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Accurately predicting where a business will be in the future is critical, particularly as costs continue to rise. Find out how predictive technology can amplify your advisory services.
Build an enviable advisory offering with predictive modelling
14 November 2022
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1 minute read
Inflation is at a 32-year high. From September 2021 -September 2022, the Consumer Price Index (CPI) rose 7.3 per cent — the highest rate since 1990. The Reserve Bank of Australia expects inflation to peak at 8 per cent by the end of the year.
This is a completely new operating environment for many Australian business owners, who are still fresh from the challenging years of the COVID-19 pandemic. Accountants now play a greater role in these businesses, from tax and compliance to strategic advice.
In Australia, business advisory services are now being offered by 59% of accountants, according to Xero’s March 2022 State of the Industry report.
As part of its new Australian offering, Futrli has produced a guide to advisory services that gives practices an introduction to the power of predictive technology.
Helen Cockle, chief operating officer at Futrli, says The Futrli Guide to Advisory Services: The Power of Predictive Modelling is designed to give practices an innovative new tool to better engage with SMEs.
“The growth of advisory services in Australia has been significant. Australian accountants are becoming increasingly sophisticated in their advisory offerings,” Ms Cockle says.
“We have produced a guide that shows how predictive modelling can be used by accountants to unearth valuable insights about a business. These insights then become the driver of important conversations accountants can have with their business customers.”
“The economic fallout of the pandemic is upon us, and businesses are facing an uphill battle with rising business costs, rising interest rates, and staff shortages. Having an accurate map of the future is incredibly valuable.”
The Futrli guide is a comprehensive overview of the software, its features and applications. Most prediction tools use a three-way forecast of cash, profit and loss, and balance sheets. Futrli Predict uses a five-way approach with the additional two areas being the ability to forecast based on customer invoices and supplier bills.
Businesses can use scenario modelling to take the guesswork out of staff turnover and staff utilisation, giving them greater certainty around resource planning. Armed with these insights, employers are in a better position to make hiring decisions.
Download the Futrli guide today to find out how accounting practices are growing enviable advisory offerings with the power of predictive modelling.
