KashFlow - Detailed Review
Finance Tools
KashFlow - Product Overview
KashFlow Overview
KashFlow is a cloud-based accounting software specifically created to help small business owners manage their financial operations efficiently. Here’s a brief overview of its primary function, target audience, and key features:
Primary Function
KashFlow’s main purpose is to simplify day-to-day accounting tasks for small businesses. It allows users to create invoices, track payments, record purchases, produce VAT returns, and view insightful financial reports. The software is intended to support business owners in making informed financial decisions and keeping their accounts organized, rather than replacing the need for an accountant.
Target Audience
KashFlow is primarily aimed at small business owners, particularly those in the United Kingdom, although it is accessible globally. The majority of its customers have between 0-9 employees, with a significant number also in the 10-19 and 20-49 employee ranges.
Key Features
- Invoicing and Quotes: Users can easily create, customize, and send invoices, as well as generate quotes and estimates. These can be converted into invoices with a single click.
- Automated Processes: KashFlow automates recurring purchases and sends payment notifications to suppliers via email. It also allows for automatic invoicing and reminders.
- Payroll Management: The software includes a cloud-based, HMRC-accredited payroll system that manages employee information, payment schedules, and other payroll-related tasks.
- Bank Feeds and Expense Tracking: KashFlow connects with multiple bank accounts to provide real-time cash flow visibility, allowing users to reconcile payments and track expenses on the go.
- Reporting and VAT: It offers various financial reports, including profit and loss statements and balance sheets. Users can also submit VAT returns directly through the software.
- Integration and Accessibility: KashFlow integrates with other services like PayPal, Dropbox, and MailChimp. It is fully cloud-based, enabling users to manage their accounts from anywhere with an internet connection.
- Customer Support: The software provides 24/7 customer support to ensure users get the help they need at any time.
Overall, KashFlow is a user-friendly and feature-rich accounting solution that helps small businesses streamline their financial management and focus on their core operations.
KashFlow - User Interface and Experience
When Evaluating KashFlow
When evaluating the user interface and experience of KashFlow, a finance tool aimed at small business owners, several key aspects come into focus.
Ease of Use
KashFlow is designed to be user-friendly, even for those without extensive accounting knowledge. The interface is intuitive, avoiding confusing accounting jargon and complicated processes. It is accessible from anywhere in the world, and multiple users can access the system concurrently, which is particularly useful for businesses with multiple team members involved in financial management.
Interface Design
Despite some criticisms, KashFlow has made efforts to improve its user interface. The new dashboard, introduced in 2020, aims to simplify and declutter the space, allowing users to customize what they see based on their needs. This dashboard provides a snapshot of the business’s performance, with easy access to critical financial information and the ability to initiate key tasks instantly. Users can customize the modules displayed on their dashboard, such as financial overviews and graphical representations, and even rearrange the layout to suit their preferences.
User Experience
The overall user experience is mixed. On the positive side, KashFlow offers features like automated reminders for overdue invoices, quick generation of VAT returns, and the ability to send invoices via email. These features help save time and ensure that financial tasks are managed efficiently. The software also provides insightful graphical reports and statistics on customer values and payment times, which can be very helpful for business owners.
However, there are some drawbacks. Some users have reported issues such as constant discrepancies, problems with VAT returns, API connections, and disappearing transactions, which can create significant problems. Additionally, the user interface has been criticized for looking dated and having confusing navigation, despite the introduction of new features.
Support and Security
KashFlow offers free and fast support, which is a significant advantage for users who need help quickly. The software also ensures that all data is stored securely online and backed up daily, providing peace of mind regarding the security of financial information.
Customization and Productivity
The software allows for customized invoice templates and simplified credit control processes, which can increase productivity. Users can also track where customers come from and assess the effectiveness of their marketing spend. The ability to create automatic invoices on a monthly or annual basis and to deal with accounting queries efficiently further enhances the user experience.
Conclusion
In summary, while KashFlow has made strides in creating an intuitive and user-friendly interface, there are still areas that need improvement, particularly in terms of navigation and reliability. However, for small business owners looking for a straightforward accounting solution with good support and customization options, KashFlow can be a viable choice.
