Financial forecasts, cash flow and budgets for small businesses
Predict your future business finances
- Keep you cash positive
- Partnership with Futrli
- Cost saving solutions that fit your business needs
- Prepare budgets and forecasts
VAT
Pension & Auto Enrollment
Consolidated Accounts
CashFlow Managment
Financial Forecast
Even a well-run business with excellent products or services can fail due to a lack of funds or resources during a financial crisis or recession. Budget forecasts, business viability, and investor insight are possible with a well-defined plan or strategy and clear goals. Financial forecasts can predict your company’s future, allowing you to monitor your finances and address potential issues. For example, if your company is new, rapidly expanding, or cash strapped, you may need weekly forecasts or monthly or quarterly forecasts if you are established. In addition to forecasting and budgeting, we can help you prepare projected profit and loss accounts and balance sheets. We will also identify any performance differences, explain how and why they occurred, and help you protect your finances and plan for a prosperous future
Cashflow and sales forecasts
Key aspects of good company cash flow and sales forecasting are:
- You will need to budget to keep your cash flow aligned with your projections once you've created a financial forecast. It is essential to your business operations.
- Keeping the information updated regularly, as required, and ensuring information is always comprehensive.
Tip: Try not to skim through the sales reports for top-line information. Take some time to dive deeper into it, as this is when you will find the best insights, so you are better informed, make sound business decisions and remain in good competitive shape.
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Looking for a bespoke management reporting for your business? Speak to one of our specialist!
Financial reporting and other benefits
As a result of your report, you will be able to compare your performance to your annual results and adjust future forecasts as needed, keeping your cash positive! You might need to borrow money from banks or finance companies. To increase your chances of getting these funds, provide good financial data that includes solid planning and strategy, as well as accurate cash flow forecasts. It is the same principle whether you are trying to attract private equity or getting ready for a sale because it could mean the difference between getting funding or not.
Difference between financial planning and forecasting?
A financial forecast predicts future income and expenses. On the other hand, a financial plan outlines future income and expense generation. A financial plan is what an individual or business intends to do with its earnings. While both processes influence future financial activity, a financial plan is a long-term roadmap, while a financial forecast is a current prediction or estimate.
Futrli: Cash flow forecasting every small business can trust!
Futrli is our ‘go to’ software of choice to help you manage your small business current and future finances without the hassle of running off spreadsheets. All future VAT, payroll, invoices, bills, expenses and cash can be covered in one simple click! We use it to predict & estimate your cash flow. It is instant, automatic, and accurate and offers two different features, which we talk about below.
Business planning and financial forecasting will help you gain a clear understanding of:
- Viability of the plan or strategy
- Expected profitability
- General liquidity
- Any funding requirements
- Risks involved and return on the required capital
- Critical business issues
The different AI packages available:
It uses artificial intelligence (AI) to predict your cash flow, profit and loss, and balance sheet. It will also generate a three-year sales, expense, tax, and cash flow forecast. Larger or more complex small businesses rely on their accountants for more in-depth strategic forecasting, planning, and modelling as part of their management reporting and board packs. You can also sync up the software with Xero or Quickbooks.
Our Accounting Software partners
Our fixed-price packages also offer free accounting software training (or refresher) to get you up to speed once we have integrated with your online software provider, and any banking apps, to make your life easier a whole lot easier! We can meet all your UK tax obligations and deadlines more easily with the help of our approved accounting software such as Xero, Freeagent, and QuickBooks. Send invoices, import bank statements directly from your bank account, VAT, invoices, bills, payroll and expenses – all covered in one simple click. Please note that Futrli only integrates with Xero and Quickbooks currently.
FAQ's
The most important initial element in financial planning is Budgeting. Setting a budget is relatively easy; it is more difficult to stick to it! However, having the discipline to take the time and care to record and reconcile your expenditure in some way is what counts.
Budgeting quantifies the expectation of revenues that a business wants to achieve for a future period, whereas financial forecasting estimates the amount of revenue or income that will be achieved in a future period.
Futrli is prediction software that lets you automate cash, revenue, expenditure, profit, tax, customer, supplier, and non-financial software projections in order to try out and make the best decisions with your team.
A good financial plan contains seven key components:Budgeting and taxes. Managing liquidity, or ready access to cash. Financing large purchases. Managing your risk. Investing your money. Planning for retirement and the transfer of your wealth.Communication and record keeping.
Arguably, the most difficult aspect of preparing a financial forecast is predicting revenue. Future costs can be estimated by using historical accounting data; variable costs are also a function of sales.