Q: What financial software do you use to stay on top of cash flow, make projections, etc. easily?
Abacus Law. “I’m personally a fan of Abacus Data Systems’ Abacus Law. Not only does it handle legal billing and work as a general ledger, it also helps keep track of documents, clients and cases. Its availability via private cloud means it’s accessible to me whenever I require, and it’s easy to use. That’s also a plus, as it means I can focus more on my practice than on learning my tools.” Steven Buchwald, Buchwald & Associates
An Excel file. “We’ve found that QuickBooks Online is good at accounting but not forecasting. We’ve tried out a few other software programs but have ultimately found that nothing beats forecasting in Excel.” Lisa Curtis, Kuli Kuli
FreshBooks. “We use FreshBooks for bookkeeping, so we know what we’ve billed, how much of that is expenses versus profits, and how much we’re still waiting to receive. In terms of forecasting, what has been most helpful is building a spreadsheet that lists each client’s contract end date, the likelihood of renewal based on how our relationship is, how long they’ve been with us, and plain old intuition.” Kathryn Hawkins, Eucalypt Media
Harvest. “Since we handle all the invoicing in Harvest, we get simple yet effective charts and summaries about how much we are billing every month and how much is outstanding. Using that with a P&L report from QuickBooks helps us keep an eye on the bottom line. When doing projections, I often use Google Sheets or Excel to run numbers based on data I pull from both Harvest and QuickBooks online.” John Arroyo, Arroyo Labs, Inc.
Small Business Software by Wave. “Wave is free and super simple. It has great support, and its features and services grow with your business. It’s very comparable to FreshBooks but free, and much easier to use than QuickBooks, with less rarely-used bells and whistles. We supplement that with Google Sheets for our internal pricing models, forecasting and budgeting. Both are cloud-based, so they are accessible on any device.” Jordan Gurrieri, Blue Label Labs
Xero. “We use Xero to keep our bookkeeping up to date. The software links to our bank account, and allows us to easily stay on top of cash flow and analyze our expenses. It’s a lot like QuickBooks, except we prefer the Xero interface and usability. When it comes to projections, however, we still fall back on a spreadsheet.” Bianca Silva, Pajers