Castaway

Castaway is a forecasting and budgeting software designed to meet the needs of small to medium-sized businesses. According to the vendor, it offers a range of features that can assist accountants, financial advisors, business consultants, professional services firms, and retail and e-commerce businesses. The software allows users to create detailed budgets and forecasts, utilizing historical data and assumptions to project future financial performance. It also enables the customization of financial models to fit specific industries and business needs, helping to evaluate the financial feasibility of new projects or investments.

According to the vendor, Castaway provides scenario analysis capabilities, allowing users to test different scenarios and assess their impact on financial outcomes. This can help identify potential risks and opportunities for the business, enabling informed decision-making based on a range of possible outcomes. The software also offers integrated profit & loss, balance sheet, and cash flow functionalities, generating accurate and comprehensive financial statements. It helps ensure the balance between revenue, expenses, assets, and liabilities, while also analyzing the cash flow position of the business and managing working capital effectively.

Castaway allows for business performance monitoring, as users can track actual financial performance against forecasts and budgets. According to the vendor, this feature helps identify variances and take corrective actions as necessary. It also facilitates the monitoring of key performance indicators and metrics to drive business improvement. The software supports multi-company and consolidation capabilities, enabling users to manage multiple companies within one platform. It allows for the consolidation of financial data from different entities, providing a holistic view of the financial performance of the entire business group.

According to the vendor, Castaway offers collaboration and reporting functionalities, allowing users to share forecasts and reports with clients, stakeholders, and team members. It facilitates real-time collaboration and the provision of valuable insights to clients. The software also enables the generation of professional reports and visualizations for effective communication. It seamlessly integrates with popular accounting software like Xero, QuickBooks, and MYOB, according to the vendor. This integration helps streamline the forecasting and reporting process, eliminating manual data entry and reducing the risk of errors.

Castaway provides what-if analysis capabilities, allowing users to test different scenarios and assess their impact on financial outcomes. According to the vendor, this feature helps evaluate the feasibility of strategic initiatives and business decisions. It also assists in optimizing resource allocation and identifying areas for improvement. The software supports sensitivity analysis, enabling users to analyze the sensitivity of financial outcomes to changes in key variables. It helps assess the impact of different assumptions and market conditions, identifying the most critical drivers of business performance.

Finally, Castaway offers goal setting and monitoring functionalities, allowing users to set financial goals and targets for the business. According to the vendor, users can track progress towards these goals and monitor performance. The software enables the adjustment of forecasts and strategies to achieve desired outcomes.