4 apps and websites to manage cash flow

Access to a phone is all that’s required to have an accurate, real-time view of every aspect of your cash flow, from profits and unpaid bills to projected revenue.  

But how can you best unlock such capabilities and manage your finances? These four digital tools are worth checking out. 

1. The Prospa App

The Prospa App, which recently became available to NZ customers, gives small business owners a simple way to manage their cash flow on the go.  

Whether it’s seeing balances, transaction history, upcoming or missed repayment, the Prospa App helps give customers instant cash flow clarity.    

For a small business with a Prospa Line of Credit, the ability to know in an instant their available funds and being able to draw down via the Prospa App as needed means they can always be prepared for unexpected costs and opportunities. 

For example, say they run a removalist company and are negotiating the purchase of a new truck. They could open the Prospa App and conveniently draw down on funds – making sure they stay on the front foot as they pursue the best deal. 

Another handy feature: when it’s the right moment to do so, customers can use their stored details for a quicker and easier application for funding, all in the Prospa App. 

For instance, a small business with a Prospa Small Business Loan could apply for a Prospa Business Line of Credit in service of a larger strategy, whether it’s upgrading tools and equipment or a more significant business expansion. Their existing details would be prepopulated, making the whole process fast and paper-free. 

2. Xero

Founded locally in 2006 and still headquartered in Wellington, cloud-based accounting tech company Xero has been a go-to for New Zealand small businesses for years. 

Like a lot of accounting solutions, Xero’s app allows you to view your finances on your phone – invoices, bills, profits, quotes, etc. You can quickly compile reports to measure your performance over time (monthly, quarterly, annually, etc). 

One feature that doesn’t have an equivalent in all competitors is ‘smart lists’, which makes it easy to search for and categorise particular customers. For example, you can maintain a list of all customers who have outstanding invoices. 

Xero has some artificial intelligence functionality that makes reporting simpler. It also offers its own App Store, meaning you can customise your experience with hundreds of third-party software offerings and integrate Xero with selected platforms. 

3. QuickBooks Online

Like Xero, Intuit QuickBooks Online offers several tiers based on your business size and offers similar functionality when it comes to managing finances. With its origins tracing back to 1992, the company is a bit of a financial software stalwart. 

A few things that distinguish QuickBooks Online include a highly regarded user experience and comprehensive records.  

Also, if you’re a small business owner who loves to delve into the data, QuickBooks Online won PCMag’s editor’s choice partly because of its reputation for report generation. With modifiable templates numbering in the dozens, you can create a breakdown of multiple aspects of your business, from taxes to accounts receivable.

Again, like Xero, QuickBooks has an app store that offers hundreds of third-party apps that can increase the functionality of the base product. 

4. Fathom

If analysis and forecasting are a priority, one option is specialised finance software Fathom. Its single-company price tier was about $64 at the time of writing.  

Integrating with both Xero and QuickBooks, Fathom’s primary uses include:  

• Creating elegant-looking reports in an intuitive editor 
• Financial insights, including the tracking of performance indicators that are most crucial for your business 
• Forecasting is built on the three-way cash flow model, which combines your income statement, balance sheet, and cash flow projections. From this, you can do budgeting, rolling forecasts, and more 

As the above suggests, Fathom is less about day-to-day management. It’s most useful for those looking to become more strategic with finances.