Frequently Asked Questions
Why do a financial forecast?
Financial forecasts are most often used to gain funding from lenders and investors. They are also used to budget day-to-day operations of a business.
Do I need to be good at math?
No. All you need to do is enter numbers like price and estimated sales. SumoSum does the math for you. This means that SumoSum is useful for non-MBA and non-CPA folks. It's even good for students down to middle school.
Is SumoSum different from Quickbooks?
Yes. SumoSum is a tool to predict and budget for the future. Accounting software like Quickbooks records the past.
Can members collaborate on a project?
Yes. SumoSum is a multi-user collaboration platform. You can invite an unlimited number of members to work on a project. Each member of a team is responsible for maintaining a membership that allows for their own access.
What is a "Project" in SumoSum ?
A project is a financial forecast for a startup, company, project or any kind of activity.
Are scenarios offered for projects?
Yes. A scenario is a version of a project forecast. You can create an unlimited number of scenarios for a project to see how changing one or more variables changes the outcome. SumoSum scenarios includes the ability to clone existing scenarios.
What does Dormant Mode include?
Dormant Mode allows you to keep your project data safe for later use without paying for full membership access. While in dormant mode, you'll be able to view your project data but will not be able to edit content or download charts or reports. To regain edit and download rights, upgrade to the Pro Plan.
If your account lapses, project data will be deleted, thus Dormant Mode is highly recommended. In any event, whether or not your membership subscription lapses, your personal profile information will remain in the system should you wish to continue in the future. If you do not wish to continue with SumoSum, you can visit your Profile Settings page to delete your account.
If I need more projects, can I upgrade?
Yes. Pro Plan includes an unlimited number of projects. Thus, if you're a free trail member and have started a project, you cannot join a second project as you've already used your free project access. You can however delete your project then join someone else's project.
What charts & reports are included?
Charts include Income vs Expenses, Income Breakdown, Cash Balance, Cash Flow, Use of Funds and Burn Rate.
Reports include Income Statement, Cash Flow and Balance Sheet.
What download formats are available?
Charts and Reports are available in PNG and PDF formats. SumoSum forecasts for up to 5 years. Users can elect forecast report terms of 6 months to 5 years.