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ProForecast- A Cloud-Based Financial Forecasting Software for Businesses Across the Globe
Financial forecasting software for global businesses in a time where business, startups and entrepreneurship are the buzz words is like the perfect song to sing, rhyme to hum and beat to beat. Here's the story of a venture that's beginning to make waves in its own capacity and solving the pain point. Read ON!
Can we get introduced to the Founder of ProForecast?
Steven is an experienced and driven businessman who ran a chain of retail pharmacies before founding a PVC extrusion company which developed export markets in 11 countries throughout the world. He then was a founder of a skin care company listed on AIM before becoming involved in numerous public and private start up situations, which ultimately led to the formation of ProForecast. Steven is an Alumni of Northumbria Business School where he studied Business in the 1970’s.
Could you share what the entire concept of ProForecast is and what are some of its key features?
ProForecast provides cloud-based business financial forecasting, reporting and performance management software that gives users reliable business data insights and helps to encourage business growth through quality business planning and strategy. We enable companies of all sizes to easily access their financial analytics and forecasting while streamlining complex reporting. ProForecast is easy to use, powerful, and fast software that empowers professionals everywhere to better manage the business.
Our software can handle majority of financial reporting, forecasting and CPM tasks with ease, anything from your simple projections, Monte Carlo analysis to account consolidations.
Founder & Chairman: Mr. Steven Katirai
What is the vision behind the idea? What led to its origination?
Before the cloud, companies had to choose between costly, complex enterprise software or manual, error-prone Excel for budgeting, forecasting and reporting. But measuring business performance and setting targets are imperative procedures for developing a business further.
Businesses need accurate forecasts, they need to gain better understanding of their market, they need to gain a better understanding of their product demand. And improved business planning and forecasting can provide businesses with better inputs to strategic and operations planning process and help organisations move forward.
That’s why ProForecast is here. ProForecast’s advanced cloud-based functionality means that you can access accurate, up-to date reports that you require to make informed decisions that will enable you to successfully manage and grow your business. And we make sure users can do all of that without hurting their cash flow.
How did the name come into place? What does it signify?
From its inception ProForecast was designed to be a professional forecasting tool, which by design is complex and comprehensive, and so it felt natural to reflect that in the name and importantly it was possible to get that as a domain name.
What Attitudes form the core of ProForecast? What is your business philosophy?
We take product development extremely seriously and are fanatical about creating a tool which will enable users to model the widest range of business scenarios. We are working to make this the best application of its type and are not interested in creating another simple forecasting app, which has no real depth. Our philosophy is centered on customer satisfaction, by working with customers to constantly improve our offering.
What have been the key challenges and bottlenecks faced in the Journey this far?
We have self-funded the business to date and this has been our biggest challenge and to a degree constrained our growth. In an ideal world we would have hired more developers, sales, and marketing people. Additionally, the complexity of the task has been challenging to oversee, but we are really proud of what we have achieved.
Why do you think it is important for the Organizations to adopt a CPM & Financial Forecasting software like ProForecast? What difference would it make?
Business forecasting and financial planning is still a top priority for banks and investors in assessing the business prospects of both new and existing businesses. In times of tight credit difficulties in raising funding for businesses have become even more exacerbated. Consequently, a detailed business forecast is now a necessity in the search, to both maintain and secure sufficient lines of credit.
Another benefit of such product is to help your business predict any shortfalls in cash balances in advance, it works as a great warning system. Additionally, a good forecast will show if you can afford to pay your suppliers, employees and outstanding invoices. Basically, cash flow forecast will help your business spot any problems with customer payments, outstanding invoices and so on. It also helps any of your stakeholders and investors as they often require a regular forecast to ensure your business will continue.
Additionally, corporate performance management can greatly benefit your business if you think about long-term proposals and strategic plans. This is particularly important if you want to expand your business by taking on more staff, creating departments within the business, or appointing managers or directors. Also, regular reviews of your business progress will allow you to find new markets, access new customers and other new business opportunities. Additionally, regular business reviews will give you an idea of any potential market changes and the future of your business.
Have you managed to raise any Funding? How are you funded?
As mentioned, we have self-funded the business to date, the principal barrier to raising finance has been the desire of Banks, Funds and VC’s to see significant sales traction, this in part I believe is because it is seen a s a young person’s game.
In this picture: ProForecast sponsored Business Finance Team of the Year in North East Accountancy Awards
Would you like to share some statistical and other achievements of ProForecast?
Our customer churn rate is very low at less than 5% and our conversion rates from free trial are rising impressively. We believe that we can achieve over a 25% conversion rate from free card to paid trials, which is an excellent industry benchmark. Sage were so impressed with our application that they made us one of 16 Platinum Partners, the highest tier possible and Sage Product Marketing Director, Michael Office declared ProForecast as “the most comprehensive and user-friendly forecasting tool I have seen”. This is backed up by the exclusively 5* star reviews on Cap Terra.
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How do you plan to face the rising competition from the other players entering the segment as well?
We strive to be industrious and innovative, offering our customers something they want, putting their desires at the top of our priority list. That’s why our software offers integrated solutions for all of your financial planning needs. We offer the best CPM solution on the market for producing accurate financial reports, forecasts for profits and losses, funds flow, cash flow, account consolidation and adequate budgets.
We offer the widest range of financial reporting and CPM products at the moment, and we are continuously integrating with various accounting packages, partnering with other companies and striving to integrate the new advancements in the field.
Which are the current operational locations of ProForecast? Are there any expansion plans on the cards?
We have two offices. Our development office is based in Cancun, Mexico, where all of our technical operations are dealt with. And our main HQ is based in Sunderland, United Kingdom. We are currently working through a hiring process at the moment, and we will see where that takes us.
Any particular message for other very Early-stage Startups & Entrepreneurship Enthusiasts?
There is no magic serum, have grit and determination and focus single mindedly. It can be difficult when you’re not getting paid and must keep everything rolling, but it is, very satisfying and exciting.For sales or press enquiries, get in touch with Justina, the marketing director through her Email Id | For general enquires, you could connect to ProForecast on their official Email Id | For more information, visit their Website | Follow their updates on: Linkedin | Twitter | Facebook
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 18th July 2019.