7 Things to Consider when Selecting a Digital Tool for Cash Flow and Spend Management

Written by Martin Hislop

August 1, 2023

In today’s ever changing business landscape, retail companies are facing mounting pressure to streamline operations, enhance efficiency, and maximise profits. Perhaps the greatest component contributing to making or breaking a business’s success is effective cash flow and spend management. In recent years, the digital revolution has created a pathway for innovative technologies to revolutionise financial processes.

In this article, we explore seven things to consider when selecting digital tools for cash flow and spend management, explaining why businesses should take advantage of these technologies to thrive in a competitive market.


  1. Sophisticated Cash Flow Forecasting & Planning

Are the digital tools you are researching offering the best-in-class financial planning? This is the first question to ask. It is worth researching digital tools that facilitate cash flow forecasting by analysing historical data and making predictions using modelling capabilities. Retailers can now better anticipate periods of financial strain, identify potential bottlenecks, and make strategies to effectively reduce risks. Improved cash flow forecasting will allow your business to further understand its inventory levels, better plan for expansion, and manage debt more efficiently, therefore, minimising the risk of running into a cash flow crisis.

  1. Are Data Analytics Delivered in Real-Time?

Not all digital spend management tools provide retail companies with real-time data. Some only handle day-to-day or week-to-week, so it is certainly worth researching options that will help you to monitor and analyse cash flow and spending patterns in this unrivalled way. With the latest financial information, your company can make further informed decisions, optimise resource allocation, and identify potential cost-saving opportunities on-the-fly. Advanced analytics help retailers to gain deeper insights into consumer behaviours, market trends, and supplier performance, enabling them to make data-driven strategies that foster growth with a competitive advantage.

  1. Integrating Seamlessly with Existing Systems

Modern cash flow and spend management tools offer seamless integration with existing financial management systems, including ERPs such as NetSuite. This is something worth bearing in mind whilst researching options. The sophisticated spend management tool, Moss, boasts integration with NetSuite, which is just one of many reasons why we use it internally at Excellent Zephyr. This two-way integration brings a depth of functionalities and possible customisations to match your NetSuite setup, making pre-accounting and exports easier, more efficient, and streamlined. By harnessing the power of these technologies, retailers can streamline financial operations without disrupting their current processes.

  1. Agility & Scalability for your Business

Do the digital tools you’re considering offer the agility to accommodate ever changing financial needs and scalability? Whether a start-up or a global brand, these tools can be tailored to suit specific requirements and grow with your organisation. The best tools can also be able to evolve in response to industry trends and changes in regulation, ensuring your company remains competitive and compliant in the marketplace.

  1. Efficiency & Time Savings

The best spend management and cash-flow tools minimise manual tasks to save you time and eliminate human errors. Automated invoicing, expense tracking, and payment systems will accelerate transactional processes, enabling your finance team to have a dedicated focus on high-value tasks. Time saved through automation will translate into cost savings and will allow your company to redirect resources towards product innovation and customer initiatives.

  1. Security & Fraud Prevention

There is no question that digital payment systems have increased the need for robust security measures. Digital tools will give your business multiple layers of security, such as authentication protocols, encryption, and biometric verification, ensuring that your team and customers’ financial data remains protected from potential breaches and fraudulent activities. Utilising these systems will protect your retail company from cyber threats and safeguards sensitive information, helping you to build customer trust whilst enhancing the business’s reputation.

  1. Accessibility & Mobility

With the arrival of cloud-based solutions, managing cash flow digitally provides unprecedented accessibility and mobility. Are your team able to access financial data and reports from a raft of mobile devices? This is something worth asking as it will help them to enable timely approvals, monitor, and make adjustments on-the-fly. This accessibility leverages your entire business’ ability to work remotely, empowering agile decision-making, whilst ensuring continuous monitoring of financial performance even outside traditional office environments.


Embracing digital tools is not just an option, but an intelligent strategy for your business. It must not be understated that the potential boost for your retail company is huge, and these seven points are worth bearing in mind during your selection process for cash flow and spend management – ranging from real-time data visibility and analysis to enhanced efficiency, scalability, and fraud prevention.

Through making use of these technologies, your business can further optimise financial processes, make data-driven decisions, and allocate resources strategically, ultimately achieving better financial health with a competitive edge in the market. As the digital landscape continues to evolve, businesses that embrace digital transformation in their financial operations and with these tools they will find themselves in a better position to thrive in an ever-changing business environment.


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