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Forecasting software

What would be the best cloud based forecasting software?

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I'm looking for some sophisticated forecasting software that will accommodate:

Forecasting expenditure by supplier/payee rather than expense/liability category (or at least have supplier/payee as the driver rather than e/l), and;

Tracking categories such as found in Xero, so you can, for instance, granulate cash balances down by restricted funds in the case of a charity.

The ones I'm looking at, such as Fluidly, Futrli don't seem, to come anywhere close to what I need.

Anyone know of a panacea? TVM.

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By Manchester_man
01st Apr 2019 19:38

Nope, and I agree with your observations.

There is Futrili but their prices are out of the budget of most small practitioners. I haven't tried it for that reason - to expensive.

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By Farkhem Hall
04th Apr 2019 10:55

Firstly, why does it need to be cloud-based? Is it because of multi-user requirements? If not, then perhaps re-think exactly why you need it to be cloud-based.

Secondly, what's preventing you simply setting up your income and cost categories as Individual Debtors and Suppliers instead of standard income and expense nominal descriptions?

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Replying to saltimbamba:
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By Phil Marshes
04th Apr 2019 12:58

For the reasons you have stated and also that I have grown averse to desk top based software: backing up and installing updates at least one a year is a pain.

Nothing - it just seems a bit artificial and over-engineered.

Will take a look at FD4, thanks - I am fast reaching the conclusion that if it has to be desktop based it may as well be Excel anyway.

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Replying to saltimbamba:
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By Alf
05th Apr 2019 09:04

Don't pretend to recommend FD4Cast when it is your product

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Replying to Alf:
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By Farkhem Hall
05th Apr 2019 10:33

I wasn't 'pretending' to recommend.... I actually did recommend FD4Cast.

The gentleman asked for solutions and I provided a recommendation.

I didn't go into a lengthy schpiel extolling the virtues of the product, I simply said it could probably handle what he wants to do.

Don't be such a snowflake dear...

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Hugh Johnson
By Hugh Johnson
04th Apr 2019 12:21

Hi Phil, Something that I have been experimenting with is using Power BI to do just that. The beauty of this approach is that you can take into account all the transaction line detail over the last while. I typically take the last 800 days' data to give me a full two years so that I can try to take into account seasonality. The important thing with any forecasting model is to understand how it is working and therefore does it make sense to your own particular situation. It is difficult, for example, to produce a forecast related to a particular supplier if you have only been dealing with that supplier for a couple of months.

I have experimented with this approach for forecasting product demand, sales by customer, and cash flow by customer & supplier as well as larger groupings. The approach I took seems to work well if you are doing a lot of repeat business with the same partners (even if it is up and down a lot). It becomes possible not only to produce a forecast, but a range of expected values. I know, however, that this approach won't work well in other situations.

So....to answer your question "Is there a panecea?", I don't think so. Are there a different approaches that you could have on the shelf that you can apply in different situations? Yes.

Hugh

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Replying to hughjohnson:
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By 10sectom
12th Apr 2019 15:41

Excel

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Hugh Johnson
By Hugh Johnson
04th Apr 2019 18:49

I thought that I would share a quick preview of the kind of thing that we are working on with Power BI to analyse and forecast cash flow. It is work in progress, but I think that it shows that if you are building this up from a strong dataset of fine-grained transaction lines you can achieve some very useful results. https://www.useloom.com/share/9d39f3a6e00e4af2b4d0ec499cc97d88

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