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What Is Castaway?
Castaway is a powerful financial software modeller providing multi-year integrated financial forecasts of P & L, Balance Sheet, Cashflow, Funds Flow and Ratios & Statistics.
Actuals can be entered against forecasted data, producing variance reports and making re-forecasting easier.
Designed with accountants in mind, Castaway has a wealth of features to help you produce forecasts in the format you need.
Who Uses Castaway?
Designed for businesses of all sizes, it is a budgeting solution that provides what-if scenarios, cash flow forecasting, variance reporting, and more.
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Reviews of Castaway
The backbone of a great business advisory practice
Comments: This software is the backbone of our business advisory practice. Our firm has been using it for 7+ years and we have licenses for all of our accounting staff. The level of detail it allows in financial models is unmatched in the industry as far as we are aware. The product support and training is also second to none in our experience.
Pros:
The amazing flexibility this software offers, the level of detail and the power of the engine.
Cons:
There are a couple of extra reports we would like but the software is updated regularly and support responds to user requests.
Castaway Forecasting Software - Finally!
Comments: Everything from purchasing the software to implementation to support/ advice and sometimes model reviews for my own client work, is professional and I couldn't recommend these guys more. There is no better tool for small to medium businesses and it is the main tool I use in my accounting firm
Pros:
Castaway really is powerful enough for my complex client companies and, yet, I have small shop and cafe clients as well and it is perfect I am able to have conversations with my clients about their future. My clients are all CEOs of various-sized companies. This leads to longer-term assignments and happy customers You can create simple models or complex models The new dashboards are incredible and flexible and beautiful! I wish I had have had this product when I first started my accounting practice
Cons:
Some of my clients want daily cashflow. Castaway don't do this. I spoke to them about it and they said I'd have to analyse all my invoices on a daily basis, which is too hard and time-consuming anyway. In fact, the Castaway consultants taught me a few things about choosing daily/ weekly/ monthly forecasting.
A very expensive Excel spreadsheet
Comments: I used the software and found that it was nothing more than an extremely expensive excel spreadsheet that was difficult to use, not very intuitive and clunky to use. I no longer use the software and strongly recommend that people do not buy this software as it is just an excel spreadsheet backed by arrogant support who say one thing and then do another.
Pros:
None as I stopped using it and have already built my own spreadsheet, it is far easier to use and more powerful than this clunky software.
Cons:
License agreement is a con as the people on the phone tell you one thing and then do another. My suggestion to anyone who is thinking of buying this product is stop immediately as this is nothing more than an over priced excel spreadsheet with horrible arrogant support.
Powerful after a steep learning curve
Comments: Fantastic software but challenging when a key staff member leaves and I'm having to retrain a new team member.
Pros:
It's an integrated three-way forecasting system that gives me cash at bank for each month into the future. Ability to adjust "levers" in formulas when business conditions change without having to reload reams of data is brilliant. I've got a full working model of my business running in Castaway, giving me amazing insights that would not otherwise be possible.
Cons:
A steep learning curve. Like a lot of powerful software, it takes a while to learn how to use it to your best advantage. They're happy to help with support calls, but sometimes wonder if a better system of in-app help or setup wizards might accelerate the implementation phase.
The best 3 way modelling software on the market
Comments: The licensing process is super easy, the support team are prompt and helpful and the training available is incredibly comprehensive.
Pros:
Castaway allows you to choose your own adventure - you can model every single line item in intricate detail, or you can choose to select the big ticket items and model them roughly at a high level. Castaway can be used in every assignment where a model is required. Its application is only limited to your imagination. It should be the cornerstone software of any advisory practice.
Cons:
None - with the excel integration function Castaway now links to any software I need it to and the setup of the chart of accounts can be done in minutes.
Banks Just Love It
Comments:
I have been using Castaway & its predecessors for the last 20 odd years & can say with some experience that
If your preparing finance applications for your clients or your business, there is no better software to use.
Pros:
The improved speed & functionality of data entry.
Cons:
A quantum change that takes too long to negotiate yourself, so your better off booking a training day to update. Even if you consider yourself to be an advanced user , I would recommend that you go to the introductory course to navigate your way through the upgraded version functionality.
Integrated 3-way financial modelling tool
Comments: It has been a game changer for us, rather than relying on classic spaghetti MS excel modelling and programming.
Pros:
It simply works in a flowless and intuitive way. The price point is fair and reasonable and the team is great to deal with.
Cons:
I don't think there are any... nothing comes to mind anyway.
