Why you should always be looking ahead

Quick Guide to forecasting your Business goals for the year ahead

In this Quick Start Guide we’re going to look at how we can tailor our projections so that they tally with our expectations for the future.

Written by Ross MacLeod

Creating an Actual vs Budget Report with a Comparison Card

You can view your Business Performance versus your Budget using a Comparison Card. A Comparison Card allows you to view performance across any account category, line or formula comparatively, so you can see if you’re ahead or behind target or over or under your budget.

Written by Ross MacLeod

What’s the Difference Between a Budget and a Forecast?

Budgeting and Forecasting are two financial functions that are critical if you want to drive your business and not let it take you for a ride. However, there’s often some confusion surrounding Budgets and Forecasts, they are clearly linked, but it’s important to distinguish the differences. They’re not the same and they should be used differently, as intended, to give you a different perspective of whether your business is on the road to success or not.

Written by Hannah Mcintyre

Creating a Forecast for the first time is easy if you follow these 3 simple steps!

Why create something from scratch when your previous results can be used as insights to power your assumptions? Basing your forecast on last year’s data is the perfect starting point as you are saving valuable time while making sure that the seasonality of your business is also reflected in your forecast.

Written by Hannah Mcintyre

The importance of non-financial business drivers

Your current and future business operations will be affected by a whole range of variables, variables that are rarely set in stone. Often these will be driven by a non-financial element.

Written by Hannah Mcintyre

How to drill into Forecast Data

Written by Ross MacLeod

Get your Forecasts linked with ‘What-If Scenarios’

Written by Matthew Cawthra

A Scenarios overview. How to navigate around them

How do I View/Hide Forecast Items Created Against an Account Line of a Scenario?

Written by Matthew Cawthra

Overview of Scenarios – this is where you’ll build your budgets and forecasts

Within FUTRLI’s Scenario Builder you can view, create and edit forecasts for an Organisation which you have access to. This is an overview of its interface

Written by Ross MacLeod

Choose when Actual data replaces Forecast data in Scenarios

Within FUTRLI Forecasting engine you can view the future of your business, but sometimes you also may want to view its past as well. You can choose when Actual data is displayed within the Scenario section using the Actual/Forecast Crossover dropdown, You’ll find this sat in the top right of every Scenario you create.

Written by Ross MacLeod

The Scenarios page in FUTRLI – your first step to building a forecast or budget

Within this guide we’re going to walk through the basic interface within the Scenarios section. When first navigating to the Scenarios section you’ll find yourself greeted by a list of the Organisations which you have synced with your account. If you have no Organisations synced, then your Organisation list will be blank and you’ll need to add an Organisation first before you’ll be able to start forecasting.

Written by Ross MacLeod

How to Show/Hide Individual Forecast Lines

Written by Ross MacLeod

The Balance Sheet Tab in Scenarios

Written by Ross MacLeod

The Profit & Loss Tab in Scenarios

Written by Ross MacLeod

The Workings Tab in Scenarios

Written by Ross MacLeod

Creating a new forecast line

Forecast items can be created against any Profit & Loss and Balance Sheet line within FUTRLI. To create a Forecast Item, simply press the + button adjacent to the line you wish to enter forecast data for.

Written by Ross MacLeod

Entering your Organisation settings before creating your first Forecast

Before you can build a forecast for an Organisation in FUTRLI, you’ll first need to enter the Organisation’s Settings. These allow FUTRLI to automatically calculate your Sales Tax obligations and map your Accounts Receivable, Payable and Bank Account movements.

Written by Ross MacLeod

The Cash Flow Tab in Scenarios

Written by Ross MacLeod

How to rename forecast lines

Written by Ross MacLeod

How do I extend the length of a Forecast, Budget or Scenario?

You can extend the length of your Scenarios using FUTRLI Advanced Copy option. This allows you to change the Start Date or the length of existing Scenarios.

Written by Ross MacLeod

Which forecasting method to use?

How do I create a new Budget? An overview of the four main methods you can use

Written by Matthew Cawthra

What are Credit Terms? (use them in Scenarios)

Credit Terms are the number of days in duration between an item being invoiced and that item being paid for.

Written by Ross MacLeod

How to use the On the Fly Quick Edit forecast options

You can use our Quick Edit options to make bulk changes quickly and simply when using the On the Fly forecasting method. This allow you to perform bulk edits to the values which have been entered for all periods, an individual period or for multiple selected periods within your forecast. Using the Quick Edit options you can split the allocation of forecasted figures across a range, increase and decrease values by a percetange, or add or subtract values by an amount.

Written by Ross MacLeod

Converting a Forecast item to On-the-Fly

You can convert any Forecast item that has been created using the Single/Repeating Entry, Forecast Formula or Monthly Growth methods to On-the-Fly using the Convert to On-the-Fly option. This allows you to quickly create forecasts using any forecasting method and then convert the results to On-the-Fly in order to easily make adjustments. Please note, converting to On-the-Fly is permanent and cannot be undone.

