Multiple planning/budgeting/forecasting methods

Your business plan needs robust, accurate financials in order to succeed. Our multiple forecasting methods, are simple to use and cover every eventuality.

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Multiple planning/budgeting/forecasting methods

When creating plans, budgets or 3-way forecasts for your business, you need a solution that is simple enough to use so that it can create what-ifs quickly, and robust enough to be able to create complex forecasts that may depend on financial or non-financial drivers.

Every business has at least one account that needs a forecast prepared for it, that just isn’t straightforward. That’s why we have created multiple ways to create your scenarios in the first place and multiple forecasting methods too. We don’t want you to be limited when you’re creating your assumptions.
The core methods are fast on-the-fly (1), single/repeating (2), growth method (3), last year’s actuals (4) and formula (5).
(1) If you want to get monthly variable amounts into a forecast – use the on-the-fly method. It’s fast and easy to change amounts subsequently.

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(2) If you have rent, rates or any income/expenditure that repeats over a period, we have you covered here too with the single/repeating method.

(3) Some accounts you will want to forecast a % growth increase or decrease. Using the growth method for this, you can also assign the period over which this growth is based, and can assign whether you want the growth to be based upon a manually entered amount, or an average of the last 3, 6, or 12 months actual data.

(4) You can create forecasts based upon last years data. You can create an entire scenario based upon last year’s actual data in around 3-5 seconds and you can also do this on an account by account basis.

 

(5) Finally our formula method covers every other option you may have. Our formula method uses the formula builder that you’ll be familiar with in the Board’s area of FUTRLI.

Formulas can reference:

  • Financial data from your accounts package
  • Non-financial data that you can upload on the organisation’s page
  • Previous period’s data (1-12 periods as defined by you – you aren’t limited to months either). If previous periods cross over into the actual dataset that is present in your scenario, the actuals will be referenced). You can decide when you want the actuals to start.
  • Transactional or Cumulative data (A Profit & Loss show you transactional data and a Balance Sheet shows you cumulative data)

Every time you create a forecast, your P&L, Balance Sheet and Cash Flow are updated automatically as well as all of the KPIs that you can bring into your scenario too.

“We have been using FUTRLI for more than a year and really value being able to quickly explore key financial performance metrics and compare performance against plan and previous years. The ability to give different stakeholders tailored views is also really useful.” - Scott Robinson

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