Question

What do your teams use for FP&A / Accounting? So many manual processes. Are there any new companies taking this on?

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#Finance #Accounting #Xero
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nirajshah's avatar
a year ago

We use QBO but like you said there are tons of manual processes. I spoke to a startup called https://www.forecastr.co/ and they are trying to solve some of the forecasting sides of things.

I am working on some of the automation sides of accounting and there are feet things that take a bit of time and trying to see if we can automate them. These includes
1. Auto file all transactions and tag them with proper category
2. Reconcile with the bank account
3. Flag transactions that may qualify for R&D credit (if you are a startup) etc.
4. Auto-create invoices/PO directly from CRM (Salesforce Hubspot) based on certain conditions.

In the future, I plan to add some forecasting, etc. Right now my UI is just google sheet or Airtable. Happy to connect if you are looking into F&A Automation.

3 points
Logan-Forecastr's avatar
@Logan-Forecastr (replying to @nirajshah )
a year ago

Thanks for the shoutout Niraj! We are working hard and have made great progress in this area. Would love to chat again and show you what we've got now!

3 points
maguay's avatar
@maguay (replying to @nirajshah )
a year ago

Neat to hear that you're building with Google Sheets + Airtable; meets people where their data likely already is!

1 point
CostcoChicken's avatar
a year ago

For FP&A, many of my clients still utilize a heavy manual process that is based in Excel. Some functions within Xero that allow for pretty seamless creation of budget forecasting within the software using Xero's custom reporting features.

Also came across Floatapp that offers cash-flow forecasting and scenario planning. And it has integrations with QB and Xero. Still looking into learning more about how much incremental value it would add to a client's FP&A process, especially given the price tag for its basic level starts at $69/month, which is double the cost for Xero's "Growing" level package.

2 points
maxkardon's avatar
@maxkardon (replying to @CostcoChicken )
a year ago

Awesome, thanks guys! I'll check out Indinero and Floatapp. Really appreciate the insight!

1 point
maxkardon's avatar
@maxkardon (replying to @maxkardon )
a year ago

Has anyone come across/used Mosaic.tech, Auditoria.ai or Cube for FP&A? Wondering what value-add these provide and if there are other similar vendors in the space

2 points
danielkang_'s avatar
@danielkang_ (replying to @maxkardon )
a year ago

Were you able to get any insights onto these products?

1 point
maxkardon's avatar
@maxkardon (replying to @danielkang_ )
a year ago

Still working on it!!

3 points
Logan-Forecastr's avatar
@Logan-Forecastr (replying to @maxkardon )
a year ago

Hey Max (and all)- I'm the co-founder of www.forecastr.co. I'd love to chat with you about this, we are tackling this very issue as we speak! Email: logan@forecastr.co

1 point
forouzani's avatar
a year ago

I think Indinero does this - their core offering is accounting for small business, but they layer on CFO services with their software which allows you to get insights and better forecasting capabilities.

1 point
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