Written by Ross MacLeod

How to Create a Scenario Based on Actual Data

Written by Matthew Cawthra

How to build a Business Forecast in seconds

With FUTRLI Last Years Actuals method you can create a business forecast in seconds based upon existing trends in your business over the last twelve months. Learn how to quickly project forward and get a clearer picture of the road ahead.

Written by Ross MacLeod

How to enter Payment Terms to your forecast

You can apply Payment Terms to any Forecast Item you create. These will dictate when the item in question will impact upon your Cash Flow. FUTRLI gives you the flexibility to control when payments hit your account using flexible Payment Profiles.

Written by Ross MacLeod

How to edit a Forecast Item

Written by Ross MacLeod

Advanced forecasting methods

Forecasting Deferred Income

Deferred income is any revenue which is received in advance of a service being rendered or a product delivered to the purchaser. Deferred Income can be forecasted in FUTRLI using the Advanced Options.

Written by Ross MacLeod

How does FUTRLI handle Brought Forward Balances?

Written by Ross MacLeod

How to create a non-cash forecast that doesn’t touch your bank (a journal)

Using FUTRLI Advanced Options you can override the default behaviour of a Forecast Item and set it to No Cash. This will remove the Cash Flow element of the Item.

Written by Matthew Cawthra

What is Invoice Factoring?

Invoice Factoring is the process of selling your unpaid invoices to a third party for an upfront free – usually a percentage of the value of the invoices.

Written by Ross MacLeod

Forecast Cashflow Cards

Drill into even more detail than you can on the Cash Flow area of Scenarios

Written by Hannah Mcintyre

How to automate Stock Movements in your forecast

In this guide we’re going to walk through how we can automate our stock movements by combining FUTRLI’ Formula Forecast Method and Advanced Options. This will involve us forecasting Stock purchases on the Balance Sheet and then using a Formula to decrease the value of our Stock as Sales are made.

Written by Ross MacLeod

How to Forecast Depreciation

Written by Ross MacLeod

How to Forecast Invoice Factoring with Recourse

Written by Ross MacLeod

How to Forecast Invoice Factoring without Recourse

Written by Ross MacLeod

Forecasting Loan Interest Payments

Using FUTRLI Formula Method, we can quickly and simply forecast Loan Interest payments. In this guide we’re going to walkthrough entering a simple Loan Interest payment.

Written by Ross MacLeod

How do I Change the Journal Movements to Either Debit or Credit

Written by Matthew Cawthra

How do I display Forecast or Budget Data on a Card?

Written by Matthew Cawthra

Applying a Period Offset in Formulas (KPIs)

By default any account line, category or non-financial line you add to a formula will reference its transactional or cumulative value for the reporting or forecasting period selected in the Card’s settings or in the forecast formula. Applying a Period Offset allows you to reference past periods instead, enabling you to create calculations such as Opening Bank Balance and Monthly Growth in Revenue.

Written by Ross MacLeod

How to forecast with Brought Forward Balances

In this guide we’re going to walkthrough creating a forecast item against an Accounts Receivable line, in order to account for the expected payment of a Brought Forward Balance.

Written by Ross MacLeod

Advanced forecasting options (journals & no cash)

FUTRLI Advanced Options allow you to override the Forecast Item’s default behaviours. You can use the Advanced Options to change an entry from a Debit to a Credit, or from a Credit to a Debit, to change the Bank Account, Accounts Receivable or Accounts Payable line the item will impact, or to enter an item as a No Cash entry.

Written by Ross MacLeod

Forecasting Loans

Using FUTRLI advanced options we can create new Loans and enter payments for existing ones.

Written by Ross MacLeod

How to forecast a Rent Prepayment

You can forecast the Prepayment of Rent using FUTRLI’ Advanced Options. In this guide we’re going to be representing our Rent as being paid monthly on our Profit & Loss, but we’re actually going to be paying our Rent Quarterly, on the first day of each Quarter.

Written by Ross MacLeod

How to perform multiple Wage Payments on the Balance Sheet

Written by Ross MacLeod

How Can I set a Forecast to a Nominal Account rather than a Bank Account?

Written by Matthew Cawthra

Import an existing budget or forecast

How to turn your Xero Budget into a Cashflow Forecast

The Xero Budget Manager is a useful introductory tool to business forecasting, which allows you to enter your monthly budgets for each of your Profit & Loss accounts. In this guide, we’re going to look at how you can apply payment terms to your Xero Budget so that you can transform it into a Cash Flow Forecast.

Written by Ross MacLeod

Importing a Budget from a Spreadsheet

Written by Ross MacLeod

Importing a Budget from Xero

You can upload Budgets you’ve created in Xero into FUTRLI via CSV. Once imported into FUTRLI these can then be edited, copied and reported upon.

Written by Ross MacLeod

Importing a Budget from QuickBooks

You can upload Budgets you’ve created inQuickBooks into FUTRLI via CSV. Once imported into FUTRLI these can then be edited, copied and reported upon.

Written by Ross MacLeod