You can create forecasts where Futrli will automatically add daily predictions for you based on data from your integrated accounting software. These are called auto-predictions.
📌TIP: You can toggle any auto-prediction on or off. You can even replace them with predictions you manually create or predictions you import into the forecast.
Set up auto-predictions
When you create a forecast, use the Create with auto-predictions option.
Every account in the chart of accounts will have a prediction created automatically in this forecast and appear in the 'Predicted' rows. Those predictions are the product of our algorithms and are based on the historical values from your accounting data.
📌TIP: To understand how the prediction was calculated, click the Predictions explanation toggle in the top right of the forecast.
You'll see a coloured bar next to each prediction. This indicates how confident Futrli is that the predicted number will be accurate.
There will be some accounts with consistent historical data, which will likely have a green prediction. This means you can be confident with the prediction.
Where the historical data isn't consistent, an orange or red line appears. This indicates you need to double-check the predicted numbers. Even though Futrli can do much heavy lifting for you, you know the business better than any algorithm ever could.
📎 NOTE: You can also check this article on Incorrect auto-prediction explaining the various colour codes and what to do if you believe your auto-prediction isn't accurate.
Common questions about auto-predictions
Is auto-predictions AI?
Is auto-predictions AI?
Futrli doesn't use AI to create the 'Predicted' rows in a forecast. They're built using Futrli's prediction software algorithms.
Those predictions are designed to use the same logic as an FD, CFO, or management accountant when preparing a detailed forecast. Effectively replicating their years of experience. This is something that would usually take hours to prepare and hours to keep up to date.
How are automated predictions created?
How are automated predictions created?
Futrli analyses transactions for each account line separately, and the type of the account. It identifies seasonality, repeating patterns, and trends.
This is what you see in the Accruals view. For example, when sales are predicted to happen.
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's Predicted lines, when the predicted activity will be paid.
For every account, this live aggregated view incorporates:
How many days it takes every invoice to get paid for every customer
When journals get 'paid'
When' spend/receive' money is 'paid'
How is VAT/GST/sales tax calculated?
How is VAT/GST/sales tax calculated?
Futrli calculates the VAT/GST/sales tax of transactions accurately by assessing every historical transaction. It then creates an account-level VAT/GST/sales tax rate that will flex and move as more transactions come in from your day-to-day trading.
This ensures that your predicted VAT/GST/sales tax payments are as accurate as possible. Every one of these things is factored into the future predictions that are recalculated every time your data syncs (once per day).
Can I add auto-predictions to an existing forecast?
Can I add auto-predictions to an existing forecast?
If you've already created a forecast, but didn't select to create it with auto-predictions, you can't add set up auto-predictions retrospectively. For example, if you chose to create a forecast from last year's actuals.
You would need to create a new forecast, and make sure to use the auto-predictions option.