Frequently Asked Questions

[toggle title=”Why is cash flow important?”] I’m sure most of us have had a moment where we’ve wondered how we were going to make payroll, or buy the goods needed to complete customer projects or handle other financial emergencies. I’m not saying this is never going to happen with GrowthCast, but a lot of those moments can be avoided with foresight. In addition, knowing your future cash flow can also allow you to make good decisions for your business without guessing.[/toggle] [toggle title=”Isn’t my cash flow the same every month?”] No, it would be very rare if it was. This would assume you did exactly the same work and had exactly the same expenses AND the money came in and went out at exactly the same time. Your revenue and expenses might be similar every month, but there are differences in timing, which combined with those infrequent expenses can really throw you a curve ball. Always better to be prepared.[/toggle] [toggle title=”Doesn’t my accountant, book keeper or QuickBooks all do this?”] QuickBooks (and other accounting software) will only show you a very limited forecast, based only the bills you’ve entered and the money that you’ve already invoiced customers for each month. If your accountant or bookkeeper is doing a cash flow forecast for you it’s also likely to be based on what you’ve already invoiced and they may be charging you an hourly fee for this service. On the other hand, GrowthCast will show you a forecast as far into the future as you have work scheduled or forecasted. In fact, you might even want to share GrowthCast with them to make their jobs quicker and easier.[/toggle] [toggle title=”Is GrowthCast useful when I’m just starting out?”] Absolutely! You may not have consistent revenue yet, but you do have some expenses, and the sooner you can start seeing your forecast, the better! You can tell when you’re going to break even, when you’re going to run out of cash, and maybe (most importantly), when you can get that first paycheck.[/toggle] [toggle title=”Do I need to be generating revenue?”] No you don’t. You may not have consistent revenue yet, but you do have some expenses, and the sooner you can start seeing your forecast, the better! You can tell when you’re going to break even, when you’re going to run out of cash, and maybe most importantly, when you can get that first paycheck.[/toggle] [toggle title=”Can I use GrowthCast for personal finance if I’m not a business?”] Absolutely! We’ve added features for that exact purpose. You can read more about it here.[/toggle] [toggle title=”What if I’m not great on the computer?”] No problem! GrowthCast was built with you in mind. It was designed to be super easy to use for anyone that can get on the Internet. If it’s not, please reach out to us here and tell us how we can make using GrowthCast even easier.[/toggle] [toggle title=”What if I don’t really understand my financials?”] It’s okay. So many business owners are just like you. We’ve designed GrowthCast to be incredibly simple for anyone even the most novice of business owners to understand. And if it’s not, please reach out to us here, and tell us how we can make using GrowthCast even more straightforward.[/toggle] [toggle title=”Why not just use Excel?”] You actually can use Excel. I originally did, but there are some definite drawbacks that you should be aware of. First of all, it takes some time to set up and maintain, even for highly skilled Excel users. Second, it can be error prone. It’s very easy to cut and paste or copy data and miss summing up new data, or make a mistake in a formula and get an answer (instead of an error) but not the correct answer. Finally, it’s easy to lose or corrupt data; I’ve done this. I was doing some “what-if” modeling and overwrote my file – Ugh! If you’re sharing files over email, it’s easy to get your versions out of sync, and it’s possible to delete the file altogether and have to start from scratch. For some, Excel might be a good solution. Ultimately, it’s not for me.[/toggle] [toggle title=”What if I don’t have much revenue or many projects?”] It’s even more important to see your potential cash flow issues when you don’t have much revenue. I’ll also point out, that as easy as it is to get set up in GrowthCast, it’s even easier when you have few projects and may not be as busy. You don’t have much data to enter, and the insight you’ll get into your financial future will be the same. This is the perfect time to start getting that visibility into your cash flow. As an added bonus, you’ll get to see it improve for the better.