We’re thrilled to launch a new feature in ConnectBooster: Monthly Cashflow Insights. This tool is designed to give you unparalleled visibility into your payment inflows, providing the detailed insights you need for smarter financial planning and optimization. Here’s a closer look at how this feature can transform your business operations.
Visualize and track payment inflow
With Monthly Cashflow Insights, you can effortlessly visualize and track the timing and methods of all incoming payments. The intuitive calendar view allows you to review collective payments received in the previous month, making it easier than ever to spot trends and patterns. You can also drill down to see payments by specific dates and get a comprehensive summary of payment methods, including AutoPay, manual payments and Pay Now options.
How to use Monthly Cashflow Insights
Unlock the full potential of Monthly Cashflow Insights by leveraging its features to understand and optimize your cash flow patterns and payment methods. Here are two key ways to make the most out of this tool:
1. Understand cash inflow patterns
One of the most valuable aspects of Monthly Cashflow Insights is the ability to identify when most of your cash is received each month. For example, if you notice that 50% of payments are typically received around the 15th of each month, you can plan your expense payments accordingly to ensure liquidity. This proactive approach can help your managed service provider business stay cash flow positive by aligning your outgoing expense payments with your incoming cash flow, reducing the risk of overdrafts or missed payments, and allowing you to make strategic financial decisions based on predictable cash flow.
2. Drill down payment methods and patterns
Understanding the predictability and reliability of different payment methods is crucial for effective cash flow planning. Here’s a breakdown of various payment methods and their characteristics:
- AutoPay: Payments are set up to be paid automatically each month based on the contractual amount in your professional services automation (PSA) tool. These payments offer high predictability and ensure consistent cash inflows, reducing the risk of late payments. What’s even better — getting your customer to AutoPay is actually easier than you think.
- Pay Now: Immediate payments made using “Pay Now” links are useful for tracking spontaneous or one-time payments. These can provide unexpected boosts to your cash flow and overall liquidity.
- ConnectBooster portal: Payments made through the ConnectBooster client-facing portal help you understand customer engagement and track the frequency and patterns of portal-based transactions.
- Scheduled payments: Payments manually scheduled for specific dates allow you to track planned payments, aiding in cash flow forecasting and providing some level of predictability.
- Manual payments: Payments made outside of ConnectBooster, such as cheques, are the least predictable. Tracking these separately helps in understanding the risk associated with relying on them for monthly expense planning.
Benefits of Monthly Cashflow Insights
Monthly Cashflow Insights isn’t just a tool; it’s a financial management game changer. By leveraging these insights, you can transform how you plan and manage your finances, ensuring that your MSP remains profitable and financially healthy. Here are some benefits this feature provides:
- Improved financial planning: Align your expense payment dates with cash inflow patterns to maintain liquidity. By knowing exactly when funds will be available, you can better manage your expenses and avoid cash crunches.
- Enhanced predictability: Categorize payments by method to predict and manage cash flow more effectively. With a clear understanding of your payment landscape, you can make more informed financial decisions.
- Optimized cash flow management: Utilize insights to set up or adjust AutoPay and other payment methods for consistency. Ensuring a steady stream of cash inflows helps in maintaining financial stability and planning for growth.
Get started today
Ready to take control of your cash flow like never before? Dive into ConnectBooster’s Monthly Cashflow Insights and start optimizing your financial planning today. Experience the power of detailed payment visibility and make smarter, more informed business decisions with ease. Get started with a free demo.
Stay tuned for more updates as we continue to enhance ConnectBooster with features designed to streamline your financial processes and drive your business forward.
