With cash flow essentially representing the financial stability and solvency of a business, it is vital that companies have a clear view of their cash flow position at all times. With this in mind, around six months ago we introduced our Cash Flow Forecast tool to OrderWise Accounts and in that time, many businesses have been able to benefit from gaining accurate visibility of their projected company finances. This great functionality provides a clear insight into a company’s cash flow through a one-view grid and accompanying dashboard, looking at all anticipated and scheduled transactions in order to deliver a detailed forecast that is both accurate and simple to understand.
During the time since its release, the OrderWise Cash Flow Forecast has been constantly evolving with new development added regularly to further increase the accuracy and capabilities of this useful facility. These additions have included the ability to analyse actual receipts and payments, anticipate payments dates based on average pay days, take into account recurring supplier payments in calculations and much more. Now version 11.5 of OrderWise sees three further enhancements added to this integral part of the ICAEW-accredited OrderWise Accounts module.
Import Manual Transactions
With the OrderWise Accounts Cash Flow tool, businesses already have the freedom to add manual transactions that they know are going to fall into the chosen time period for which they are forecasting, for example things such as a new vehicle purchase. By being able to include these type of transactions in their calculations, users are able to ensure that the forecast they generate is as accurate as possible.
Now to allow users to easily transfer multiple manual transactions from previous cash flow forecasts into in their current one, a new feature has been introduced to enable these to be added quickly en-masse. This has been facilitated through a new Import manual receipts/payments button which has been added to the Manual transactions grids within the Cash Flow tool. When this button is pressed, a grid containing a list of existing Cash Flows will appear from which users can select the Cash Flow from which they need to import. Once the right one has been chosen, users can then simply choose the selection of manual receipts/payments that they wish to import into their current Cash Flow.
Add Recurring Receipts/Payments
Additionally if these manual transactions will also be continually featured in future periods, businesses using OrderWise Cash Flow forecast can now also set manual transactions as recurring. Within the respective Manual grids, users are able to add a new receipt/payment or choose an existing one to be made into a recurring transaction. Once the relevant button has been pressed, a new form will open up from which the scheduling options for the payment/receipt can be configured. Once set up, saving the form will automatically add every scheduled receipt/payment to the grid and recalculate the Cash Flow totals.
With these two simple but highly useful new additions, OrderWise users can now benefit from being able to quickly add multiple manual transactions to their Cash Flow forecast, with a further option to easily set these up as recurring transaction for greater simplicity and accuracy in future forecasting.
New Average Days To Pay Grid
When it comes to analysing company cash flow at-a-glance, situations can often occur where businesses don’t require a detailed forecast but simply just want to see what money is coming in and what money is going out over a chosen time period. The OrderWise Cash Flow Dashboard already facilitates this, offering users instant visibility of their cash flow data on a daily, weekly or monthly basis, presenting a company’s cash position in a format that’s easy to analyse.
Adding a further dimension to this facility to view cash in and cash out at-a-glance, a new Average Days To Pay Grid has now been added. Found under the new Debtor/Creditor days tab within the Cash Flow Dashboard form, the Average Days To Pay grid is split into two sections – customers and suppliers. From these two grids, users can gain fully visibility of the summarised payment terms and payment term days for each of their customers and suppliers, allowing useful information to be quickly accessed and further insight to be easily achieved.
With these fantastic new additions to the Cash Flow functionality available with OrderWise Accounts, users are able to benefit from greater flexibility in how their company cash flow is both observed and calculated. By harnessing the power of OrderWise Accounts to increase the accuracy in how cash flow is forecasted on a regular basis, businesses can ensure that they always possess a true understanding of their financial stability.
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