Spreadsheet errors are a thing of the past

Creating forecast templates in spreadsheets, that accurately paint a picture of your business’s future is time consuming and difficult. It is also prone to errors. You can’t base business decisions on spreadsheets that could hide errors you know nothing about.

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Spreadsheet errors are a thing of the past

We have built FUTRLI to remove the risk associated to preparing forecasts and we create 000’s of calculations every time you save a forecast.

We thought it would be interesting to expose what happens every time a forecast is saved so here goes!

 

If we take a simple one-off sale of £1000 with 20% VAT and 45-day credit terms on the 1st January.

Screen Shot 2016-04-20 at 10.13.38

The following movements occur that include the source journals, but all of the knock on effects that occur too:

This is the Workings tab which combines the P&L and Balance sheet so that you have complete visibility over your entire business for 12 periods at a time as you build it out. (The Profit & Loss tabs & Balance sheet tabs automatically update too of course!)

  1. £1000 attributed to the Sales account, 1st Jan
  2. £1000 added to Income account category, 1st Jan
  3. £1200 attributed to Accounts receivable, 1st Jan
  4. £200 attributed to the VAT account, 1st Jan
  5. £1000 impact on Gross Profit KPI, 1st Jan
  6. £1000 impact on Net Profit KPI, 1st Jan
  7. £1000 impact on Current Year Earnings, 1st Jan
  8. £1000 impact on Equity account, 1st Jan
  9. £1000 impact on Net Assets KPI, 1st Jan
  10. £1200 attributed to Default Bank Account, 15th Feb
  11. £1200 deducted from Accounts receivable, 15th Feb
  12. £200 deducted from Default Bank Account, on VAT payment date (as per settings)

Cash movements in scenarios

And automatically updating on the Cash Flow tab

  1. £1200 receipt entered on cash flow statement, 15th Feb
  2. £1200 Net Cash movement increase on cash flow statement, 15th Feb
  3. £1200 Closing Cash increase on cash flow statement, 15th Feb
  4. £200 VAT entered as a payment on cash flow statement on VAT payment date (as per settings)
  5. £200 Net Cash movement decrease on VAT payment date
  6. £200 Closing cash decrease on VAT payment date

Cashflow tab movements

Those are just the primary transactions for one invoice, but of course every period that comes after, has to be updated with the new values too!

It’s just an illustration, but can highlight if just one of these elements goes wrong in a spreadsheet, you are exposing yourself to huge risk. In FUTRLI, you get peace of mind, that your financials are accurate, and all three elements, your Profit & Loss, Balance Sheet and Cash Flow statement update automatically. Simple!

(Note: At any time you can override the source journals that are created and even create non-cash journals for things like depreciation.)

“Just fantastic. I love the ease I can create a board and apply the same or similar board to another entity. Every client I've shown has gone "Wow". A weekly report for a restaurant now takes a minute instead of importing to an excel spreadsheet and checking data to ensure it is right.” - Martin Tunley

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