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. Using these apps does not mean you have to switch your accountant.
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.
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.
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 roughly every £400,000 of turnover it will save a business about £17,700.
Every business using Xero can use these apps for free via Purple Lime until June 30th with no obligation to continue after that date. In addition, to help in these worrying times Purple Lime are offering a free half hour remote support session for each app. This will get you up and running and integrate the apps into your Xero software.