Small business owners often find themselves juggling multiple streams of cash flow, a task that presents numerous challenges. These cash flow streams typically originate from various sources such as sales revenue, loans, investments, and vendor payments. While diversifying cash sources can offer financial stability, it can also lead to complications in managing these funds effectively.
One of the key issues faced by small business owners is the difficulty of maintaining seamless payment and flow of funds from one account to another. For instance, funds received from sales may need to be allocated to cover operational expenses, service loans, or invest in business growth. When these funds are scattered across various accounts, the process of routing and tracking them becomes cumbersome and error-prone. This fragmentation can lead to financial mismanagement, missed payments, or even overdrafts.
Moreover, there is often a lack of a centralized “cockpit of order” to manage all these cash flow streams. Many small business owners rely on multiple bank accounts, spreadsheets, or even physical records to keep track of their financial transactions. Without a holistic view of their cash flows, they may struggle to make informed decisions, optimize their finances, and plan for the future.
Existing solutions for cash flow management often fall short of meeting the diverse needs of business owners, leaving a significant gap in the market. Here’s why these conventional solutions are inadequate:
- Lack of Customization: Many traditional financial management tools offer one-size-fits-all solutions, which don’t account for the unique requirements of individual businesses. Business owners often find themselves forced to adapt their financial workflows to fit the limitations of the software. This lack of customization can hinder their ability to manage cash flow efficiently.
- Limited Interoperability: Existing solutions struggle with interoperability between different financial institutions, credit cards, and accounts. Business owners frequently maintain relationships with multiple banks and have a variety of payment methods. This fragmented landscape makes it challenging to centralize and synchronize cash flow operations, causing inefficiencies and complexities in the process.
- Insufficiency in Managing Complex Workflows: Conventional tools often fall short when handling intricate financial operations. Business owners require a comprehensive solution capable of managing a myriad of tasks, from bill payments and payroll to debt servicing and investment allocation. The inadequacies of existing solutions can lead to bottlenecks and errors in managing these complex workflows, posing a risk to financial stability and business growth.
Therefore, with a lack of customization, limited interoperability, and insufficiency in managing complex financial workflows, the overall cash flow management landscape is insufficient. It leaves business owners struggling to adapt to rigid tools and inefficient processes, hindering their ability to effectively manage their finances and grow their businesses.
Enter Sequence. Sequence is the world’s first financial cash-flow router. Utilizing their platform, small business owners can gain a holistic view of all their accounts, balances, and cards with various vendors and implement customizable rules to route money to, from, and within their businesses without creating a single new external account.
Utilizing Sequence’s sleek interface, business users can add accounts, ports, and pods to manage their cash flows. Accounts enable users to add any external depository or liability account into the Sequence platform; Ports enable users to create an income point of entry from Accounts; and Pods enable users to build unlimited sub-accounts customizable to route their money to any external account. It’s magic.
Take Ken for example. Ken founded and owns a small Health Insurance Brokerage firm in Montana that provides both “Broker” portals for insurance agents and “Carrier” portals to carriers, TPAs, General Agencies, and PEOs. As part of his business, Ken is constantly issuing and receiving cash flows from various clients he works with. But his flows became too numerous and oftentimes held more or less money than he’d like but had no way to ameliorate these issues.
Sequence helped Ken visualize, map, and route all of his myriad cash-flows in one place, under one roof, to get a holistic view of his money flows and make consequential decisions around cash allocations as a result. Ken saved time, money, and headache around his cash-flow woes.
Sequence was built for business owners like Ken. For the individuals out there who are strapping up their own, building from scratch, but struggle to wrangle the litany of cash-flows, their sprawling business operates, Sequence was built for them.
Readers of Noobpreneur.com can get early access to Sequence at a discounted price by signing up here and changing the way they manage their cash flow today.