Maintain total control of your cash flow with till management. Capitalize on rich permission settings and a log that tracks activity so that you can rest assured your cash is right where it should be.
Set Alerts and Prompts
Stay on top of your cash flow with cash management software that assists in tracking your dollars. Prompt employees to set a starting till when logging in to the POS at the beginning of a shift, and set an alert to notify you when a till reaches a certain amount.
Tie tills to individual employees rather than to a cash box to accurately attribute end of day totals to the right employees.
This feature allows managers to hold each employee accountable and keep track of the amount in each till before shifts begin and when shifts end.
Reporting that Captures Cash
Track your cash flows with Revel reports, and maintain a real-time view of your daily sources of cash. Revel's reporting and analytics suite s designed to give you a complete view of your business.
With all the voids, discounts, comps, no-show pickups and more, you need a system that allows you to track all your inventory, labor and sales data, so you can keep track of your cash flow.
Why Choose Revel Systems as your Cash Flow Management Software?
Revel Systems provides a rich suite of business management solutions through a cloud-native POS. Our platform is used by the industry's best restaurants and retail stores. And this expertise extends to our cash flow management software as well.
Revel Systems’ cash flow management software provides robust and accurate tracking of not just your cash flow but cash-related activities as well. Robust permissions and virtual tills mean you know where your cash is and who's handling it at all times. In addition, alerts and prompts keep you on top of your financial data.
In addition, our cash management tool builds on the robust reporting and analytics features of our other products. Categorize data and get valuable insights that you can use to improve your cash flow.
The cash management software works well with our other Revel Systems solutions. Used in tandem, they allow managers and owners unprecedented visibility and insights into their operations.
Revel offers you options when it comes to how you handle your money. With our in-house
payment processing solution, Revel Advantage, we can get your deposited funds to you the same day (for a small fee) or as fast as the next day.
Revel is your one-stop shop for the tools you need to keep your operations running smoothly and help you drive revenue.
What is Cash Flow Forecasting Software?
Cash flow software is a tool that helps with the tracking of the cash coming in and out of your company. It tells managers and owners where their fund is at all times and who is responsible for maintaining it day-to-day.
In addition, cash flow software is a financial forecasting tool. It can guide managers on what to do to maintain a positive cash flow to the business based on past transactions and records. Ultimately, it helps a company keep up with its expenses or pay off its obligations.
Computing positive cash flow is arguably one of the best benefits of these tools since it's often tedious and time-consuming to do it manually. In addition, cash flow software can also generate financial statements automatically. In turn, this can help reduce administration costs and staffing.
Cash flow management tools are just one aspect of a broader financial and accounting system. As such, if it's a third-party tool, it must integrate seamlessly with your current system. More often, however, a cash flow tool is bundled together with an accounting system.
Cash Flow Software Features
A good cash management tool should have the following features.
The first is automatic data collection. The software should be able to gather all of the cash data from every part of your business and collate it for analysis. This is crucial for medium to large-sized businesses with multiple departments or branches. Such collection is vital because you need to account for all your cash sources to get the most accurate result.
As such, good cash flow software must be able to integrate seamlessly with a variety of systems and platforms. At the very least, it should be compatible with leading software packages like QuickBooks and Xero.
The power of a cash flow forecast software is in its analysis capabilities. It needs to be able to accurately assess how much revenue a firm should have to achieve positive cash flow based on past trends. Forecasting is vital because it will impact critical financial decisions like getting loans or short-term financing.
In addition, it should also have scenario planning. Planners should be able to play around with different options and factors. For example, if your business is planning to expand with a new location, a cash flow analysis software can let you see the impact on your finances so you can make smarter decisions.
Cash flow software should also facilitate communication and collaboration among key stakeholders, owners, and team members. A centralized platform can help make this process easy because it's important that the system provides cash flow data in real-time. This allows you to make timely decisions or respond to extraordinary circumstances.
Lastly, it's helpful to have attribution. In other words, you should be able to tie specific cash flow to individual employees to create accountability. This is useful for restaurants and retail shops with staff that manages cash registers at the end of the day.
7 Tips for Cash Flow Management
At the end of the day, no matter how much you love the product or services you provide, as a business operator, it all comes back to the money.
We’ve compiled seven tips for cash flow management from QSR Magazine to help you check your cash management practices and make sure you’re aligned with industry best practices.
- Forecast your cash flow
- Create seasonal budgets with your cash flow forecast
- Identify options for reducing overhead costs
- Avoid relying heavily on credit
- Stay vigilant with your bookkeeping
- Diversify your vendors
- Tune in to news and events to anticipate potential problems
Head to the article (linked above) for more details on each tip.
Why Cash Management is Essential
According to a U.S. Bank study, 82 percent of business failures are due to poor cash management. When it comes down to it, you simply can’t afford poor cash flow management.
When you rake in the sales, it’s easy to forget that inbound money doesn’t equal final profit minus expenses—there’s still that pesky balance sheet to manage at the end of the day.
Looking for even more information on the accounting practices that are best for your business? Check out our blog post on cash vs. accrual accounting methods for a deeper dive.
With the right platform in place, you’ll have cash management resources built into your operations and processes, making this facet of your business much simpler to handle.
Manage all aspects of labor operations from a single console and streamline your administrative paperwork, allowing you to focus on big picture items.
Utilize Revel’s suite of restaurant management tools to provide excellent service – from making a reservation through paying the bill.
Open your business to a larger audience and unlock next-level delivery capabilities with Revel’s delivery software options, whether it be in-house or through a third-party.