KashFlow - Key Features and Functionality
KashFlow Overview
KashFlow is a comprehensive cloud-based accounting software that offers a wide range of features to help small businesses manage their financial operations efficiently. Here are the main features and how they work, along with their benefits:Automated Accounting Tasks
KashFlow automates routine accounting tasks such as creating and sending invoices, tracking payments, and managing expenses. This automation reduces manual efforts and minimizes human errors, improving overall efficiency.Invoice Creation and Management
Users can create fully customizable invoices, set up recurring invoices, and automate payment reminders. This feature helps in maintaining consistent branding and professionalism, while also saving time for businesses with repeat customers or subscription-based services.Expense Tracking and Receipt Storage
KashFlow allows users to log expenses, upload receipts, and categorize them for streamlined record-keeping and reporting. This feature ensures that all financial transactions are well-documented and easily accessible.VAT Management
The software provides comprehensive VAT management, including Making Tax Digital (MTD) compliance. It automatically calculates VAT, generates returns, and allows direct submissions to HMRC, ensuring businesses stay compliant with tax regulations.Bank Feeds and Reconciliation
KashFlow connects directly with bank accounts, enabling users to import transactions automatically and reconcile them with minimal effort. This feature ensures accurate and up-to-date financial records.Multi-Currency Support
For businesses dealing with international clients, KashFlow handles multi-currency transactions efficiently, managing foreign exchange rates and facilitating smooth financial operations across different currencies.Payroll Integration
KashFlow Payroll is a complementary feature that allows businesses to manage employee salaries, benefits, and pensions. It works seamlessly with the online accounting system, ensuring smooth payroll processing.Real-Time Financial Insights and Reporting
The software offers real-time financial reports such as profit and loss, cash flow, and tax summaries. These reports enable better business decision-making by providing a clear view of the financial situation.Integration with Other Tools
KashFlow integrates with various third-party tools such as payment gateways, CRMs, and inventory management systems. This integration ensures smooth data flow across platforms, reducing redundancies and improving operational efficiency.AI Integration
While KashFlow itself is not primarily an AI-driven product, it can be integrated with AI tools to enhance its functionality. For example, integrating KashFlow with Whippy AI allows for automated notifications, reminders, and customer support interactions. This integration also provides AI-driven insights and analysis on financial patterns and trends, supporting informed decision-making.Customer Support and Accessibility
KashFlow offers 24/7 customer support and is accessible from anywhere, at any time, due to its cloud-based nature. This ensures that businesses can manage their finances securely and efficiently, regardless of their location.Conclusion
In summary, KashFlow is a user-friendly and powerful accounting software that automates various financial tasks, provides real-time financial insights, and integrates seamlessly with other business tools. While it may not be inherently AI-driven, its integration with AI platforms can further enhance its capabilities. KashFlow - Performance and Accuracy
Performance
KashFlow is a cloud-based accounting software that offers a wide range of features, making it a comprehensive tool for managing small business accounts. Here are some performance highlights:Ease of Use
Ease of Use: Despite some initial learning curve, KashFlow has made significant improvements in ease of use, particularly with the introduction of the VAT dashboard and enhanced sorting capabilities. This makes it more accessible, even for users with little accounting experience.Feature-Rich
Feature-Rich: The software includes features such as unlimited quotes and invoices, bank transaction reconciliation, multi-user access, and a customizable dashboard. It also supports payroll management for up to 5 employees and offers over 50 reports for tracking business performance.Integration
Integration: KashFlow allows integration with Square payments, which can streamline transaction processing. It also supports linking bank accounts to match actual bank statements with business accounts.Accuracy
In terms of accuracy, KashFlow generally performs well, but there are some areas to consider:VAT Management
VAT Management: The VAT dashboard is a significant improvement, enabling easy separation and submission of MTD VAT returns. This feature aids in accurate VAT reporting and compliance.Automated Processes
Automated Processes: Features like automatic notifications for missing and late payments, and the ability to convert quotes to invoices, help maintain accurate and timely financial records.Data Compliance
