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Monthly Income Report / Cashflow Forecast?
Hi,
It would be useful to have the ability to view turnover and profits in some sort of month by month report. Sort of like a tabular version of the profit and loss account, but split into months rather than years, so you can compare them side by side.
This could then possibly be extended into a full cash flow forecast in the future.
It would be useful to have the ability to view turnover and profits in some sort of month by month report. Sort of like a tabular version of the profit and loss account, but split into months rather than years, so you can compare them side by side.
This could then possibly be extended into a full cash flow forecast in the future.
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Jack,
Our goal as a company is to put power in the hands of the user where possible and appropriate, and more comprehensive cashflow analysis is very much on the cards for the future.
Dennis is saying that 'with power comes responsibility'. True, but in many ways having the information available will mean we are more, not less, likely to get professional advice at, heaven forbid, the early signs of trouble.
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Inappropriate?Jack - this is a reporting style requirement. At present we're providing basic capability on the assumption that customers will collaborate with their professional advisors on this type of activity. That is something we'd recommend for most people so they can achieve value from their professional relationships.
However, we can look at this as yet another step to easing freelancer's life. But a question for you. How important is it that this capability is entirely in your hands? -
Inappropriate?Hi Dennis,
Yeah, this is a specific type of report I guess. The main thing I'm really after is a way to see how much I made in a specific month, or perhaps a custom period of time. Perhaps all that would be required is a "custom date range" option on the Profit and Loss report (although that might not make any sense)?
Basically, my personal finances are worked out on a monthly basis (rent, bills etc.), and as a freelancer my business and personal finances are pretty much the same thing, and if I want to see what my overall income in say, December was, I can't (I don't think).
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Inappropriate?Jack,
Our goal as a company is to put power in the hands of the user where possible and appropriate, and more comprehensive cashflow analysis is very much on the cards for the future.
Dennis is saying that 'with power comes responsibility'. True, but in many ways having the information available will mean we are more, not less, likely to get professional advice at, heaven forbid, the early signs of trouble.
The company and 1 other person think
this is one of the best points
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Inappropriate?Edd,
"more comprehensive cashflow analysis is very much on the cards for the future"
That's great, I look forward to it. Thanks.
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Inappropriate?To Ed's point: "...we are more, not less, likely to get professional advice at, heaven forbid, the early signs of trouble."
I'd add, and also at the early signs we are doing very well and need things like tax and investment advice.
Too many people get a shock when they find out just how much tax they might end up paying or that by making an appropriate investment they could have increased their wealth. Taking advice early can make a huge difference.
I guess what I'm saying is there's a lot FreeAgent can do but we can never replace the relationship you have with your professional advisors and it would be wrong for us to pretend otherwise.
Bottom line - we want you to be in a position where your interactions with professionals are value driven and not compliance focused.
I’m chuffed
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Inappropriate?i would very much welcome this sort of report particularly so I could forecast future cash flows to ensure that I have enough on hand for particular goals.
thanks,
Nigel
I’m hopeful
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Inappropriate?njames,
So should we allow you to enter 'budgets' for your expense categories, and 'goals' for your income (although of course we already know your future draft and recurring invoices) and then subtract your tax liabilities?
I think a big 'cashflow timeline graph' would be a great way of showing this...
What do you reckon?
I’m excited
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Inappropriate?Being able to set monthly goals for your income, and the ability to review them on some kinda graph would be really handy.
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Inappropriate?At the end of the day I am trying to make it easy to ensure that I have enough set aside for VAT, corp tax and other savings goals. I would like to be able to forcast that for the year and then make provision for them as the year goes by. Is there the provision for provision accounts in FAC. Ie Can I post some cash as a provision for Corp Tax? or is this just taken care of by your front page summary.
Like the ideas though.
Nigel
I’m confident
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Inappropriate?just wanted to put my hand up and say that I'd be very interested in the ability to project cashflow coming months - all I want is the ability to create 'proposed' project and associate a budget and schedule against and perhaps a % probability of sale, then I can look at when invoices are expected to fall due in the future and estimate (roughly) what my cashflow would look like.
I’m hopeful
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Inappropriate?Leisa,
Message received - we'll add that idea into the mix when we get going with this stuff...
I’m excited
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Inappropriate?Hey,
I've been giving this some more thought.
The data that is displayed in the Invoice Payment Timeline graph is great, however it only goes back three months, and forward one. If you could present this information in some kind of table, but for all moths that data is available (both back and forward in time), it would pretty much cover what I'm after. I just want to be able to see how much I made in X month, and how much I've got coming in the next few months.
Of course, to calculate real income figures involves far more than just invoice values, but that's all I'm really interested in here.
I’m happy
1 person thinks
this is one of the best points
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Inappropriate?Jack
You have probably already noticed but FreeAgent now has a Monthly P&L report in Accounting > Monthly Profit and Loss.
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