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February 24, 2015

Float – Cash Flow Management for SMBs

ss-float
When business owners are stressed, money is almost always to blame. Float is a web-based application that aims to quell some of those concerns, providing small businesses with tools for financial forecasting, budgeting, and cash flow management.

Float can provide you with answers to questions like how much cash you have available right now, how much cash you’ll have in the bank next month, and what will happen to your finances if a client payment arrives late. Whereas it can take hours to make these calculations on a spreadsheet, Float’s forecasting tools provide you with the answers you need in just seconds. Connect Float to your accounting software, and you’ll immediately begin pulling all the transactions coming in and going out of your accounts into Float. Next, set up simple budgets based on previous spending patterns. Each time a bill payment or transaction goes through, your budgets will be updated.

Although Float’s cash flow management tools are impressive, it’s the application’s forecasting module that really stands out. Users can explore “scenarios,” like what will happen to their finances if sales increase or a new employee is hired. With each scenario, the business can see exactly the level of cash that will be accessible at any point in time. For business owners who want more financial peace of mind, Float is an application that serves a useful purpose.

Practical Uses:

  • Decide whether you can afford to hire a new employee
  • Set up budgets to plan for future expenses
  • Create models to determine what would happen if sales tanked
  • See exactly how much cash is available in real-time

Insider Tips:

  • Float is integrated with Xero and FreeAgent
  • Export reports to save on your desktop
  • Use Float’s collaboration features to share financial data with teammates
  • Toggle between multiple companies

What we liked:

  • Float offers a way for businesses to forecast future spending
  • Users can manage invoices and bills within Float
  • Float’s forecasting tools take into account patterns and seasonality issues
  • Business owners can eliminate the need for manual data entry

What we didn’t like:

  • Float doesn’t yet have the ability to raise purchase orders

Alternatives:

Company Info:

  • Launched: 2011
  • Privately Held
  • Headquarters: Edinburgh, Scotland
  • Founded by: Colin Hewitt and Philip Roberts
  • Web site: http://floatapp.com

Costs:

  • Solo plan is $24 per month
  • Small Team plan is $39 per month

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