Data Compliance: KashFlow helps businesses stay compliant with tax filing and other financial regulations, which is crucial for accuracy in financial reporting.Limitations and Areas for Improvement
While KashFlow offers many benefits, there are some limitations and areas that need improvement:User Interface
User Interface: The interface, although improved, can still be clunky and less intuitive, especially for new users. Familiarization with the various sections and features can take time.Data Migration
Data Migration: If you are migrating from another system, such as Xero, there are specific limitations. For example, certain data like user accounts, non-financial data, and some historical data may not be transferred automatically and require manual handling.Historical Data
Historical Data: Typically, only two years of historical financial data are covered in migrations. Accessing more historical data may require additional arrangements and fees.Specific Features
Specific Features: Some features, like payroll data and repeating transactions, need to be handled separately during migrations. Additionally, foreign currencies and certain types of transactions (e.g., quotes and purchase orders) can be problematic. In summary, KashFlow is a solid choice for small businesses and sole traders, offering a range of features that enhance financial management and compliance. However, users should be aware of the potential learning curve and the limitations associated with data migration and historical data access. KashFlow - Pricing and Plans
KashFlow Pricing Plans
KashFlow offers a clear and structured pricing plan to cater to various business needs, particularly for small businesses, sole traders, and growing companies. Here’s a breakdown of their pricing structure and the features included in each plan:
Starter Plan
- Cost: £7 per month (approximately $9.77) VAT.
- Features:
- Send unlimited quotes and up to 10 invoices.
- Reconcile up to 25 bank transactions.
- Single-user access.
- Bank feeds.
- Get paid faster with KashFlow Payments.
- Free mobile app.
- Access to over 50 reports.
- Customisable dashboard.
- Manage purchases and expenses.
- Track mileage.
- Ideal for: Sole traders, contractors, and small businesses.
Business Plan
- Cost: £13 per month (approximately $18.14) VAT.
- Features:
- Send unlimited quotes and invoices.
- Reconcile unlimited bank transactions.
- Multi-user access.
- Bank feeds.
- Get paid faster with KashFlow Payments.
- Free mobile app.
- Access to over 50 reports.
- Customisable dashboard.
- Manage purchases and expenses.
- Track mileage.
- Multi-currency support.
- Repeat invoices and purchases.
- Ideal for: Growing businesses and limited companies.
Business Payroll Bundle
- Cost: £18 per month (approximately $25.12) VAT.
- Features:
- All features from the Business Plan.
- Payroll management for up to 5 employees.
- Automatic Enrolment module available as an add-on.
- Ideal for: Businesses that need payroll management in addition to the standard business features.
Promotional Offers
KashFlow often provides promotional offers, such as 90% off for the first six months for new customers, which can significantly reduce the initial cost.
Free Trial
KashFlow offers a free trial period, allowing you to test the software before committing to a paid plan. There is no permanent free plan available; however, the free trial and promotional offers can help you get started with minimal upfront costs.
KashFlow - Integration and Compatibility
IRIS KashFlow Integration Overview
KashFlow, a popular accounting software, integrates seamlessly with a wide range of tools and platforms to enhance its functionality and streamline business operations. Here’s a breakdown of its integration capabilities and compatibility:
E-commerce Platforms
KashFlow integrates with several e-commerce platforms, including eBay, WooCommerce, Shopify, and Amazon Seller Central. These integrations allow you to automatically create new invoices for orders, update customer information, and sync other relevant data between these platforms and KashFlow.
Payment Gateways
For managing payments, KashFlow integrates with payment gateways like WorldPay, GoCardless, and PayPal. These integrations enable businesses to accept instant payments and direct debits, making financial transactions more efficient.
CRM and POS Systems
KashFlow can be connected with CRM systems such as Salesforce and Zoho CRM, as well as POS systems like Vend HQ, through platforms like ConnectMyApps. This integration helps in synchronizing data between these systems and KashFlow, reducing manual data entry and increasing efficiency.
Accounting and Bookkeeping Tools
KashFlow integrates with tools like Receipt Bank, which extracts data from invoices and receipts and publishes it in real-time to KashFlow, eliminating the need for manual data entry. Additionally, it integrates with Dext Prepare, allowing you to send items directly to KashFlow with all relevant details applied.
