What are they?
Futrli Predicts rows are the pure product of Predict’s prediction and accounting algorithms. They are the heart of Predict and represent your future business if trends continue as they are. They are calculated from the historical values that Futrli pulls from your accounting data every day, and will create an accurate future view of your business that will raise questions with you (this is good), possibly require action and will give you a live, future “business as usual” that you can then layer things that Predict can't know about (taking on new staff, launching a new product etc.).
Where can I find them?
When you first sign into Predict, on the home screen you’ll see your day to day operations split out by Sales, Cost of Sales and Expenses.
Each one of these sections has accounts that have been fed through from your accounts package.
Under each account you’ll find a Futrli Predicts row. These rows are special and contain your predicted numbers into the future.
Is this AI?
Futrli Predicts rows are not created using AI but have been built using Futrli’s prediction software’s algorithms. Effectively they are designed to use similar logic that an FD, CFO or management accountant would use if they were preparing a detailed forecast for you using their years of experience. Something that would take hours to prepare and hours to keep up to date. Nothing can calculate the volume of automated and accurate calculations that Predict performs.
How are Futrli Predicts rows created?
Predict analyzes transactions for each account line separately, as well as the type of account that it is. Seasonality, repeating patterns and trends are identified. This is what you see in the Activity view: when sales (from invoice e.g.) are predicted to happen for instance.
Then, all historical payments for each account line are also aggregated to give you live average payment days. This is the Cash Impact view of Futrli Predicts. When the predicted activity (the invoice e.g.) will be paid. This live aggregated view incorporates (for every account):
How many days it takes every invoice to get paid for every customer +
When journals get “paid'' +
When “spend/receive” money is “paid”
What about VAT/ GST?
Futrli Predicts also calculates the VAT / GST of transactions accurately by assessing every transaction that has happened in the past and creates an account-level VAT rate that will flex and move as more transactions come in from your day-day trading. Why? To ensure that you predicted VAT payments are as accurate as they can be. Every one of these things are factored into the future predictions that are recalculated every time your data syncs (once per day).
That’s why you can trust Predict.
The outcome of these layers and layers of predictions are that you are always looking at a realistic predicted cash balance as well as predicted values for every account’s activity and cash impact and tax liabilities.