Cash flow is now critical for business owners to ride the Covid-19 storm over the coming weeks or even months.
Understanding how cash is flowing in and out of the business and controlling costs will become more critical than ever. Developing an understanding around this is also important for the future and will help any business get to grips dynamically with their numbers once lockdown is lifted.
Focusing on cash flow will help bring some clarity to business owners or directors who need to be steering a way through this pandemic coronavirus.
With this in mind we are recommending two apps which are free right now to help with your cashflow. Many other app providers are also offering favourable deals to support business owners through this very tricky time.
Using these apps does not mean you have to switch your accountant as we can help.
Our first choice is FloatApp which will help with the management of open invoices and bills and will help plan ‘what if’ scenarios such as a virus pandemic. It provides a visual picture of your cash flow in real time so you can make sensible business decisions.
Any business owner or director working with us to use FloatApp will get the app free of charge until May 31 and a discounted price from June onwards.
Our second tip is to use Chaser – put simply Chaser is a Xero compatible app which chases your invoices for you, performing an automated but fully tailorable credit control function. It does this in a user-friendly manner and is designed to not be impersonal.
Every business can use this app for free via us until June 30th with no obligation to continue after that date.
It’s estimated that on average Chaser will save a business seven hours a week by chasing down invoices. The creators also claim that for every $500,000 of turnover (roughly £400,000) it will save a business $22,000 (about £17,700).
Every business can use this the app for free until June 30th with no obligation to continue after that date.
Here at Purple Lime we can offer these apps with a free half hour remote support session for each app. This will get you up and running, integrate them with your Xero software (we’re Silver Champion Partners with Xero).
These are the types of apps we use ourselves within Purple Lime and we support our clients in using them too. We are already a paperless team, and currently fully operational working from home. We foresee many other businesses will now be committing to this way of working.
We truly are an outsourced finance department for SME business owners using cloud technology enabling our clients to have real time financial data when making important strategic decisions. We also share some pretty useful hints and tips to any business owner on the use of Xero and associated apps!