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Best software for forecasting cash flow

Brad Ewin
Written by

Last editedApr 20233 min read

As a small business owner, looking past the day-to-day challenges of running your business, let alone planning more than a couple of months into the future, can seem like a struggle. But this type of long-term, tactical forward planning can be vital for the future success of your business. Software for forecasting cash flow can help you do that, providing your business with a clear indication of your financial health and the potential state of your business’s future capital. Find out everything you need to know about the best cash flow forecasting software in the UK with our definitive guide.

What is cash flow forecasting software?

There’s more to cash flow management than simply understanding how much money is in your company’s bank account. Cash flow forecasting plays an important role, giving you the opportunity to estimate the amount of money flowing in and out of your business over a given period (usually 12 months). Producing a cash flow forecast used to be a time-consuming, complex task, becoming outdated almost immediately. With cash flow forecasting software, that’s all changed.

There are a couple of different ways that your business can utilise cash flow forecasting software. Many large companies will develop their own, in-house systems using either internal or external technology. By contrast, other companies may decide to implement third-party software within their own systems, upgrading whenever necessary. Finally, many companies choose to use SaaS cash flow forecasting software, signing up for access via a monthly or annual subscription fee.

So, what does cash flow forecasting software offer your business? Generally speaking, software for forecasting cash flow has four primary benefits:

  • Greater insight, with data – By collecting and harmonising data from across your business, cash flow forecasting software can provide you with greater insight into the overall financial health of your company. The data gathering process can be fully automated and data can be displayed in such a way that it’s easy to assess.

  • Integration with other systems – If you’re using the right package, you should be able to plug your software for forecasting cash flow into a range of different systems. This gives you the opportunity to collate relevant data as well as output data to different points for analysis.

  • Actions to take, from analysis – Most importantly, cash flow forecasting software can help your business assess your future short-term cash needs, giving you the opportunity to analyse the best business and financial options for your firm while maintaining a healthy cash flow.

  • Centralisation – Finally, software for forecasting cash flow can centralise all of your company’s relevant data, making it easier for different areas of the business to consult and analyse.

What are the benefits of using software for forecasting cash flow?

There are a broad range of advantages associated with cash flow forecasting software. Most importantly, it gives you a clearer insight into the future financial health of your company. This ensures that you’re equipped to make better decisions about your business, from where you direct investment to how you pay off your debt obligations.

For example, if your cash flow forecast indicates that your business is likely to have an excess of free cash at the end of the quarter, it may be a good idea to start planning on making investments or moving into bigger premises. In addition, cash flow forecasting can play a key role in helping your business access financing, as it’s one of the key documents that lenders look at before deciding whether to extend you funding.

Best cash flow forecast software in the UK

When it comes to choosing the best cash flow forecasting software for your small business, it’s important to choose the provider that’s best suited to the needs of your company. Do you need a software package that includes full treasury management? What about a niche system that mainly focuses on forecasting and risk assessment? There is a wide array of cash flow forecast software in the UK to choose from, ranging from very simple tools to complex systems.

Major cloud accounting software providers such as Xero and QuickBooks offer integrations with a variety of different cash flow forecasting software, such as Futrli, Fluidly, and Float.

To help choose the best cash flow forecast software for you, try the following:

  • Seek recommendations from within your network

  • Look at ratings and reviews on the app marketplace for your cloud accounting software

  • Search online and on social media for additional recommendations, ratings, and reviews

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