You can use your historical data to instantly create a picture of how you expect the business to perform in the future, by using the last year’s actuals option for instance: this gives you a full forecast in 5 seconds taking your last year’s operational data as the basis. There are 7 ways to create a new budget, forecast or scenario (as they are all created in the same place to streamline your user experience). These only have to be entered once, to let the system work out the core automatic 3-way forecasting calculations for you. You will enter your tax settings (if you pay GST/VAT) and map your default bank account, accounts receivable and accounts payable lines. You will be prompted to map your “default settings” which is where the 3-way magic happens. Navigate to the forecasting section of Futrli. You can set the relevant sales tax and credit terms for every item you wish to forecast (with flexible payment profiles), allowing you to accurately model the cash flow impact of a zero-rated tax invoice to be paid in 60 days or the tax obligations of an item paid today with 20% VAT/GST. You can even turn your budget into a cash flow forecast at the same time. Forecasts are your window to every possible outcome your business has.Īny existing budgets that you have can be exported from your accounts package and then brought into Futrli. PDF reports transform all of your data into board reports, funding applications or business plans. Alerts monitor your most important metrics at all times. The dashboards are your operational companion. There are different tools within Futrli for different uses. It also shows external investment sources and all cash outflows. Cash flow statements show all the cash your business receives from its ongoing operations. Your balance sheet displays your liabilities vs your assets, so you see a literal balance between the ins and outs. While a spreadsheet can automate this process, Futrli will make it much easier.Ī basic round-up: Your P&L shows you the revenues, costs and expenses incurred during a specific period of time (a month or quarter, for example). Neither should be overlooked ideally, they would all be tracked together weekly. But it's just as important to monitor balance sheet movements and the impact on cash flows. All assumptions about your operational activities are found there. Share your forecast with employees so they understand their tasks and roles to help achieve success for the business and a higher net income.įirst, you must plan for activity in your P&L. Working in this scalable fashion ensures your team unifies all efforts towards the same overall goals. The difference between a budget and a forecast is here in our FAQs if you want to know more. It will flex with your business throughout the year because it keeps up to date as needed. Upload it into Futrli, and then copy a version that you call your forecast. Many businesses will set an initial budget at the beginning of the year. And, of course, you can refresh your data on demand too. New data added to your Xero or QBO account will be pulled through to Futrli automatically. It empowers strong and fast decision making. Benefits include… Predict outcomes from current or future assumptions Feel secure in your decision making Learn from your past mistakes Save money Achieve sustainable growth Get an edge over your competition
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