Every business aims to scale and grow. The key to growth lies in transparency; with transparency, you can determine the usefulness of your Dryrun data and use it effectively. However, growing and scaling can be a challenge without knowing what financial management tools to use.
In this episode of the Her CEO Journey™ Podcast, Barb Easter, Director of Client Success at Dryrun, joins us to discuss the advantages of CFO services. She forecasts the features of Dryrun and dissects what financial management and forcasts do for business growth. Lastly, Barb imparts her years of experience working with business owners.
Want to learn more about how you can have better financial management in your business with the help of CFOs and the Dryrun software?
Tune in to the episode on Dryrun Software!
Here are three reasons why you should continue reading:
Discover the benefits of using Dryrun software and hiring a CFO for your company.
Learn what financial management tool like Dryrun business owners can use to overcome recurring problems.
Overcome your hesitance in tackling finances and continuously improve your approach to cash flow management and following support options.
Resources:
Learn more about Dryrun and its software on their website.
Get better support on your cash today and tomorrow. Start your 30-day free trial with Dryrun site now!
Look into Dryrun’s QuickBooks connection with Quickbook, Xero, and Sage Intacct.
Hear from Dryrun’s Cash Flow Confessional and other blog posts about what financial management and cash flow are.
Connect with Barb Easter on LinkedIn or reach her through her email at barb@dryrun.com.
[4:03] Barb’s Journey: Education to Marketing, Advertising and Finance
20 years ago, Barb taught students with hearing difficulties. Her second child had epilepsy, prompting her to leave her job to care for her daughter. She started taking digital marketing roles and created engaging content.
Dryrun's co-founders sought out Barb. After her first six months, she came on board with the company. From there, she focused on operational, post-sale, success, and product implementation rules, leading to her current position as the Director of Client Success.
[07:15] What Is Dryrun?
Dryrun offer cash flow forecasting software for people managing their finances. One of their primary purposes is to manage the current timeframe's money. Their second objective is forecasting a company's succeeding finances. The Dryrun allows companies to model scenarios for growth opportunities and problems.
“Transparency is vital in demonstrating how useful your data actually is. It gives you context when it comes to cash flow forecasting and management, or any other financial planning activities.”
Barb collaborate with Dryrun’s users to improve their business feedback. Business owners working with Barb operate more quickly and are more reactive.
[09:11] What Financial Management and CFOs Can Do
Barb would like to see business owners matched up with CFOs. Dryrun makes it quick and easy to do what financial management requires. Dryrun can help business owners ensure the feasibility of their next moves. Most business owners want to grow their businesses. Getting CFOs will help. Contracting a CFO may seem costly at first, but it could be what a company needs. CFOs offer financial security, and hiring one has a high ROI.
[13:36] When to Contract CFO
If you’re aspiring to grow your business, it’s best to plan to hire a fractional CFO from the beginning. Outsourcing of CFOs is ideal, even on an hourly, fixed time, or budget basis. When a company's growth accelerates, it's best to bring on someone who specializes in financial strategy.
“The difficult thing is that it's tough to both be in your business and be on your business... I really, truly believe that for folks that want to be as successful as possible, doing what they love, they should hire a CFO…”
Not all business owners have the capacity to support their business forward. CFOs can address the recurring problems in companies.
[15:37] Recurring Problems of Businesses
Barb agree with hiring a CFO when sales aren't sustainable. CFOs outline what financial management strategies you need to test and execute on your site. CFOs with inventory and manufacturing experience can organize company accounts with excessive inventory and carrying costs.
Budgeting and cost-control process problems can come from a lack of strategic oversight. Hiring a CFO is strategic to compare business operations in both high and low revenue periods.
“As a business owner, you can't be locked into doing whatever works indefinitely. You must have somebody come along, and impose some controls and say, ‘Hey, your breakeven is unrealistic, and your runway keeps shortening–-inefficient use of cash.’”
