License Year 2024/2025 is the first year for South Carolina local governments who issues business licenses to have to do what will be a regular process: rebalancing. Required every two years, the state requires municipalities and counties to adjust to what level businesses are tasked based on the latest profitability numbers provide by the Bureau of Labor and Statistics. What this means in practical terms is that next year some types of businesses will pay more while others will pay less.
If you’ve gone through the rebalancing tasks two weeks ago you may be asking yourself: ‘Self, how do these changes impact our revenue?’ Well we’ve added a way to help you answer that with the first beta of our forecasting feature!
Our forecast module looks at the last twelve months of licensing, and then given a set of rules (like those given to you by MASC), runs a forecast for the next twelve months. You can check out the one for your organization by going to:
- Go to the ‘Reports’ menu
- Click on ‘Change Report’
- …and then click on the new ‘Forecasts’ item at the bottom.
- There you’ll see the ‘2023 MASC Changes’ forecast. Click on it to see the forecast.
- By default, the forecast shows the baseline, where no changes have been made. Click on the ‘Scenario’ dropdown and select the next scenario: ‘License Type Changes without rate change’The scenario shows the current revenue gain or loss at the bottom of the chart:You can also change the graph to view the changes by license type instead of revenue month.
Finally, you can also click our favorite ‘CSV’ icon to export the changes licenses to CSV so you can see the results. It takes a while to build so it will email you when it’s completed.
Our goal is to allow you to eventually build your own forecasts so you can see how things like overall economic changes may impact your revenues in the future, but figured this very real change to your licenses was a good first use case. Please check it out and let us know if you have any questions!