Predict isn’t traditional forecasting or “cash flow only” forecasting software. One is hard, and the other is often inaccurate, inflexible and only focuses on the cash impact of your business activity.
Predict is designed for you; understanding how you work, the strain you are under, how unique your business is and how now more than ever, there is pressure on you to make the right decisions.
It is all underpinned by a robust accounting and prediction engine, that calculates and analyzes thousands of data points on every sync, to ensure that your business numbers are accurate. In the background, a 3-way future profit and loss, balance sheet and cash flow statement are always dynamically up to date. This not only keeps your daily handle of your business on track, but also covers you if you ever head down the path of investment or funding.
De-risk and transform how you work and feel about your business
Predict creates an up to date future view of your business that is easy to understand, would take a team of finance professionals to prepare, and is packed with features that help you control the various outcomes that your business may face. By improving the speed and decreasing the risk of decision-making, you’ll feel in control, making choices you can rely on.
Scan simply, control quickly
The Predict home screen is easy to scan, headlines your predicted cash first and then separates your operations into your core activities: Sales, Cost of Sales and Expenses. Thousands of data points are dynamically predicted each day, flagging areas of growth or concern that you may not have realised, as well as aggregating payment behaviours. Unlike a static spreadsheet, Predict gives you a clear and accurate picture of the things you can control every day and which need your attention.
☝️ Scroll left to see how you performed in the past, or right to see your predicted future.
Sales, Cost of Sales and Expenses have two views and it’s essential that Predict tracks them for you:
Activity: when a sale or purchase happens.
Cash impact: when a sale or purchase is paid.
Futrli Predicts, in ways humans and AI can’t
For every account line you will find an automated prediction row. This is updated daily with new data that we pull from your cloud accounting software. To calculate this we are not using AI or machine learning. Small business data is too irregular to rely on machine learning models to predict time series data.
Predict uses sophisticated math(s) and next-gen algorithms that understand account types, trends, seasonality, frequency, payment aggregation and more. Thousands of data points (transactions, reports, invoices) from Xero or QuickBooks are pulled together to build a complete picture of earnings, spend, cash in and out, as well as the trends and patterns that sit within the numbers.
It transforms the data, applies our predictive and accounting algorithms, and creates a future view of every account and financial metric you need to make the most informed choices (e.g. sales, purchases, profit, tax, and of course, cash).
Invoices and bills that are still due to be paid are included in your predicted cash flow. We anticipate when they’re likely to be paid, but If you have a short term cash flow issue, update the expected payment date to make your predicted cash more accurate. Exclude invoices or bills that you’re not sure will ever get paid. If you head to the Cash impact view for any account, you’ll see those predicted payments for invoices and bills highlighted in red as well as in the financials section.
We want you to know that VAT / GST is calculated for you automatically, following correct accounting rules. This is really important, as you can rely on Predict to tell you whether you’ll have enough cash to cover these often large outgoings. The VAT / GST impact of every predicted activity can be seen on your Balance Sheet and what you’re going to have to pay (or get a rebate for!) is highlighted in yellow.
Customize, with your own predictions
There are always things that Predict can’t know about your business. You might want to:
Hire a new member of staff. For staff, you might want to toggle off the Futrli Predicts row and create a row per staff member with their monthly salary - it makes it really easy to do future salary increases etc
Launch a new product or service
Take out a loan or get investment
Increase prices or explore suppliers increasing theirs
Understand what happens if recession affects your business and revenues are 10%, 25%, 50% less. Is your business okay in every scenario?
What would happen if you lost your biggest customer?
Play with payment terms, what happens if you get paid by your customers in half the time?
Create your own predictions by hitting the green button and give them an easy to read name for quick reference. You’re done in 3 simple steps:
There are different types of prediction you can create depending on its use, so try out free-styling or repeating methods. Fill in the blanks, it’s really simple (this is the activity)
Choose the date the activity is stored on, and the VAT / GST rate
Then how is it going to get paid? You’re in control of the payments too (this is the cash impact)
Be as creative and imaginative as you like and get immediate visual feedback on your ideas and the possible decisions you have to make (and don’t worry, you can easily delete any changes you make).
Test different possible outcomes
Use toggles to turn any prediction row on or off. Futrli predict rows will keep calculating for you, so if you want to include them in calculations it’s as simple as toggling them back on.
You can also toggle your own predictions on and off. Why not tag the names of your predictions so they’re easy to see, like New Office rent, New Office rates, for example?
Note: Head to the financials to toggle lots of prediction rows on or off as every account category is presented in the P&L and Balance Sheet.
Unless you are self-certifying a small amount of funding, when you apply for larger sums or seeking new investors, every potential bank, alternative lender or investor will ask for a “3-way” cash flow forecast or projection for your business. The financials section has a 3-way investment ready prediction for you.