[21:11] How Dryrun Improves Financial Management
Dryrun can check your financial data to ensure that everything balances out. The Dryrun software allows business owners to get a handle on their money. In one situation, they discovered fraud in a financial report. Tune in for the full episode!
In high revenue, it can be difficult to organize and compare finances without the right people and tools. Dryrun's dashboard allows you to visualize your cash flow, letting users observe the trend of their finances and avoid any discrepancies.
“At the expense of cost control, revenues are driving everything to the point where the business is actually impaired because there is no strategic oversight to how we might manage those costs as revenue fluctuates…”
[25:34] Dryrun’s Features
Dryrun is flexible, approachable, and can adapt to different types of firms. Users can test and manage anything into Dryrun. The Whiteboard software feature forecasts scenarios without affecting users' original files.
“[Dryrun] is designed for the business user to look at and take learnings or extrapolate right on the dashboard.”
The feature gives CFOs a picture of what business owners should do to boost revenue. Dryrun can build a revenue pipeline for a revenue pipeline forecast. With it, they can show how CFOs can fine-tune finance strategies for the business.
[34:06] What You Can Do with Dryrun Offer
There is a new software feature in Dryrun that allows users to model assumptions in different categories for more accurate modelling. Users can create categories and assign percentages and timelines to them.
“If your data right now is not solid–-you don't research it carefully, you don't look at your historical information to build the future forecast. Technically, you're not going to have accurate results.”
The What-If Analysis feature provides a flexible financial forecast. The roadmap created can be easily adapted to different situations using Dryrun. Dryrun allows you to connect your accounting software to it, increasing efficiency and easing client communication.
[39:53] Dryrun for Communication
Each business owner has different dynamics. Dryrun offers streamlined processes, improving communication between clients and teams. Consolidate is the software’s ability to take two scenarios and layer them over each other.
With this Dryrun feature, you can anticipate possible results of the next day based on today. Dryrun can provide an overarching view of multiple accounts.
[43:15] Using Dryrun Software Effectively
Clearly define your use parameters. Late bookkeeping leads to difficulty in forecasting.
“The expectation, however, is that you're working behind the scenes to close your books for the month, efficiently and quickly because your job as the founder is to look forward.”
Business owners who want to test Dryrun must understand its best device practices. One business owner in Greece used Dryrun to grow despite the economic volatility in Greece.
“Now, because I'm a former educator, what I would share with you is that literacy is nearly a set of skills that can be taught. But we do teach them Dryrun side, you need to make time for the things that are important in your business.”
[47:29] The Challenge of Tackling Finances
Cash flow can become a taboo subject for business owners. Founders may think this information isn't shareable. Some even deny financial problems. There can also be a lack of understanding of what financial management and cash flow or business literacy are in firms.
It's easy to confuse "urgent" with "important", leading a business to collapse if owners fail to strategize.
[49:58] Barb’s Closing Words of Wisdom
"Cash flow management is a continuous process, and you're driving toward a goal and it continues to unfold. With something like that, it's kind of like laundry — I do a lot of laundry here — it's actually never going to be over."
Cash flow management is a continuous process.
There will always be methods to perform your strategy.
Know your purpose for forecasting and focus on your goal.
About Barb
Barb Easter is the Director of Client Success at Dryrun where she helps CFOs, accountants, and business owners learn what financial management can do for them. Barb invites business owners and finance professionals to elevate their practices when it comes to finances.
With her experience in both the financial and educational fields, she has developed a career in helping companies grow. Barb works to educate and support financial professionals and business owners as they explore the world of accounting and finance services.
You can connect with Barb through LinkedIn or send her an email at barb@dryrun.com.
Enjoy the Her CEO Journey™ Podcast?
As a mission-driven female entrepreneur, strategizing for the right financial plan can be complicated. By outsourcing the right CFOs, you not only guarantee your financial security but also drive your business to success. If you enjoyed today's episode of Her CEO Journey Podcast, hit subscribe and share it with your friends!
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To fuelling the life you want to live,
Christina