This is for a professional services consulting business.
Cash flow forecasting software recommendations needed please
Answers
Sungard, Kyriba and even SAP have products, but the key to success is full engagement of the business (sales, claims,
1
Roger, you might want to take a look at this free
'Improving Working Capital
https://www.proformative.com/whitepapers/improving-working-capital-management-cash-flow-intelligence
Good luck!
Best... Sarah
Cash flow is often done in
Roger
It's a little tough to help with specifics without knowing your company size, key functional requirements and some indication of budget.
That said, apart from products listed by Linda, you could try , Host Analytics, Alight as well.
regards
Len
Roger,
If your company is a Hyperion user, they have a module called Strategic Finance which includes cash flow forecasting. If your company is smaller in size, Excel can meet your needs to forecast 13 weeks in a quarter or 4 quarters in a year.
Regards,
Henry
If you really want powerful cash flow forecasts, I would recommend using something like Decision Suite from Palisade that uses probabilities and allows you to really create powerful prescriptive cash flow models. We have some great cash flow automation tools as well for reporting only. Contact me if you have questions.
Before you decide to buy software you need to consider the type of inputs you have and your business. Questions to ask are do you have a lot of FX Transactions, debt and investments with interim interest payments. This information together with your AR, AP, Payroll and budget information all needs to be aggregated by time horizons in order to provide an accurate forecast. Look at where the information is currently stored and consider the requirements to get all of this information into one place.
Cash Flow Forecasting software exists as a stand alone application, but are usually included as part of a suite of other
When considering a vendor look at the interface capabilities, how you manually input information and if they can segregate and tag the data. Look at the ease of creating informative displays and time horizon views.
The key to building a successful cash flow statement involves the synchronization of income statement and balance sheet data at a summary or detail level and the ability to maintain that relationship whenever you make changes.
A direct benefit of this approach is the ability to produce two cash flow reports; Direct and Indirect as you enter your budget or forecast information. Additionally, the cash flow can be run at a consolidated or department level.
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