Every business aims to gain insights into its financial future. The ability to predict and plan for incoming revenue is crucial for making informed decisions, allocating resources, and maintaining healthy financial stability. This is where the Payments Forecast Report comes into play, providing you with a window into your financial horizon.
Payment Forecasting
The Payments Forecast report leverages your business's historical payment data and project/payment policies in signed contracts to create a projection of future payments. This feature is particularly beneficial if you're looking to anticipate your cash inflow and outflow accurately.
This report only takes into account gross revenue from payments; it does not exclude processing fees or transfer fees.
Goodshuffle Pro Account Owners and Admin users can find this by navigating to the Finances Overview tab. All other users will not have access to view this report.
Key Features of the Payments Forecast:
Customizable Filters: Use Payments Forecast filters to further analyze your data by Sales Lead and Sales Location adding extra granularity to your projections which cater to your specific business needs and strategies.
Detailed Breakdown: The report's tooltips provide a breakdown of four key amounts: Prior Period, Paid, Authorized, and Upcoming. This breakdown clarifies the different stages of payments and provides a better understanding of your financial flow.
Understanding the Key Terms:
Prior Period: The amount of money received or paid during the previous financial period. For example, when hovering over 'October', the Prior Period refers to the Prior Year; this is the amount you were paid the previous October.
Paid: The sum of money that has already been received or disbursed for a particular period.
Authorized: The amount that has been approved for payment but hasn't been disbursed yet.
Upcoming: The projected amount of money expected to be received or paid in the near future.
Authorized and Upcoming Payments are calculated separately.