In both Xero and QBO, data is automatically synced with Futrli. Our platform constantly pulls in data, refreshing regularly, so you know that the data you’re viewing is accurate and completely up to date.
Intuit know the downsides of spreadsheets, in particular noting the notorious problem when using spreadsheets for your business:
“Excel might work when you first start your business. But as your company grows, things change—you might change your prices, raise financing, roll out a few new products or hire a few people. Before you know it, your spreadsheet can’t keep up.”
Combining Xero/QBO with Futrli allows you to input your figures into a forecast. This means not only are you looking at relevant data, you’re able to project what your figures are likely to look like in the next period.
If you’ve ever tried to forecast using Excel, you’ll know it’s difficult rarely gives reliable results.
Here’s Xero’s roundup about the benefits of using the cloud over spreadsheets:
1. Hit the ground running with confidence. An easy-to-use dashboard is one that you don’t have to set up yourself and will give you confidence from the get-go. When you have a clear financial view from the start, you don’t need to worry about making uninformed business decisions.
2. Your data is accurate. Your company’s real-time financial data is kept in one central place – online, in the cloud. Bank statement lines are fed into your software – it’s automatic, and reduces the amount of data entry and potential mistakes.
3. Out-of-box reports. Get most of the reports you will ever need, with a few clicks – no need to wait for month end. Real-time reports and budgets are easy to view and share. Tasks like sales tax returns can be completed in minutes instead of hours.
4. Up-to-date information. Create the information any of your investors might need at a moment’s notice. Your small business will be equipped to manage its finances better and more accurately. This is especially important around tax time when data will be shared with an accountant or financial advisor. Financial tax information is always up-to-date and ready to share.
5. You’ll have a clean audit trail. All of the historical information that your investors might need is available at their fingertips. A proper audit trail ensures your data cannot be compromised. It also records every business transaction. This includes sales contracts, payments to employees, and more. Having a complete audit trail reassures investors about the validity of the company and meets the tax department’s needs.
6. It syncs with other business applications. When you use cloud-based software, you’ll be able to take advantage of apps that sync with your financial data. Inventory management, invoicing and a whole lot more can take the time and hassle out of small business accounting.
7. Access to data anywhere, anytime. Give any member of your team access to your data online anytime, anywhere (as long as you grant them permission to do so). Cloud software enables you to share your financial information with your employees, accountant, bookkeeper or financial advisor.
To build a scalable cloud practice you need to come away from spreadsheets. We’re not saying you need to leave them completely, but here are the top reasons why cloud working is better:
It’s all about putting your clients first – they need to be your number one priority, after all, they are your revenue. If you’re not selling what they want to buy, you’re taking yourself out of the running.
We can’t stress the importance of using industry-specific tools. Using spreadsheets is widely acceptable for the use of startups, but honestly, it’s best to use platforms such as Xero, QBO and Futrli from the off. You’ll be starting on good footing, and ingraining good habits.