The Castaway 5 step process for building a forecast

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.

Here at Castaway HQ, we follow a simple 5-step process to ensure consistent results in minimum time.

The 5 Steps

1. Build the Chart of Accounts (COA)
2. Adjust element settings
3. Add opening balances and actuals data
4. Add forecast data
5. Review reporting

The fastest approach

By far the fastest approach to building a Forecast is:

• Use Integrations to create the Chart of Accounts, update element settings, then import opening balances and actuals data
• Upload Forecast Data from Excel
• Start off by using the inbuilt reports, dashboards and storyboards
• Apply continuous improvement principles to develop the model over time as required

Options for each step

1. Build the Chart of Accounts (COA)

1. 1. Fastest: copy an existing forecast with a COA already built
   2. Next Fastest: use an Integration with Xero, MYOB, Quickbooks or Excel
   3. Slowest: Build the COA manually

2. Adjust element settings

1. 1. Fastest: know the element defaults and change by exception during the integration process
   2. Slowest: review every element one by one and update as needed

3. Add Opening Balances and Actuals Data 

1. 1. Fastest: import via Integrations
   2. Slower: copy/paste rows of data from Excel
   3. Slowest: manual entry

4. Add forecast/future/projected data

1. 1. Fastest: import via Upload Forecast Data
   2. Next Fastest: use modelling methods to auto-calculate (some) forecast data
   3. Slower: copy/paste data from Excel into individual elements
   4. Slowest: manual entry

5. Review Reporting

1. 1. Fastest: use the inbuilt reports, Dashboards and Storyboards
   2. Next Fastest: create tailored reporting by modifying existing Dashboards and Storyboards
   3. Slowest: build custom Dashboards and Storyboards