash.

Generally speaking, the more business accounts a company has and the more transactions take place on them, the more time-consuming cash flow planning in Excel becomes. With dedicated cash flow software, however, all these problems can be avoided, because all routine processes are automated.

Cash management software: Customer testimonials

The CEO and co-founfer at SquadPal Robinson Nouveau shares how cash flow software helped him to do financial projections:

“Other pain points that we felt was the forecasting. So, whenever we’re trying to set up money for a project we need to actually cost it in and understand how much we can spend on this project. It is very easy for me as a CEO to do financial projections.”

Serial entrepreneur Christian from Roots Allotments says:

“As an investor, I think it’s important for every business that operates to have financial oversight and myself and the C suite within each business is there to ensure that the financial oversight is kept to and budgets are kept to.”

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