During the past year, Fluidly has received grants from the OpenUp banking fund and £5m from the Banking Competiton Remedies’ (BCR) Innovation and Capabilities Fund. With much of the funding targeting new growth initiatives, the company decided that it needed to beef up the capacity of its cloud servers.
Fluidly decided to rebuild the entire application to run on Google Cloud Platform (GCP), which means it can now generate cashflows three times faster to handle even more users. With the toolkit available in the GCP AI Platform, “We can now scale up to ship 50,000 models,” Fluidly founder and CEO Caroline Plumb told AccountingWEB.
The revamp comes with a new interface and Dynamic Insights reports. “Our roadmap has always been from what? to so what? to now what? The Insights flag up issues around spending trends, relations with suppliers and anything else that’s coming up,” said Plumb.
Fluidly’s Dynamic Insights are backed up with new graphs and reports that give users a better view of the money coming in and a Cash Breakdown of what’s due in the future. At a pre-Accountex Summit demo in Manchester on Tuesday, Fluidly account director Gabriel MacSweeney said that the program by-passed spreadsheet-based manual models and focused instead on cash dashboards that “get to the right advice and not to a static PDF report”.
In the wake of Xero’s cash forecasting announcement, Caroline Plumb explained to AccountingWEB: “Unlike other forecasting products, we’re giving an automated view of the future. We’re providing a forecast based on actuals and are able to project that into the future – it’s a unique edge on what’s going to happen.”
QuickBooks Online integration
Fluidly was originally devised to work in tandem with Xero, but this week it added integration with QuickBooks Online. According to Plumb, the modelling tool picks up “anything that triggers a cash movement. If it moves out of the bank, we track it.”
Explaining that the integration strategy was one of the company’s commitments to the BCR, she added: “The document that we published in June noted that we had 9,000 businesses. We’ve connected 20,000 businesses now and are committed to reach 400,000 by 2022.
“The old platform would not have coped with that growth. With the new release, we’re creating a sound infrastructure that we know will scale to handle the commitments we’ve made. Our mission is to help millions of businesses to sleep better at night by taking away the pain and stress of cashflow. Ultimately we want to make our solution accessible to every business.”
AccountingWEB’s Head of Insight has been with the site since 1999 and likes to spend his time studying accountants’ technology habits. When not nerding out, you can find him exploring obscure indie music and searching for the perfect organic sourdough loaf from his base in Brighton, UK.