Making payroll is a big deal for most people who run businesses. And it might be one of the reasons you are investigating a cash flow forecasting solution.
With Float you can get a daily view of cash flowing in and out of your business, whereas a spreadsheet will probably only tell you about cash movement over a much broader period.
And because payroll is a very predictable outgoing, you can very easily use this to lay the foundation for a highly detailed forecast.
This Task Should Take Less Than 3 Minutes
- Login to Float
- Scroll down to Wages Payable (or however Payroll is described in your chart of accounts)
- Click into this month’s cell in that row
- Click Edit
- If you pay staff every month select Monthly (if you pay every week or two weeks, select weekly or fortnightly respectively)
- Select the date (or day) when the cash for payroll leaves your bank account
- Enter the total value of the wages you pay out
- Click save
When you have done this you will have set a repeating budget. You will see the total monthly outgoings displayed in all future cells.
And you will see each installment reflected in your cash graph:
Up Next – Step 5: Plan Your Next Payment Run >>
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