How to use Prediction Software

Your business is a living breathing thing. What it looks like today will be totally different to what it looks like next week, next month or in 6 months because there are just so many moving parts and unexpected things that can and will crop up.

Hannah Dawson

How to use Prediction Software

The problem with any type of traditional forecasting software in the past was the amount of time and effort it took to get started for (small) business owners. It wasn't built for you, the business owner. No one with their own business has time for that. Every day Predict does the heavy lifting, for you - much like your own (small) business accountant. Calculating X, Y, Z, looking at past and present data, and plugging into your accounting software - all you have to do is log in for a few minutes each day and see how you are doing. As opposed to traditional cash flow forecasting, our 3-way forecast considers e.g. your profit and loss statement. So that you actually feel differently about your business and your business finances, in control, and on the right course. The rollercoaster of  “that’s the way it is” will go and your business planning and business strategy will improve.

Predict does the heavy lifting for you
Every day Predict does the heavy lifting, for you - much like your own (small) business accountant. Calculating

A guide: How to use Futrli in (small) businesses

Right, to it. This is the fundamental “how you use” Futrli:

  • If you don’t invoice customers head straight to Predict. If you do. Head to Flow. Scan your feed. Have customers’ credit scores moved into the red zone? Do you need to ensure any new sales invoices as part of your new credit control process? Who needs a gentle chase? Flow and your feed are done.
  • Head to Predict. Update the expected payment dates of invoices and bills if you’ve got insider info that we don’t have. Then scan the Home page. There are charts for the big stuff to help you scan faster so look at:
  • Your predicted cash balance. Sales, Cost of Sales and Expenses top lines. Flick between activity - predicted performance and the cash impact of that. Any bumps in the line you’re not sure about check out the detail in the accounts and predictions below. No number reading is needed unless it’s necessary!

Then, these things are then optional depending on what’s happening with you.

  • Optional - Quick mental check of your next predicted VAT payment due but you’ll see it in your predicted cash row anyway.
  • Optional - If you’ve got manual predictions - do they need to be checked or tweaked, has anything changed? Like you’ve decided not to hire that person and it needs to be deleted. Boom - bank balance increases.
  • Optional - If you’ve any new possible choices to make, test out the impact. New staff, price change, new equipment, etc.
  • Optional - If you want to explore different outcomes or scenarios create different manual predictions. One prediction line for each - eg Covid reduced sales by 25%, 50% 75%. And turn them off and on using the toggles, to see what the revenue floor is for reopening. Simple example but you get the point.
If you don’t invoice customers head straight to Predict.

Top tip - spend 5 minutes a day doing your bank recs in QBO or Xero - it means you will always be looking at the right information. It's good hygiene for your business and will give you health information. It’s just good hygiene and you’ll feel fresher. Sync Futrli after that and you’re looking at the most up to date predictions. Rec it. Sync it. Scan it. Simple. If you’re not sure about bank recs or your accounts package generally I am making it my mission to give you that swagger.

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