Marketing and Communication Tools
For marketing and communication, KashFlow integrates with MailChimp and Message Horizon, enabling you to track marketing communications with your customers. There are also free options available for KashFlow users with these providers.
Cloud Storage
KashFlow allows integration with Dropbox, facilitating the storage and sending of large files that are too big to be emailed.
Payroll Software
KashFlow has a seamless integration with its own payroll software, KashFlow Payroll. This integration enables you to manage payroll for unlimited companies and employees, and it ensures compliance with workplace pensions Automatic Enrolment legislation. The payroll data is posted as journals in KashFlow, making it easy to manage financial records.
IRIS Accountancy Software
KashFlow is fully integrated into the IRIS platform, which is used by 50% of the UK’s accountancy firms. This integration enhances collaboration between accountants and their clients, improves compliance, and boosts productivity. Partners can set up and customize cloud-based KashFlow accounts for their clients and benefit from real-time access.
Automation Tools
Using Zapier, you can automate various tasks with KashFlow, such as creating new invoices from Google Sheets rows, updating customers from Shopify or WooCommerce, and more. This automation helps in freeing up time for more critical tasks.
Compatibility
In terms of compatibility, KashFlow is accessible via the cloud, allowing users to manage their accounts from any device with an internet connection. This cloud-based accessibility ensures that you don’t need to be in your office to run your business, making it highly convenient for remote work and flexible management.
Conclusion
Overall, KashFlow’s extensive integration capabilities make it a versatile and efficient tool for managing various aspects of your business, from e-commerce and payments to accounting, payroll, and marketing.
KashFlow - Customer Support and Resources
Customer Support Options
Customer Support Team
KashFlow has a dedicated UK support team that is available to answer customer queries. This team is known for its speedy resolution of issues and is always updated with the latest knowledge to assist users. You can contact them via phone at 44 344 815 5779, with the shortest wait times typically on Thursdays and Fridays.Email Support
For those who prefer email, you can reach out to the support team at support@kashflow.com or other specific email addresses depending on your query, such as kashflowsales@iris.co.uk for sales-related inquiries.Knowledge Base
The KashFlow Knowledge Base is a valuable resource that answers the most common questions, provides troubleshooting guides, and offers how-to tutorials. This is the first place to check if you have any questions about using KashFlow’s features.Training and Webinars
KashFlow offers various training options, including in-depth video tutorials, webinars, and personal one-on-one training sessions. These resources are designed to help both new and experienced users get the most out of the software.New Application Resources
For users transitioning to the new version of KashFlow, there is a centralized resource page that details new features, changes, and support resources. This includes information on the new user interface, multi-user capabilities, bank feeds, and unified bank reconciliation.FAQs
The Frequently Asked Questions section is categorized to address different aspects of the software, such as general information, registering and logging on, security and privacy, and specific features like automated accounting for PayPal/eBay, multiple currencies, and VAT returns.Additional Features and Support
KashFlow also provides features like automatic stock level updates, auto-entering details on invoices, and the ability to produce quotes, estimates, and credit notes. The software supports multiple bank accounts, handles bank reconciliation, and offers various reports and remittance advice. By leveraging these support options and resources, users can ensure they are making the most efficient use of KashFlow’s finance tools. KashFlow - Pros and Cons
Advantages of KashFlow
KashFlow offers several significant advantages that make it a viable option for small business owners and freelancers:User-Friendly Interface
Despite some initial setup challenges, KashFlow is generally easy to use, especially with its intuitive interface that avoids confusing accounting jargon.
Comprehensive Features
The software includes a wide range of features such as invoicing, cash flow management, VAT returns, payroll, HR management, bookkeeping, and credit control. It also allows for the creation of customised invoice templates and automated generation of various reports like profit & loss and balance sheets.
Accessibility
KashFlow is cloud-based, allowing you to access your accounts from anywhere in the world, and it supports multiple concurrent users. The mobile version is fully functional, although it lacks dedicated mobile apps.
