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Best tools for cashflow management revealed

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Specialist cashflow forecasting app Float emerged as the most favoured tool for managing cash during 2021.

9th Feb 2022
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Cashflow and credit control have been crucial activities during the past two years of pandemic. After spotting a surge in usage of software for this purpose in 2020, AccountingWEB decided to launch a new category in its Software Awards for 2021. The inaugural results are summarised in the table below.

Float and Fluidly hail from the forecasting side of the cash management family and are both previous winners in that category. Where Fluidly used £5m in funding from the Banking Competition Remedies innovation fund to add online funding facilities to its portfolio, the forecast-only Float app proved to be the most resilient in terms of voter recommendations in this year’s awards.

Satago is a hybrid credit control dashboard and online finance platform, with a dash of client management features and performed very credibly in a category that aligns with its core functionality.

The presence of both Xero and QuickBooks Online in the top five table shows that cash management is a core concern for business software users. Now that Xero and QuickBooks have established themselves as significant players in this category, AccountingWEB’s head of insight Julian Green said the big platform developers could make life tougher for smaller, specialist developers.

“AccountingWEB research conducted in the final quarter of 2021 identified that 25% of firms – mainly larger ones and smaller, progressive firms – were generating fees from new services based on these apps. Most respondents using this type of software were using the apps built into their accounting platform as the most expedient way to service what seven in 10 saw as flash in the pan demand driven by the need to access Covid support funding,”  he said.

“If software adoption trends in other sectors repeat in this category, we will see continued growth, but the challenge is going to be for the specialists to demonstrate the advantages of their best-in-class technology.”

Rank

Product

% vote

1

Float

42.1%

2

Satago

20.3%

3

Fluidly

17.8%

4

Xero

  7.4%

5

QuickBooks

  4.0%

Awards methodology

Throughout the year AccountingWEB members are invited to nominate their favourite apps across the 10 categories listed here. Those votes are compiled into rankings on which the awards are decided. The trend indicators are based on rankings within the category, or where they haven’t changed by the number of rankings achieved compared to the previous awards.

The polls are already open for this year’s awards, so if you’d like to have your say:

Vote for your favourite software here

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