Edinburgh-based fintech Float has been recognised at the Accounting Excellence Awards for the best forecasting, planning and analysis software.

The cash flow forecasting software company, housed at Edinburgh’s Codebase incubator, helps SMEs to manage, budget and forecast their cash using Xero, Quickbooks Online or FreeAgent.

Presented by Accounting Web UK, the AE Programme recognises and rewards brilliance in the accounting professions and is acknowledged as one of the highest accolades in the accounting industry.

Float saw off competition from a number of close competitors to take home the award, including Fathom, Fluidly, Futrli and Spotlight Reporting.

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Float’s success at the ceremony marks its second major award in four months. In June, the firm was named the best fintech product/service at the UK Cloud Awards.

Winning in such a hotly-contested category at this year’s Accounting Excellence Awards underlines the strength of the Float team, according to the company’s co-founder and CEO, Colin Hewitt.

“From day one, it was Float’s objective to finally solve the problem of cash flow forecasting for businesses, and it’s great to receive industry recognition for having done so,” he said.

“The Accounting Excellence Awards are the biggest in the accounting calendar and it’s an honour to be shortlisted for any award with great competition, let alone win. Win we did, and this is probably the best year to win in this category, with cash flow gaining such momentum.”

The strength of the finalists in the forecasting, planning and analysis category this year highlights the ongoing growth of the forecasting software market. Cash flow forecasting is being adopted by more accounting firms than ever, Hewitt noted, with industry giant Xero having launched its own basic forecasting service this month.

He said: “We’re seeing unprecedented demand for cash flow forecasting, and it’s fast becoming a must-have service for accountants to provide for their clients.

“Cash flow often the number one issue keeping business owners awake at night, so it makes sense that they’re seeking help from their accountants to understand if, when and how they might be heading into the red, or how investing in the business will play out.”

Commenting on the results of the forecasting category, Accounting Web said: “All of this year’s finalists came from the cloud accounting ecosystem and their ratings numbers were up on last year.

“The continuing interest in cash flow forecasting dominated proceedings again this year, with Float bouncing back to reclaim the award it won back in 2017.”