Akoni’s Dynamic Cash Forecasting

Acquiring banking products is a lengthy process of paperwork, taking 30-100 days to process. Businesses shy away from even finding out what opportunities they might be missing , for the simple reason that they don’t have the time to deal with it. With Akoni’s tools, particularly its ability to use powerful innovation on data from multiple sources, the process can be cut down to 1-3 days, or even be dealt with in real time in some cases.

This was exhibited recently at Finovate Europe, 6-9 March London, when Tesobe and the Open Banking Project, chose to include Akoni’s Dynamic Cash Forecasting as part of its demonstration.

This dynamic cash forecast uses data from public and private sources to analyse a company’s cash flow needs on a monthly basis, and produce a forecast for their cash balance needs throughout the year. In reporting the monthly cash requirements of the company, the platform will also highlight any expected cash surplus for a given month.

What do companies do with this surplus cash? Typically, nothing.

It will continue to exist as an unused asset delivering next to nothing in terms of revenue, and given the current inflation rates, it will often depreciate. However, Akoni not only maps out the cash surplus each month but can instantly produce a cash management planner that shows how the spare funds could be allocated to bank accounts that will achieve a real return on the cash. This is all done within the company’s stated governance and compliance requirements.

However, most SMEs and small corporates don’t have the resource or the time to deal with opening multiple new bank accounts and instructing and withdrawing deposits on a regular basis; so how does this help?

The great thing about Akoni’s offering is that it allows the user to open the multiple recommended bank accounts, make deposits and withdrawals, and generally manage their cash without the hassle or paperwork typically required. The cash plan can be put into action with no more paperwork than the single onboarding form that is required at the outset. In terms of the user’s effort, bank accounts and deposits can then be made live with nothing more than a few clicks. The simplicity of the cash management is perfectly illustrated in our short video.

As more and more SMEs continue to onboard with Akoni, we hope to further cut away at the staggering amount of unworked cash that is sitting under their control. With sign-up being for free, and Akoni offering a genuinely hassle free solution, there’s no excuse for delaying another day. Get started now!

Akoni helps businesses make the most of their cash. Register free at panel.akonihub.com and follow us on Twitter

What did we learn from the Spring Statement?

What an upbeat outlook!

With UK growth at 1.7% in 2017, rather than the predicted 1.5%, estimates are now set at 1.5% in 2018, 1.3 % in 2019, 1.3% in 2020, 1.4% in 2021 and 1.5% in 2022. So, in 2018, the UK will experience the slowest growth of all G7 economies, with the exceptions of Italy and Japan. In the Eurozone, the UK will be just ahead of Greece, Italy and, perhaps, Belgium…

Among the potential good news, we heard about:

  • Stronger tax receipts, which will reduce the UK borrowing to £45.2Bn in 2018 and below the 2% target of national income.
  • Spending is to be treated with a “a balanced approach” but part of the surplus will be committed to public services.
  • A review of the VAT system for small businesses but unfortunately, as it is merely a consultation at this stage, it is unlikely to have an impact in 2018
  • The business rate revaluation has been brought forward to 2021 to reflect the current property market

At the same time, Hammond also touched on topics including housing construction, curbing plastic waste and a new digital strategy.

In conclusion, a very political spring statement with little in the way of new announcements and still no understanding or accurate assessment regarding the potential impact of Brexit.

Does anybody remember that the 2018 growth prediction, before Brexit, was 2.1%….