Predicting cash flow can be a daunting task
Using QuickBooks to keep your financial information can be limiting. It can be difficult to see a budget that uses the cashflow method to see where your cash is actually going on a day to day basis.
In fact, staring at a list of numbers in any bookkeeping program can be overwhelming and not tell you very much unless you have a degree in accounting, statistics, or economics. Most people are simply bored by endless columns of numeric data and just want the bottom line.
Float is a new software in beta testing that integrates with your QuickBooks data to better predict your cashflow. Using the transactions, payments, and invoices in QB, Float constructs an interactive cash flow to see exactly what is coming in and going out. When you’re operating on a small budget, being able to see the daily bank balance is extremely beneficial.
Budget out for years ahead
One of the cool things about Float is that you can model different scenarios within the software to see the impact on your cash flow. You can be an optimist or a pessimist to be able to compare different actions on your part. You can set up to two years of future budgets with Float, using your historical figures or entering new ones manually. Once you have these budgets set up, you can use Float to compare how you’re actually doing against the budgets.
Float offers a 30-day free trial, then it does have a monthly fee. The nice thing is that for solo use, your accountant also has access to the software for no additional charge. You can also get Float for a larger team. It currently integrates with Xero and FreeAgent. You have to be using this accounting software to use Float. They are also developing a Sage One integration.
I haven’t tried Float, but it does appear to be well-developed. It was shortlisted for the 2015 DigiTech Awards ‘Best Financial Services Product/Service’ award, and while it didn’t win the category, it was one of just three nominees. Take a look at Float to see if would benefit your business.
