Float is cash flow management software that integrates with Xero & Quickbooks Online (no MYOB link). It is designed to automate your cash budgeting efforts to automatically use the data from your online accounting package to show how your cash position is looking both now and into the immediate future. Keep in mind the further ahead you look, the less accurate cash flow forecasting tends to become in our experience.
The difference between reports from Float versus your Xero or Quickbooks Online figures is that traditional accounting reporting looks at figures net of GST and is more concerned by profitability than cashflow. Float, on the other hand, ignores profitability, taxation etc and instead looks at budgeted figures and predicted future cash balances, and can be used as a decision making tool for questions like, “Do I have enough forecast cash flow to be able to afford to hire another staff member?”
See below Float’s promotional YouTube video explaining how their software works in more detail:
Integrates with Xero & QB Online to automatically import data across into Float each night to update your budget figures
Float will use predicted cash movements based on due dates (expected based on historical client payments – not the due dates listed on your invoices) and regular expenditure to predict your future cash balance over time
Using these reports we can then run what if scenarios to see if you have enough cash to expand, hire, or meet your ATO obligations on time.
Remember, Float is not right for every business. Our team of accredited specialists will work with you to find the add on products that are right for your business. Like everything in life, it is not a one size fits all and we don’t push any particular products onto our clients!
Interested In Float?
Want to learn more about Float or other bookkeeping software products? Contact us today for a no obligation coffee and chat.