Time and Cost Efficiency
The software helps save time by automating tasks such as sending reminders for overdue invoices, generating VAT returns, and managing payroll. It also offers low monthly payments with no annual contract, making it a cost-effective option.
Security
KashFlow ensures that all data is stored securely online and backed up daily, providing peace of mind regarding data security.
Trial and Support
New users can benefit from a free trial period (either 14 days or four months, depending on the source) and access to free business guides, a detailed knowledge base, and training webinars.
Integration
KashFlow integrates with over 50 third-party applications and services, and it supports an API for future integrations.
Disadvantages of KashFlow
While KashFlow has many benefits, there are also some notable drawbacks:Customer Support Issues
There have been complaints about the difficulty in getting in touch with the customer support team, and some users have found their responses to be slow or inadequate.
Setup Challenges
Setting up a new account can be cumbersome, requiring several steps and some accounting knowledge.
Limited Package Flexibility
The software offers only three packages, with the third being essentially the Business plan with Payroll added, which may not provide enough flexibility for some users.
Dashboard and Interface
Some users have found the dashboard and interface to be less intuitive and somewhat clunky, requiring time to get familiar with all the features.
Mobile App Limitations
KashFlow does not have dedicated iOS, Android, or Windows mobile applications, and the mobile web version has some limitations, such as issues with creating new projects and adding receipts to purchases.
Additional Costs for Training
While there is a knowledge base and some free resources, video tutorials are chargeable, which can be an additional expense.
Geographical Limitations
Some features and local trainings are only available for UK citizens, which might be a limitation for international users.
Overall, KashFlow is a solid choice for small businesses and freelancers, offering a range of useful features and cost-effective pricing, but it does come with some usability and support challenges.
KashFlow - Comparison with Competitors
When Comparing KashFlow with Competitors
When comparing KashFlow with its competitors in the finance tools and accounting software category, several key points and alternatives stand out.
Core Features of KashFlow
KashFlow is a cloud-based accounting software that is particularly user-friendly and affordable for small businesses, freelancers, and startups. It offers features such as invoicing, bank reconciliation, expense tracking, reporting, and VAT management. It also has a mobile app, KashFlow Go, which complements its web-based software.
QuickBooks Online
QuickBooks Online is often considered one of the top alternatives to KashFlow. Here are some unique features that set it apart:
- Scalability and Integrations: QuickBooks Online is highly scalable and integrates with a wide range of third-party apps, making it ideal for businesses that need extensive functionality.
- Comprehensive Reporting: It offers detailed financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Payroll and Tax Support: QuickBooks Online can process payroll, including direct deposits, tax withholdings, and year-end tax forms. It also integrates with popular tax software.
- Pricing: QuickBooks Online offers several plans, starting at $18 per month for the Simple Start plan, with discounts available for the first three months.
Xero
Xero is another strong competitor:
- Unlimited Users: Unlike many other accounting software, Xero does not impose a user limit on its plans, making it suitable for businesses with multiple users.
- Multi-Currency Support: Xero supports multi-currency transactions, which is beneficial for international businesses.
- Automated Bank Reconciliation: Xero offers automated bank feeds and reconciliation, making financial management more efficient.
- Pricing: Xero’s plans start at $3.75 per month for the Starter plan, with more comprehensive plans available at higher prices.
FreshBooks
FreshBooks is often cited as one of the most similar alternatives to KashFlow:
- User-Friendly Interface: FreshBooks is known for its intuitive interface, making it easy for non-accountants to use.
- Invoicing and Expense Tracking: It offers strong invoicing and expense tracking features, along with project management and time tracking.
- Pricing: FreshBooks starts at $13.50 per month, making it a competitive option in terms of pricing.
Sage Accounting
Sage Accounting is a budget-friendly alternative:
- Affordable Plans: Sage Accounting offers a Start plan for just $10 per month, which includes basic features like invoicing and automatic bank reconciliation.
- Cash Flow Forecasting: The Standard plan, at $25 per month, adds features like cash flow forecasting and purchase invoicing.
- Upgrade Options: Sage provides the option to upgrade to more comprehensive platforms like Sage 50cloud and Sage Intacct as the business grows.
