What is Furtli Advisor and how can it help families in business
Furtli advisor is the best of breed business accounting and financial analytic software. It can help West Australian business families with profit, cashflow and balance sheet forecasting, scenario modelling and reporting that is tailored to your business. And with the plug-in options like Xero for accounting data, the use of Futrli as a business reporting tool is a significant benefit to families in business looking to improve their overall business governance and insight into the operations and future performance of their business.
At Westcourt, a Futrli Advisor Accredited Practice, we use Futrli for many different reasons including:
- Dashboard KPI reporting – you can create, for each team member, different KPI reports about the performance and direction of the business including sales to budget, debtor days, future cashflow and profitability across different cost centres.
- 3 Way Forecasting – The ability to produce forecasts that consider your cashflow together with profitability can be difficult within the pure Xero environment. Futrli allows you to model different outcomes that are properly reflected across your cashflow forecast, balance sheet forecast and profit forecast by extracting your historical data as a base from which to expand. Further, many users of your accounts like a bank or potential buyer will get a significantly higher assurance when seeing that your business is adequately modelling future scenarios by looking at cashflow together with profitability.
- Business alerts – when certain KPI’s are achieved (or failed) Futrli can notify you 24/7 so you can stay on top of your business.
- Xero tracking data – Futrli allows you to report and track on revenue, costs, inventory and expenses with your quarterly and yearly reporting.
- KPI reporting – The unique “Futrli KPI builder” allows you to build formula like data extracted direct from your Xero reporting and drill deep into your business data seamlessly.
- Variance analysis – the ability to easily compare your actual results to your forecasts is one of the cornerstone parts of forecasting. The use of seamless integration lets you understand when your business is underperforming and gives you extra time to adjust your operations.
- Consolidation – if you have more than one business unit the ability to consolidate data, after eliminating related transactions, across entities seamlessly is critical to understanding the overall profitability of your business.
- Removing excel – Excel is fraught with danger: formulas change, data becomes lost and reports can become unreliable. The use of Futrli is free of excel so you can trust in the reporting that you see coming before you.
At Westcourt we are a Futrli worldwide foundation partner and one of the few accredited advisory practices in Perth. The use of Futrli gives a family in business a strong level of governance and control and does so with minimal effort when set up properly. Like any project to be implemented the use of Futrli works well when planned properly – and it can work very poorly when set up ad-hoc.
The use of Futrli, at the time of writing, is not yet sophisticated for families in business operating across multiple jurisdictions. The use of alternate programs, like Calxa, works well for these type of families in business.