Looking after cash flow is one of the most important ways for a company to assess the health of the business. It’s not a complicated metric but having the processes in place to accurately keep track of it is critical to everyday business. A competent cash management advisor needs the knowledge to understand what is going on, and access to the proper tools to track it.
While CPA Firms always claim that they offer cash flow management as a service, they often fall short. More than 60% of clients end up unsatisfied with the grasp that their accountants have of cash flow. To help identify whether a firm will be an asset or a burden in this department, there are some signs to look for when looking for a cash management advisor.
Their website should communicate that they offer the service. This may not seem like a hard-lined rule to follow, but if an advisor specializes in something, they’ll advertise it. Their webpage is the first place they’ll list their strengths.
Embracing cloud-based technology is becoming imperative for businesses. If a company claims to use this technology but doesn’t have access to cloud-based solutions, that raises a serious red flag.
Using cloud-based tools has become increasingly important. While they may be able to do the job on their own, they won’t be able to leverage today’s technology to the fullest unless they utilize the cloud. Adopting these services isn’t just a vanity metric but a way to demonstrate how effective they are going to be. Using the cloud offers some key advantages that will help your business monitor cash flow better.
- Cloud software works regardless of location.
- It updates in real-time.
- It talks with other platforms to create a seamless experience.
- It allows automation to progress.
Using cloud-based technologies like QBO, Xero, and Sage Intacct is important now because they will allow your company to progress, tracking, and managing cash flow more efficiently.
The cash management you choose needs to thoroughly understand how cash flows through your business. In today’s market they need to embrace the cloud and cloud tools so that your cash is being accurately tracked as every transaction takes place. Bringing all of this together will lay a strong foundation for you to gain insights and optimize your cash flow.
Dryrun is one of those systems that is entirely cloud-based and fully integrates with Accounting platforms that do the same. We are the worlds most advanced Cash Flow Management solutions and our team of experts will get you on the right path and can also introduce you to CPA Firms that are on the same page with technology advancements.
Visit www.dryrun.com for more details.