Everything you need to know about cashflow forecasting in the cloud
Your cashflow forecast is a critical business management tool. Cloud accounting gives you the freedom to update your forecast with live numbers as soon as they’re available.
Even if your business is profitable on paper, you need cash flowing into the business faster than it’s flowing out. Forecasting is the best way to safeguard your business financially. It’s usually divided into receipts, outgoings and a monthly cash balance or cashflow statement (which should equal to the amount of cash in your bank account).
The traditional method of business forecasting has been to rely on spreadsheets, Word documents and even bank statements to put together projections. This is time-consuming and prone to human error. Futrli simplifies cash flow forecasting and budgeting to the cloud. Designed to be straightforward and easy to use, you can be up and forecasting in just a few minutes.
The cloud means your forecast is in real-time
Cloud cashflow forecasting takes the headache out of future accounting and does all of the work for you (both the hard and the easy). Updating your forecast with real-time figures as soon as they’re available, the forecast becomes your actual cash flow position as you go through the year. The process etc is all created for you – you’re not starting from scratch with a blank spreadsheet.
The beauty of cloud forecasting is that it also enables business owners to create some what-if scenarios to measure the impact of, for example, a 5% dip in sales or a 10% increase in costs, to help you build some contingency into your figures. It does away with time-consuming spreadsheets and tapping into quick and easy scenario planning for the unforeseen or seasonal changes.
The benefits of working in the cloud
1. Flexibility. Cloud cashflow forecasting gives you the freedom to run your business from work, home or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.
2. Automatic updates. Your data is delivered faster and more accurately in the cloud. This eliminates the hassle of manual uploads, so you have more time to focus on growing the business.
3. Collaboration. Multi-user access makes it easy to create collaborative forecasts online with your team and advisors. Even if you’re working in different countries and time zones, and you can rest safe in the knowledge that it is all being automatically backed up.
Futrli is designed so anyone who runs a business can plan their future cashflow. There are forecasts that cover everyone from sole traders right through to larger finance teams.
Your cashflow forecast is a critical business management tool. Cloud accounting gives you the freedom to update your forecast with live numbers as soon as they’re available, scenario plan for all possibilities, as well as the option to run your business remotely, from anywhere in the world. When data is at your fingertips, the possibilities are endless.