5 Benefits of an Automated Cash Flow Management System Author: Nicholas Kourouvanis No one loves a complex excel spread sheet more than me. However, I have come to the realisation that an excel spreadsheet does not allow you to manage and track your cash flow efficiently or effectively. How can it when it does not have the ability to track real time inflows and outflows? It will never be able to give you the data required in a timely manner to allow you monitor your cash flow seriously.   Why wouldn’t you want to simplify the process and allow a management system to assist you with this? Most people these days have multiple bank accounts, multiple credit cards and sometimes, multiple loans. These accounts are usually spread across a number on institutions, making this almost impossible to track using a spreadsheet.   Enter an Automated Cash-flow Management System: a digital tool that takes the stress out of managing your expenses, puts cash back in your pocket and lets you reclaim weekends from tedious data-entry, in a safe and simple way. Here’s five key benefits that will make a cash flow management system your secret weapon:  

1. One dashboard for all your finances – Connecting to all your bank accounts, loans and even superannuation allows you to easily summarise your finances. The system tracks inflows and outflows, allowing you to quickly and easily access information.

 

2. Categorizes Expenses – Ever wondered how much money you spend at the supermarket per month? This allows you to answer that question to the cent.

 

3. Forecasts Expenses & Bills – Life is pretty hectic and having a tool that can remind me when the next quarterly electricity bill is coming allows me to budget more strategically.

 

4. Tracks your budget – Setting a budget is hard enough. Not being able to effectively monitor it means you are setting yourself up for some serious headaches down the track. The automated system lets you set a weekly budget and track certain expenses. This makes it easier to be accountable to your goals.

 

5. Saves Time – By far the best benefit is that it makes life easier – no need to stress out about data, entering receipts every week.

  Make your life easier and get ahead with a great cash flow management tool. If you need any assistance or wish for some advice in this area, please do not hesitate to call our office today.       General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.