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Float Launches New Multi-Budget Service

Ross Kelly

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Float Multi-Budgets

Float has announced the launch of Multi-Budgets, giving businesses greater cashflow insights.  

Award-winning cash flow forecasting company, Float, has today announced the launch of Multi-Budgets, which will enable small businesses a more acute insight into their cash flow forecasts and help them maintain better control of their finances.

The service, which is available immediately, allows users to create multiple cash budgets per line in their chart of accounts, as well as offering the ability to split each one into separate amounts with individual payment dates. To date, this is the most significant update to the Float software, which CEO Colin Hewitt said was in direct response to customer consultation.

“Our customers asked for this functionality and we listened”, he said.

Float Multi-Budgets

Founded in 2010 by Colin Hewitt, the Edinburgh-based company helps eliminate the laborious manual processes involved in creating cash flow forecasts – which are most commonly done via spreadsheets that require constant updating.

Float’s services are different in that they provide direct forecasts which allow for a more precise, in-depth assessment of a business’ finances in the short-to-medium term.

The new Multi-Budgets feature, the company says, enhances its direct cash forecasts, greatly improving accuracy and providing granular cash flow data. Rather than grouping budgets at monthly intervals, it lets users split them by any date and also ensures that businesses can track their actuals against forecasts in real-time; helping them to identify any potential cash gaps and take steps to avoid them.

Hewitt highlighted the advantages of using the new service, which he said can help businesses prepare for when “the unexpected happens”.

“Sometimes monthly forecasts are not accurate enough for small businesses, particularly when the unexpected happens”, he said, adding: “When a company faces a sudden influx or outlay of capital, they may need to know their exact cash flow there and then, not at the end of the month. Our multi-budgets functionality enables this and is a huge step forward for Float.”

Hewitt noted that this next step for Float underlines the company’s ongoing commitment to helping businesses gain better control over their finances, stating: “It also aligns perfectly with our primary objective since launch, to give users the clearest possible picture of their finances, so that they know what the can and can’t afford to do as a business and if they’re ever in danger of going into the red.

“With multi-budgets, our users can focus on doing what they do best, running their business.”

A New Level of Insight

Possible use cases for multi-budgets, outlined by Float, include; a typical sales line, businesses budgeting by supplier or client, and payroll for businesses that pay their employees multiple times each month.

In each individual case, multi-budgets enables a business to better understand when money is moving in and out of the company – without the need for workarounds each month.

Chris King is a finance manager at a veterinary practice which employs 10 people. His employer trialled a beta version of Multi-Budgets prior to launch and found the service highly insightful.

He said: “This is just what I needed. Now I don’t have to average irregular payments over a month, I just enter each individual amount on the day of actual payment.”

Ross Kelly

Staff Writer

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