Growing 4-site Hostel Business Can Sleep Soundly with FUTRLI Cash Flow Forecasting
Posted on 31st March 2017 in Customer Stories
Written by Freya Hughes
Dominating the hospitality industry in Glasgow, Edinburgh, Liverpool and Newcastle, it’s easy to see how 16-year old Euro Hostels has succeeded in the market. Led by Managing Director, William McClelland, the business has kept pace with the evolution of the Millenial generation and tackled new players, like Airbnb and HomeAway, flooding the accommodation space. To advance business growth and control business cash flow, William runs the business using FUTRLI.
How is FUTRLI helping Euro Hostels stay ahead in your industry?
In the industry and sector we operate in we have to be constantly evolving to keep up with the pace of the industry. I think whilst we are not exclusively targeting Millenials, they are our dominant market. We’re proud to be a hostel, and we know as Millenials grow – as people travel more – they have a more worldly understanding. Someone in their 40s won’t necessarily have the same understanding of what a hostel is as somebody in their 20s. And that suits us down the ground! That’s why we try to create a relaxed environment. We want it to be a social environment too – that’s imperative and that’s what people are looking for. FUTRLI saves time when it comes to our financial Forecasting, so we have much more opportunity to nurture our brand. Like us, FUTRLI is forward-thinking and both of us have a clear design, intended to allow clients or customers to feel safe and in control.
There’s a sector of the market that say, ‘right I’ve got 50 quid in my pocket, do I want to spend that on one night in a Premier Inn in Glasgow to experience it, or would I rather stay in a hostel in a shared dorm and get five nights and really experience Glasgow? So it’s about what people want to pay – FUTRLI being affordable keeps us aligned really well too. If your budget is such and you want to stay longer with us, and you can afford the time to stay longer, then why wouldn’t you? And that’s how FUTRLI has helped. We’ve aimed to keep this sector of the market happy, and having our Forecasts in real-time allows us to constantly plan how we can improve our services.
What did you use before FUTRLI?
Prior to moving to Xero and FUTRLI, I was using Excel spreadsheets. They weren’t reliable and would crash, add daft little formulas here or there… When I was presenting to the Board, my cash flows were wrong, and all sorts of nonsense came out in the figures. It was an absolute nightmare! Excel is a brilliant bit of software and it’s great for what it does but when you get to a certain size, obviously it can’t cope. And that’s where FUTRLI and Xero have been absolutely brilliant.
I’m no longer restricted on what hardware I buy either. This might seem a bit daft but I’m absolutely over the moon that when the iPad Pro 2 is released, I can get one! An iPad just can’t cope with those Excel spreadsheets, they just can’t do it. FUTRLI works fully on most forms of hardware, which is a real bonus. I can stand behind the figures I’m presenting and not worry that a formula has gone wrong somewhere, deep within the Excel sheet. That’s what FUTRLI’s brought to our working life, so it’s definitely more efficient, and I can really trust it.
A while back, I signed up with Xero because I wanted to move away from Sage. So I went to Xero and Spotlight. When I used Spotlight, it just didn’t do what it said on the tin. I was able to go and see one of the main guys and I put my cards on the table. I asked him what their development plans were and what they came back with simply didn’t meet with what I was hoping for. I persevered with them for a little bit longer but their service wasn’t doing what they said it was supposed to do. Their lack of development, and the way they said they were going to develop, wasn’t going to work for me.
I tried Sage too but it’s just so much more flexible to Forecast with FUTRLI. I didn’t like their historical reporting either, it made things unpredictable and didn’t drill into the detail enough. So that’s when I started looking around elsewhere, and that’s when I found FUTRLI, which integrates with what I want and need effortlessly.
Tell us your top 3 favourite things about FUTRLI?
- Ease of use
- Clean, simple presentation
I will add as well, the other 3 directors that are on the Board just want reliable data, and they rely on me to present reliable figures. That’s exactly what FUTRLI allows me to do. It’s great software: completely reliable and providing you know what you’re putting in is what you’re going to get out then you’re going to be very happy.
Any advice for budding entrepreneurs thinking of using FUTRLI?
Software is affordable now, so invest in it. Sage got complacent, which is why FUTRLI and Xero have got a run on them. It’s robust, reliable software that keeps things simple and with fair pricing, everybody’s really happy!