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Scenario planning and cashflow forecasting: how to plan for uncertainty

On Tuesday 8 September, we hosted a webinar covering the most important aspects of cashflow forecasting, including how to plan for uncertainty, making realistic assumptions and why planning is likely to be imperative to your business’ future success.

Our panellists included UHY Hacker Young Cloud Accounting Specialist Emily Deakin, UHY Managing Director Dave Hailey, and Sam Fairbairn, Key Account Manager at Float Cash Flow Forecasting, an award-winning cashflow forecasting and scenario planning tool which integrates with Xero, QuickBooks and FreeAgent.

In the webinar our panellists discussed real-life examples, provided tips on how to produce a realistic cashflow and how to use scenario planning to increase confidence when making those business critical decisions.

“The reality is that no business fails because of a lack of profits – it is because they run out of cash. Don’t get me wrong, that’s not me saying profitability isn’t important as, in the majority of cases, it is fundamental to creating cash, but planning for your cash reserves really is a priority.” Dave Hailey, Managing Director at UHY.

“The Furlough scheme ends at the end of October, staff will be returning to work and tax liabilities that have been deferred will need to be paid. Planning these cash outflows and reviewing different scenarios will help the survival of your business.” Emily Deakin, Cloud Accounting Specialist at UHY

“CBILS (Coronavirus interruption loan) and BBLS (Bounce back loan) are coming to an end so if you haven’t already applied for the government backed loan schemes there’s still time. Planning your cash flow will help identify whether additional finance will be needed.”

Sam Fairbairn of Float says what you need to look at can be separated into 3 main parts: “The first is understanding your cash balance as it is today. The second is understand what your future cash balance will be at any particular point and then the third point is analysing those future cash balances, how could you improve them, how could you work towards them, how could you extend them”.

The webinar provided many practical tips to help you plan for uncertainty, as well as a short demo on how Float can help with your cash flow forecasting.

You can watch the recording of the webinar here

We’ve been running a series of blogs on cashflow forecasting and scenario planning leading up to the launch of our partner programme with Float. Since partnering with Float, we have put together the following FAQ’s. Should you have any further queries, please contact Emily Deakin.

Float cash flow forecasting and scenario planning FAQs

Watch our short video on how to use Float

Should you have any more questions regarding getting access to Float or how we at UHY can help you prepare a cashflow forecast and scenario, please do get in touch.

Upcoming Webinar: Funding: Act now before it’s too late!

Throughout the last six months most of us have had the opportunity to benefit from the financial support provided by the government; whether that’s been the Coronavirus Job Retention Scheme (CJRS), business rate grants, the Coronavirus Business Interruption Loan Scheme (CIBLS) or the Bounce Back Loan Scheme.

The bad news is all of this support is due to come to an end in October and November. In association with UHY Corporate Finance (East) and Capitalise, an online lending market, we will cover the changes ahead and how the lending environment may shift in the coming months. This should provide you with a feel for what actions you may need to take now, including how to successfully raise finance and mitigate future risk.

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