It’s no secret that cash flow is king. One recent study from the Federal Reserve Bank of New York showed 82% of small business failures were partly due to cash flow problems. With numbers like that, it’s clear that nearly every small business owner, and their advisor, can benefit from a window into cash flow now and in the future.
The problem is, up until now it’s been difficult to get an up-to-date view of cash flow in Xero without visiting several areas of the product and doing some manual calculations via spreadsheet.
This solution may be fine for occasional advanced planning, but what about when you just want to know “can I pay my bills and staff this month and still be OK?”. Cash flow is personal, emotional and can keep you up at night. We’re hoping this new short-term cash flow feature will help you sleep easier.
A better view of future cash flow today
Anna Curzon, Xero’s chief product officer, just announced at Xerocon Brisbane that a short-term cash flow feature pilot is now underway.
It’s designed for small businesses that want to manage their future cash flows better. It’s also for Xero partners who want to start deeper conversations with clients and offer more useful advice.
This feature will visually project the user’s bank balance 30 days into the future, showing the impact of existing bills and invoices that are paid on their due dates.
Users will be able to choose a bank account and switch between a 7-day and 30-day view. They’ll also see the impact of paying a bill today versus next week, and know which invoices they should follow up on again to help with cash flow this month.
We’re in pilot phase right now because we’re only at the beginning of the functionality we’d like to build. Thank you to everyone who has signed up to try the feature and give us feedback before the official launch in early 2020 – we now have enough participants for the pilot. We look forward to learning more, and providing you with a released short term cash flow product soon.