Cash flow is a common challenge for many businesses and there is some good advice for how to get your cash in quicker here. Quite often you need to be able to see how much cash you’ll have this time next year, next month, next week or even tomorrow.
Using Xero, we have two preferred options of giving us the visibility we need of future cash flow:
Using the Cash Summary report within Xero you can create a simple cashflow forecast tool using a spreadsheet. There are simple instructions on how to do this including a quick video here.
There is a tool that has recently integrated with Xero called Float – this an even simpler way of tracking your cash. Everything happens within the app meaning that you don’t have to mess around with spreadsheets if you’d really rather not to!
Check out these tools and see which works best for you. In both cases you’re probably best to prepare a budget for the next few months – this is also easily done in Xero and the Xero Help Centre has a step-by-step guide here.
Let us know how you get on and if we can help, just shout!
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