‘Futrli by Sage’ – a new addition to cloud-based accounting

Many accounting practices across the world are looking for tools and ways to facilitate and automate some of the hefty tasks bookkeepers must make daily. Accounting software such as Xero and Quickbooks have enabled these tasks to be expedited, however some of them limit the capacity to complete more complex tasks such as financial reporting or forecasting. Although there are many digital accounting tools out there to speed up these tasks, the go-to number one software for most practices is Sage Accounting, used by over 6 million businesses worldwide.¹ 

Sage Accounting is a computerised system collecting data, classifying it, and summarising it in an accessible way to visualise the financial information. Often known as the software for traditional accountants, it is by no doubt that most new accounting firms and start-ups have shifted away from Sage and more towards newer cloud-based accounting tools like Xero or Twinfield. Despite the big move, there are still many reasons as to why one would choose Sage over paper-based accounting:² it helps rule out human error, see real-time financial information, is less time consuming and more cost effective. The main difference between Xero and Sage is that the former was initially developed in the 1980s as an application rather than on the cloud. The disadvantages of Sage include the difficulty to set it up and the lack of integration with a multitude of other cloud-based accounting software, unlike Xero, which enables a quicker way of sharing data and perhaps a more versatile way of processing this financial information. Xero has over 800 apps that range from simple tools such as sales invoicing to being able to acquire more complex abilities such as predicting future cash flows. However, it is quite clear that Sage is the cheapest plan making it more attractive and accessible for many accounting firms.³ 

The most recent event that has taken place involving Sage is its acquisition of Futrli, which is the UK’s premier cash flow forecasting software solution for small and medium-sized businesses (SMBs) and accountants.⁴ Prior to this acquisition, Futrli had roughly 100,000 businesses signed up to the platform. With Sage’s over 6 million users, this acquisition is clearly an attractive one for Futrli, expanding its reach.  ‘Futrli by Sage’ will help accountants combine workflows and hence simplify the pricing model, making the actions of financial accounting and forecasting more cost effective and efficient. Could this revolutionise cloud-based accounting and keep most accountants on a more centralised platform around Sage?  

References

1. OneSys. Accessed on 24/05/2022. https://www.onesys.co.uk/news-case-studies/blogs/what-is-sage-software/#:~:text=Today%20Sage%20are%20working%20with,since%20it%20started%20in%201981. 
2. Monpellier. 5 Reasons to use Sage Accounting for your business. Accessed on 26/05/2022. https://monpellier.co.uk/5-reasons-use-sage-accounting-software-business/ 
3. TaxCare. Sage vs Xero. Accessed on 27/05/2022. https://taxcare.org.uk/sage-vs-xero-which-accounting-software-is-best-for-you/#:~:text=Sage%20has%20limited%20access%20as,potentially%20achieve%20a%20cheaper%20package. 
4. PQMagazine. Sage buys Futrli. Accessed 27/05/2022. https://www.pqmagazine.com/sage-buys-futrli/