During the registration flow, Predict connects to your Xero or QuickBooks Online organization. Then, pulling in the transactions and creating your first prediction is done automatically. It can take a variable amount of time depending on the age and volume of transactions, but if you don’t want to wait, you’ll be emailed when your prediction is ready.

Set up

On first use, Predict will ask you to check a few settings we’ve mapped for you, to make sure the accounting engine works as you’d expect. This is the most work you’ll have to do and it’ll take 2 minutes!

Map your:

  • Main bank current account

  • Accounts receivable account (also might be called trade creditors - this is your customer liability account for invoices that haven’t been paid yet)

  • Accounts payable account (also might be called trade debtors - this is your supplier liability account for bills that haven’t been paid yet)

  • VAT / GST account if you are registered

If you do pay VAT / GST we need a few more details. This is to ensure that your VAT / GST is calculated accurately and that you know exactly when payments are due.

  • How frequently do you pay VAT? For example, quarterly

  • The last month of your current VAT period? For example, June

  • Your typical VAT / GST rate? (For example, 20% in the UK, 15% in New Zealand, 10% in Australia)

  • The final one is important. Your VAT payment is due after how many days of the period end

Example: If you are on a quarterly cycle in the UK you must pay by the 7th of the following month. If my quarter ended in June (30th), I’d be paying VAT by the 7th August. Factoring 28, 29, 30, 31 day months, we’d use 37 days as the entry here.

Note: If you’ve paid VAT early, we’re looking for similar amounts to what you are predicted to pay in your VAT liability account (so that we don’t double count a payment/rebate and affect your cash flow).

First use

This is what we recommend. What you find will dictate whether you need to take any immediate actions in your business. The first time will take longer we hope as you explore, and create your own predictions for things we can’t know about. Subsequent logins will typically be a 10 minute thing.

Home

Predict has looked at every account in your chart of accounts and, using different sets of logic, “Futrli predicts” lines have been added to each one. “Futrli Predicts” rows are in both the activity and the cash impact views for every account and the numbers you see here are created from Predict’s powerful algorithms understanding the account types and the transactions found.

Your predicted cash is the headline of course and you’re going to want to scan it, but we want you to head to the Invoices tab first and follow this flow:

Invoices: Head to the Invoices tab to check your invoices and bills first. Do any expected dates need to move? You can edit the date.

You also might have some that need to be excluded as they will never be paid. Ideally ask your bookkeeper to account for these in your accounts package so that they are removed from this area.

Cash: Scan your predicted cash in the Home section as it’s the final output of every calculation. This is obvious, but if there are spikes, low points or areas for concern find out why, easily below.

Activity: Scan the Sales, Cost of Sales and Expenses for spikes or trends that don’t seem right. We’re confident in Futrli predicts rows, but if you’ve only had a few months of activity on an account or no activity for a while, the logic will give you 0’s.

Are there any Futrli predicts rows that you’re not sure about? You can always toggle them off. They will continue to update, but won’t be included in calculations.

Cash impact: Flip to the cash impact tab for each of the categories above and see when Futrli predicts activity will result in cash in or out. This may be surprising. Every customer and supplier has been aggregated into average days to pay. This is combined with other transaction types that are paid on the day. This live calculation will update every time the data syncs.

Financials: Go and check this section out. It’s where you’ll see your profitability and where future funding or future known equipment purchases would go for instance.

You: Now, do you have anything that you know will happen in your business that Predict cant’? Do you need to test out any ideas you’ve had, or new possible future outcomes? Go crazy, you can delete, edit or toggle them off afterwards.

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 freestyling or repeating methods. Fill in the blanks in the account line (freestyle) or in the prediction modal’s activity tab (repeating) it’s really simple

  • You can choose the date the activity is stored on. It’ll default to the last day of the month, and you can override your default VAT / GST rate too

  • Then how is it going to get paid? Hit the Cash Impact tab in the prediction modal as you’re in control of the payments too

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).

And that’s it. It’ll feel a lot right now - you’ve just been exposed to your whole future business. This is how we’d use it from now on.

Note: If you are facing cash flow issues, reach out to your advisor or accountant immediately. If you need our help there, post in Peer, or get in touch with our Support Team. We’d log in daily if you’re experiencing cash pinch points, weekly would be our recommendation, but at a minimum, monthly.

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