Accountants use various forms of cash flow forecasting and reporting tools in their role as business advisors. We surveyed the Top 250 Accounting Firms (excluding the ‘Big 4’) to get an understanding of what accountants are using for cash flow forecasting and reporting, and the problems they have.
It’s been interesting to see the comments…
- Using Xero forecasting, but that only does P&L and not balance sheet and cash flow
- Always looking for something that integrates well with cloud based programs
- Always looking for systems that make it easier to extract information and easy for clients to understand
- It takes too long to get your head around new software
The results certainly show that there is an appetite for some better options.
Here is a summary of the cash flow forecasting survey:
More than half use a forecasting tool, or think they do.
It is good to see that some accountants are now making the change to cloud-based alternatives. But not all of the software used can do 3-way forecasts for P&L, Cash Flow and Balance Sheet forecasts.
But Excel leads by a long way. While it is still useful for very complex forecasting, for everything else, modern cloud-based tools can provide visual formats that are easier for business owners to understand and get insights from. They are easily shared, less prone to errors and get accountants out of Excel hell creating them from scratch.
What we think of cash flowforecasting and reporting tools…
We have researched the market for 2 years to find ways to enable us to get out of Excel Hell so we can scale our business forecasting and reporting services. We have looked at Spotlight, Float, Fathom, Gide UK, Modano and Win Forecast. We chose Futrli and are Gold Partners.
Benefits of Futrli:
- Cloud based
- Syncs with Xero every day so that you can see progress against a month’s target. MYOB soon.
- Load in other trail balances through a CSV file You can go out to 5+ years
- Multiple scenarios
- Share with clients and limit access or give them access to change forecasts etc.
- You can use it to report out of Xero so that in a business with multiple departments and managers you can have separate access to a manager’s own department
- It does the simulation of future cash flows in the way that we have done it in Excel
- Futrli are receptive to customer feedback, unlike Spotlight
- Manage versions and change control which is very hard to do in Excel
- Standardise how you do three-way forecasting
- Easily scale a VCFO practice, the basis for business advisory services
Interested in a Demonstration of Futrli?
Find out why we think its the best, except for complex businesses which we still do in excel.
Contact us for a demo and get details of how we can fast-track the adoption of Futrli for your advisory clients with our tailored training and support. For those that struggle with online training, we have pulled together a training package and manual that puts things more in context and with end to end processes.