Making financial forecasts can be challenging: In addition to the arduous tasks of crunching numbers and making predictions about your business's financial future, no business owner wants to make a mistake when estimating income and expenses. For most small businesses, completing cash projections and managing finances require some outside assistance. For those taking the DIY route, the Small Business Workbench can help.
Small Business Workbench is a cloud-based Web and mobile app that helps businesses with cash flow forecasting and working capital management. It aims to make it easier for businesses to look ahead and manage their financial future while helping them to avoid under- or overestimating cash projections. Simply enter your type of business and financial information to get started.
The Small Business Workbench cash forecasting and working capital management tool is packed with features to help small businesses estimate cash flow, plan for future expenses and produce financial reports. As such, the tool also answers critical operational questions, such as whether it can meet payroll, how it can prepare for any shortfall and if inventory is being managed effectively. (The tool can also help if you are just starting a business and have no idea how to complete financial projections for your business plan.) [5 Common Money Mistakes Small Businesses Make]
Using this tool, projections can be made daily, weekly, monthly or as far into the future as needed. This way, businesses can anticipate future events — such as payroll, taxes and large purchases — and establish action plans to prevent or handle potential problems. And because it is a cloud-based tool, all data and financial reports are accessible anytime, anywhere that you need them.
To make Small Business Workbench work even better for your business, the tool can also integrate with third-party solutions, such as your current accounting software and apps from the Small Business Workbench App Center. App offerings include those for creating e-invoices, accepting mobile payments, managing inventory and other cash management tools.
Start using the Small Business Workbench cash forecasting and working capital tool by choosing a subscription plan at sbworkbench.com. Pricing starts at $6 per month. Subscribers get a $1-per-month discount for each add-on app they purchase — for instance, $5 a month for the basic tool plus one app, $4 a month for the basic tool plus two apps and $3 a month for all three apps. Likewise, each app also requires a subscription: eInvoice for $20 per month plus $1 per payment, Inventory for $8 a month, and Prepaid for $10 a month.
The Small Business Workbench is also available through select banks, small business lenders, financial firms and other distributors.
Originally published on Business News Daily.