How to Boost Cash Flow with QuickBooks Apps
In our last blog post, we briefly discussed how QuickBooks Apps can help you in enhancing the overall productivity of QuickBooks Desktop and QuickBooks Hosting. We also listed down few top and contemporary QuickBooks Desktop Apps that are real gems.
Moving ahead, in this blog post, we will discuss complexities you may face while managing and enhancing cash flow and also how you can use different QuickBooks Apps for boosting the liquidity in your business. Let’s explore.
Complexities in Maximizing Cash Flow
Cash flow is one of the most critical financial data that explains the cash or cash-equivalents coming into or moving out of your business. Cash flow also help businesses determine the liquidity, which is essential for survival of any business.
Your business may always want to seamlessly manage cash flow and get the real-time data about all the cash transactions. However, there are several reasons due to which you may be not able keep all data on your fingertips.
Difficult Mechanism to Track Bills
One of the major hassles while managing cash flows is the complex mechanism and process to track bills. Many a time, you may not be able to keep pace with all the bills and invoices.
No Real Time Tracking
Another problem that one may come across while maximizing cash flow is to get the real time tracking of all financial data. In the absence of real time data, your business may not be able to take requisite steps for cash flow enhancement.
Delayed Cash Flow Data
If you are getting the delayed cash flow data, then you may be not able to know the real time liquidity status of your business, which indeed are critical for taking decisions related to business expansion or vice versa.
Missed Payment Overdue
If you continuously keeps missing your due payments because of any reason, then this can have an adverse impact on your overall cash flow management and in long term this can also become the major burden.
Non-integrated Tax Planning
In a long run, if you want to seamlessly manage your cash flow, then you need to integrate tax planning with your every financial statistics.
Using QuickBooks Apps for Maximizing Cash Flow
There are several ways through which you can easily maximize cash flow of your business. One of the best ways is to integrate QuickBooks with QuickBooks add-ons or apps. Following are few ways to use QuickBooks Apps for boosting cash flow.
One of the most important things that you need to do for maximizing cash flow is to have maximum cash in hand. And, for having maximum cash in hand, why to pay all bills and invoices ahead of the of the full payment term or pay them with late fees? If you integrate one of the best Apps – Bill & Pay with QuickBooks, then it will let you automatically pay all bills during the fullest payment term.
The best way to boost your cash flow is to timely collect all the payments from your different clients or customers. However, due to the hectic business schedule, you may at times forget to get all the payments timely, and this may cost heavily on the overall liquidity of your business. However, if you integrate QuickBooks with Anytime Collect app, then you will always get timely payments, which in a long run help you maintain maximum cash flow.
Too low or more than the required inventory, both hamper your sales channels and business liquidity. It is therefore, essential to have the real facts & figures about the optimum inventory. Acctivate is the most compelling app that can be easily integrated with QuickBooks to know the desired and exact number of inventory items required for maximizing cash flow.
As a business owner, you need to timely pay different types of taxes to local authorities, which means you need to move cash out of the business. However, many a time, you may forget to pay taxes, and you may end up by paying taxes with late payment charges. With Tax Planner app, you can easily plan all the taxes ahead of the time and also keep an eye on all the changes in the taxation laws.
The Way Forward
Having maximum cash flow is always good for your business and the above QuickBooks apps simplify managing your cash flow.
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