[/toggle] [toggle title=”What if I’m making plenty of money?”] First of all, that’s awesome! Congrats! Just keep in mind there’s a difference between profit and cash flow, and even the most profitable businesses can get cash strapped. Also if you’re growing and investing in your business, cash outlays will come before you receive cash. Due to this, growing companies are actually very likely to have cash flow issues.[/toggle] [toggle title=”What if I can keep track in my head and already know where I stand?”] That’s great, but couldn’t that mental bandwidth be put to better use coming up with your next great business idea? Even if you do know exactly where you stand, keeping track of some of those big infrequent expenses (like insurance, tax payments or big maintenance projects) can help you manage your cash flow substantially better.[/toggle] [toggle title=”What if I pay for GrowthCast and don’t use it?”] Then please cancel. We don’t want to negatively impact your cash flow in the slightest way. It’s very easy to cancel, just go to the setting tab and select “Cancel Subscription.” That quick![/toggle] [toggle title=”What info do I need?”] To get started, you’ll need a credit card to sign up, along with the following information:
For each of your contracts/projects/customers
• Start and end dates
• Payments and expected due dates and payment terms
• Any costs you expect to have to complete
• Your 5 biggest monthly expenses
You can always add more later, but this is plenty of information to get you started and on the road to seeing your financial future.[/toggle] [toggle title=”Can I give others access to GrowthCast?”] Absolutely! We fully support sharing your access to GrowthCast with your accountant, financial advisor, coach, bookkeeper, assistant, or anyone else you’d like to share this information with. Right now you’ll do that by sharing the credentials (user ID and password) you used to set up the account, so don’t make your password something embarrassing![/toggle] [toggle title=”How do one-time expenses affect my cash flow?”] One-time expenses can have a very significant effect on your cash flow – especially if you’re not expecting them! If you include one-time and infrequent expenses in GrowthCast, you can plan for them. If they happen to be unexpected, you can quickly and easily use GrowthCast to see what you might be able to juggle to fit those expenses in.[/toggle] [toggle title=”Can I set up more than one business?”] Right now, each business requires a separate account. If this is something your company can utilize, contact us and we’ll see what we can do.[/toggle] [toggle title=”What kinds of expenses can I put in GrowthCast?”] Anything! Recurring expenses are easy – whether they’re weekly, monthly, quarterly, annual, or even one-off. We recommend you put in at least your biggest expenses because they’re the ones that are going to have the biggest effect on your cash flow.[/toggle] [toggle title=”What kinds of revenue can I put into GrowthCast?”] Anything! So far, we have not met a revenue stream we couldn’t handle in GrowthCast. We have three different types of projects or revenue streams:
Fixed rate – great when you get a specific amount of money each timeframe. Like a monthly retainer, a consulting “day rate” or even a bi-weekly paycheck.
Fixed Price – perfect when you get paid for specific deliverables or milestones, even if it’s just a one-time payment.
Time and Materials – perfect for hourly billing.
If you do have a project that you can’t figure out how to model in GrowthCast, please contact us here. We are always here to help![/toggle] [toggle title=”What if my customers don’t pay on time?”] No worries; this happens all the time. With GrowthCast, you’re able to set the payment terms to the way your customers actually pay. If a contract says “due on receipt” but you know that this customer always pays “net 30,” You can set them up immediately as “net 30.”[/toggle] [toggle title=”Can I export my cash flow?”] Absolutely. Just copy the reports on the screen and paste into Excel. It will paste nicely into separate cells, and not all into one cell (as you may have seen).[/toggle] [toggle title=”Can I print my reports?”] Absolutely. You may need to switch from portrait to landscape, but you can just print right from your browser window and it should look great.[/toggle] [toggle title=”Is my information secure?”] Yes, absolutely! Check out our privacy page here. If you have other specific questions, you can contact us here anytime.[/toggle] [toggle title=”Can I cancel?”] It’s very easy to cancel, just go to the setting tab and select “Cancel Subscription”. That quick![/toggle]