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 then 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 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 it gives 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 organizations. 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 make decisions accordingly.

3. Fathom: Deep Dive into Reports & Forecasts

Fathom is for those who love diving deep into their numbers. And I mean deep.

Fathom offers a granular analysis of your financial data, across anything from business performance insights, custom management reports and cash flow forecasts. Fathom is a favourite among 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 is great for simplified, intuitive cash flow forecasting, turning what is often a complex, time-consuming process into a more intuitive experience. It’s particularly strong for project-based businesses looking to build cash flow scenarios and stay ahead of any shortages.

5. Upflow: Control Center 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 Reminder for Collections

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, persistent virtual assistant who makes sure 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 & Control Money-in, Money-out

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

With easy-to-use AP and AR automation, cash flow insights and a working capital facility, Mimo gives you the insights & tools to control cash flow in one single interface.

There's more to it than 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 it. If you’re looking for accountants / FDs to help you, let us know and we can help find one suitable for your needs.

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