Wave
For those looking for a free option, Wave is a viable alternative:
- Free Plan: Wave offers a free plan with features like invoicing, expense tracking, and financial reporting. However, it includes transaction fees for payment processing.
- User-Friendly: Wave is known for its easy-to-use interface and is suitable for small businesses and freelancers.
Other Alternatives
Other notable alternatives include:
- Kashoo: Known for its cloud-based double-entry accounting and automated expense tracking. It is more suited for mid to large-size businesses due to its annual billing plans.
- Zoho Books: Offers a free plan and is particularly good for e-commerce businesses. It includes features like inventory management and project tracking.
- FreeAgent: Geared towards European-based businesses, it offers a free trial and then $20 per month after the initial six months.
Security and Integration
Both QuickBooks Online and KashFlow use industry-standard security measures like data encryption. However, QuickBooks Online offers additional security features such as two-factor authentication, making it a stronger choice for businesses with heightened data security concerns.
Conclusion
In summary, while KashFlow is a solid choice for small businesses due to its user-friendly interface and affordable pricing, alternatives like QuickBooks Online, Xero, FreshBooks, and Sage Accounting offer unique features and scalability that may better suit the evolving needs of various businesses.
KashFlow - Frequently Asked Questions
Frequently Asked Questions about KashFlow
1. Is KashFlow suitable for users with no experience in bookkeeping or accounting?
KashFlow is highly suitable for users with no experience in bookkeeping or accounting. The software is designed to be jargon-free and easy to use, making it accessible even to non-accountants. It aims to remove the stress of bookkeeping and accounting, allowing small businesses to focus on their essential operations.2. What are the pricing plans available for KashFlow?
KashFlow offers several pricing plans:- Starter Plan: £9/month (or £95/year) VAT, which includes features like sending unlimited quotes and up to 10 invoices, reconciling up to 25 bank transactions, and single-user access.
- Business Plan: £19/month (or £205/year) VAT, which includes all features from the Starter Plan plus multi-currency support, repeat invoices and purchases, and multi-user access.
- Business Payroll bundle: £25/month (or £270/year) VAT, which adds payroll management for up to 5 employees to the Business Plan features.
3. Does KashFlow support multiple currencies and bank accounts?
Yes, KashFlow supports multiple currencies, which is particularly useful for businesses that deal with international transactions. Additionally, it allows you to manage multiple bank accounts and reconcile unlimited bank transactions in the higher-tier plans.4. Can I automate recurring invoices and purchases with KashFlow?
Yes, KashFlow allows you to automate recurring invoices and purchases. This feature helps in increasing productivity by automatically generating and sending invoices or notifying suppliers about payments.5. Does KashFlow provide payroll services?
Yes, KashFlow offers a fully integrated payroll service. The Business Payroll bundle allows you to manage the pay of multiple employees, companies, and payment schedules. It also supports features like creating and sending personalized payslips and handling workplace pensions.6. Can I produce VAT returns and other financial reports with KashFlow?
Yes, KashFlow helps you produce VAT returns and other financial reports such as profit and loss statements, balance sheets, and various graphical reports. It also allows you to export these reports to PDF and Excel (CSV) formats.7. Is KashFlow secure, and where is my data stored?
KashFlow ensures the security of your data by storing it securely on the internet. The data is hosted in the UK, but the software is accessible from anywhere in the world. KashFlow also provides a secure interface for other programs to enter or retrieve data from your account.8. Can I use KashFlow to take credit card payments?
Yes, KashFlow allows you to take credit card payments through its integrated payment gateways. This feature helps in getting paid faster and streamlining your payment processes.9. Does KashFlow offer a free trial and mobile app?
Yes, KashFlow offers a free trial and a free demo with no obligations and no credit card required. Additionally, it provides a free mobile app that allows you to manage your accounting on the go.10. Can I integrate KashFlow with other services like PayPal and MailChimp?
Yes, KashFlow integrates with various services such as PayPal, Dropbox, and MailChimp. These integrations help in automating tasks like accounting for PayPal transactions and sending well-designed emails to your customers.