Overview
There are many ways to approach building a forecast in Castaway. One of the best investments you can make is to plan your work before starting the build. The process below outlines the five steps Castaway recommends for consistent results in minimum time:
- Build the Chart of Accounts (CoA)
- Refine element settings (adjust by exception, default settings are sufficient for most lines)
- Import opening balances and actuals data
- Add forecast data
- Review reporting
For key considerations when planning your build, refer to: Overview: Planning your Forecast
The Fastest Approach
For the most efficient build from start to finish:
- Use an integration to create the COA, update element settings and import opening balances and actuals.
- Upload forecast data from Excel using the Upload Forecast Data template.
- Start with the inbuilt Reports, KPIs, Dashboards and Storyboards before building custom reporting.
- Apply continuous improvement principles to develop the model further over time as required.
Step 1: Build the Chart of Accounts
| Speed | Approach |
|---|---|
| Fastest | Copy an existing forecast with a COA already built |
| Next fastest | Use an integration with Xero, MYOB, QuickBooks or Excel |
| Slowest | Build the COA manually |
Step 2: Adjust Element Settings
| Speed | Approach |
|---|---|
| Fastest | Know the element defaults and change by exception during the integration process |
| Slowest | Review every element one by one and update as needed |
Step 3: Add Opening Balances and Actuals Data
| Speed | Approach |
|---|---|
| Fastest | Import via Integrations |
| Slower | Copy and paste rows of data from Excel |
| Slowest | Manual entry |
Step 4: Add Forecast Data
| Speed | Approach |
|---|---|
| Fastest | Import via the Upload Forecast Data Template |
| Next fastest | Use modelling methods to auto-calculate forecast data |
| Slower | Copy and paste data from Excel into individual elements |
| Slowest | Manual entry |
Step 5: Review Reporting
| Speed | Approach |
|---|---|
| Fastest | Use the inbuilt Reports, KPIs, Dashboards and Storyboards |
| Next fastest | Create tailored reporting by modifying existing dashboards and storyboards |
| Slowest | Build custom dashboards and storyboards from scratch |
Next Steps
Overview: Building your Chart of Accounts (CoA) via Integrations
Process: Building your Forecast