Forecasting

5 reasons why your business needs to forecast in the cloud

A lot of time is being wasted by businesses doing financial admin. The cloud has accelerated so many tasks for accountants and entrepreneurs alike, so keeping your finances in order has never been easier. Because the cloud allows us to work in real-time, the data you see in Futrli is always up to date. Here are some of the top reasons cloud working is best.

1. Get a real-time view of your financial position

Trying to get on top of your books with accounting software that’s not cloud-based is tedious, and because of that, it’s also the one job that’s liable to fall off the list. Xero and QuickBooks get direct data feeds from your financial institutions, and with automatic bank reconciliations that update daily, you know exactly where your business stands at all times.

That’s one piece of the puzzle, but how are you doing against your budgets and forecasts? If your worst case scenario becoming a reality? With Futrli and QuickBooks or Xero, you’ll know exactly how your business is performing against a range of scenarios, beautifully presented on a Dashboard, accessible via your iPhone.

2. Your business can reliably embrace what-ifs

A big problem with desktop accounting solutions is that Excel spreadsheets are liable to formula errors. The data is hard to manage and manipulate and you can’t easily visualise what you need to do. Futrli, on the other hand, provides a clear view of your financials with beautiful graphs and charts, allowing you to easily track the decisions you are making.

This allows you to develop your business operations based on facts. For example, with Futrli you can create a base scenario and then play with it to reflect a range of possible futures (optimistic, pessimistic and most likely, as a minimum). This way you are planning for every eventuality and not leaving yourself open and susceptible to surprises. 

3. Your team can work with you to drive the numbers

Collaboration with your team is absolutely key –  more heads and hands make light work! If you’re precious about your forecast in a spreadsheet because you live in fear that it will break, you can’t get the best out of the people employed to help you. 

Futrli, gives you and your team, who need the numbers just as much as you, access to your data online at any time, using any device with an internet connection. It also brings the data to life, with beautiful graphs and charts, making it so much easier for every member of the team to digest.

4. There are thousands of apps available to help

Making the move to the cloud opens up a vibrant ecosystem of apps designed specifically to help you work smarter and save you precious time. Xero’s add-on marketplace has 500+ time-saving apps designed to solve your business needs. Shopify and Rocketspark, for example, allow you to set up online shops that sync with Xero to enable orders to automatically flow through as invoices. 

5. Get alerted to fluctuations in your financial data

Alerts can monitor all kinds of measures of financial health. Your first step is to choose which area of the business you are going to monitor and the second is to decide when you want to be informed of good or bad news. We’ll set you up with five automatic alerts to get you going.

The data that is being monitored is updated daily via the cloud, and you’re notified when you trigger an alert by dropping below or exceeding those chosen thresholds. This means you can action changes at the right moments, catching issues before they become problems.