Step 4: Set Your Payroll Date

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 (5)

  • 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:

Payroll out


Up Next – Step 5: Plan Your Next Payment Run >>

Ewan McCowen

I'm a marketing professional and Babson alum who loves all things business. When not in the office you might find me somewhere in the Scottish Highlands, fishing or wild camping.