Calxa is a 3-way forecasting and reporting tool suited to businesses that set budgets for at least a year in advance and want real-time financial reporting and KPIs. It is well suited to higher level budgeting, rather than using individual transactions. It’s set up to support multi-entity and multi-currency consolidations.
On the cashflow side, it is not a transactional-driven forecasting system, and doesn’t offer the flexibility of a short term solution like Float, with less granular accounting integrations. But Calxa is not designed to be a short term cashflow forecasting solution.
The forecasting is based around set monthly figures for each account code, not transactions. There’s a lack of bulk edit options on budget lines, or the ability to set cell values dynamically, you simply get the option to enter a number for a given month/account. This makes creating a budget quite manual, and less flexible than something like Futrli Advisor. This is partly offset by the ability to import a budget from Excel, updating just some accounts for some months if required.
Setting debtor/creditor days is not completed within the forecast, but for each budget cell (set monthly per account), the days will be based on the cashflow settings, which can be set at an account level. The default is to use the debtor/creditor days profile which is automatically calculated.
Likewise VAT, wages/PAYE, corp tax, depreciation, and inventory, settings are applied to relevant accounts for the monthly budget entry. VAT is set for each account based on the default rate within the connected accounting package. A business that purchases and/or sells products/services with different VAT rates would need to be tracking those in separate accounts for the VAT forecasting to work.
The dashboard is not customisable, this is disappointing given the ability to create and track KPIs. It covers:
- Monthly income (current and prior 5)
- Monthly expenses (current and prior 5)
- YTD net profit
- Cash flow forecast (current and next 5)
- YTD wages to turnover
- KPIs (performance over accounting year)
These are created from the ‘Budget Factory‘. You can quickly create a new budget based on an existing one or actuals, with quick adjustments to apply to the year in question. The adjustment is limited to specifying an amount or a percentage change from the prior year.
You can relatively easily create custom account orders/groups. These are called ‘Account Trees‘.
You can pick from standard financial KPIs, or create your own. Creating your own will take a little time to understand so it’s worth investing some time in their help centre and training videos.
It’s easy to set fixed and variable costs for use in reporting using KPI account groups.
There is no feed in of non-financial information, or import. Non financial information is entered via ‘Metrics‘, which can then be used in KPIs.
You start with a template report bundle, and Calxa offer a small range of pre-configured reporting bundles to use.
There are lots of pre-built report templates to pick from, with a mixture of visual and numerical options. Using the report designer it’s possible to add and remove columns from the templates as well as brand them to your needs.
A document editor adds the ability to include a cover page and commentary on reports.
The multicurrency consolidation features are pretty powerful, yet easy to use. Calxa will produce a ful consolidated 3-way forecast in any currency.
In Calxa you cannot report on the intersection of tracking categories like you can in Xero, therefore most Xero customers using Calxa will set up their business unit structure in such a way that they will only need to use 1 of the tracking categories in Xero.
It’s competitive with similar products such as Futrli which doesn’t support multi-currency consolidation. It’s competitive in price with similar products such as Futrli which doesn’t support multi-currency consolidation, Fathom who don’t currently offer forecasting, and Spotlight.