Cash flow is the lifeblood of any business. Managing it well is crucial for survival and growth.

A staggering 82% of businesses fail due to poor cash flow management, highlighting the stark truth about the critical role it plays in the health and longevity of a company.

At Mimo, we see firsthand how mastering cash flow can be the difference between thriving and merely surviving. For SMBs, accountants, and fractional FDs, understanding and managing this aspect effectively is not just beneficial; it's imperative.

Better tools to manage cash flow

Luckily, there are better tools than ever available, helping SMBs, and the ecosystem of financial professionals supporting them, manage cash flow better.

Here are seven transformative tools that can help you not just manage, but also master your company's cash flow.

1. Trezy: your cash flow analyst

Trezy is like having a financial analyst dedicated to your cash flow! Just connect your bank account and will give you a comprehensive view of your financial health, making complex analysis simple. From benchmarking your margins to understanding your cash balance trends, Trezy gives you cash flow insights at the click of a button.

2. Agicap: multi-entity cash flow management

Agicap stands out for its real-time cash flow tracking for more complex organisations. It's particularly strong at understanding cash flow across multiple entities, something larger companies often end up managing in Excel sheets. Agicap is great for aggregating data and making decisions accordingly.

3. Fathom: deep dive into reports and forecasts

Fathom is for those who love diving deep into their numbers. And we mean deep. Fathom offers a granular analysis of your financial data, across anything from business performance insights to custom management reports and cash flow forecasts. Fathom is a favourite among the sophisticated accountants we work with at Mimo.

4. Float: cash flow understanding for project-based work

Float is the most popular cash flow forecasting software for Xero. It's great for simplified, intuitive cash flow forecasting, turning what's often a complex, time-consuming process into a more intuitive experience. It’s particularly useful for project-based businesses looking to build cash flow scenarios and stay ahead of shortages.

5. Upflow: control centre for your accounts receivable

Upflow transforms how you handle accounts receivable by automating the tedious but crucial process of tracking and managing incoming payments. With clear overviews of aged receivables, automated dunning processes and payment portals making it easier for customers to pay you, Upflow aims to help you get paid faster and reduce negative cash flow impacts.

6. Chaser: the gentle receivables reminder

Chaser is a UK-based team with a trusted tool for automating your accounts receivable processes. It gently nudges your clients for payments, ensuring that your AR doesn't turn into a game of hide and seek. Having a tool like Chaser is like having a polite but persistent virtual assistant who ensures your cash flow doesn’t stall. Don’t miss their functionality of doing credit checks on future and current customers, to stay ahead of any bad debt risks.

7. Mimo: understand and control money-in, money-out

At Mimo, we believe that understanding and controlling your cash flow should be a natural, easy part of the day-to-day running of any small business. That's why we focus on building an end-to-end control centre for your money-in, money-out.

With easy-to-use accounts payable and accounts receivable automation, cash flow insights and a working capital facility, Mimo gives you all the insights and tools you need to control cash flow in a single interface.

There's more to it than just software

While important, remember tools are just part of the equation. The real magic happens when you combine these technologies with human insight. In our journey with Mimo, embracing the synergy between the business and our accountant/FD has always been the main driver of success.

Mastering your company's cash flow is a continuous journey. Embrace these tools, blend them with your unique business processes, and reach out to your peers to learn how they manage them. If you’re looking for accountants/FDs to help you, get in touch and we'll help find one suitable for your needs.

If you want to learn more, don't hesitate to book a time to chat with us here.