Co-Founder & CEO, Dryrun
Through their transformation from a startup into an established technology leader, Intuit has held onto their entrepreneurial spirit in everything they do. They believe that technology can help power prosperity for SMBs, the economy, and all Canadians. For Intuit, everything starts with the belief that people everyone deserves the opportunity to prosper.
The Intuit Prosperity Accelerator has curated an inaugural cohort of leading tech startups. These solutions are positioned to help solve specific financial challenges that Canadian consumers and small businesses face in the wake of COVID-19. Dryrun provides cloud-based software to provide insight into a company’s current and future cash flow. We interviewed Blaine Bertsch, Co-Founder and CEO, on how Dryrun is a lifeline for businesses during the COVID-19 pandemic.
Can you tell us about your collaboration with Intuit Prosperity Accelerator?
Intuit reached out to us when they saw the crucial role that cash flow management plays for business, especially in the middle of a pandemic. So many businesses are in dire straits, while some are surviving, and a few are actually dealing with fast-growth issues. At the core of our collaboration with Intuit Canada in the Intuit Prosperity Accelerator is a focus on simplifying key cash flow data, and so far, we’ve seen fantastic results. This project will lead to new technology to help CPAs and businesses get through the pandemic.
How does Dryrun help businesses manage cash flow?
Dryrun helps businesses monitor the current state of their cash flow, manage the inflow and outflows of cash, and model “what if” scenarios in order to take action and make informed decisions. We’re helping CPAs start conversations with their clients on the issues that their clients are facing today. Business owners are overwhelmed, understaffed, and have very little spare time amid sudden closures. Dryrun empowers business owners and CPAs to identify high-risk issues and discuss possible solutions.
Why is cash flow management the missing piece for businesses trying to survive?
Right now, businesses are surviving day-by-day, limiting their ability to even look at the next few weeks of business. This limited scope can create a focus on misleading data, resulting in being unprepared for a quick lock-down or reopening. Having accurate projections can help owners make better decisions and be equipped for what the future might bring, as well as dealing with the day-to-day management of their cash flow.
In such an unprecedented year, how can you help businesses forecast their cash flow, given that we can’t rely on previous models?
Having the up-to-date data is key. Although we look at the events of the last six months, the unpredictability of the current environment takes a little more of a prediction. Moving forward, what do you think your revenue will look like, how much does it cost to stay in business every month? Predict this, and then run a couple of scenarios. What happens when the vaccine comes out? What if we remain in the current lockdown for the next six months? Model out best case, worst case, and likely scenarios. Pulled together, you get a much clearer idea of what is on the horizon. Beyond that, talking to their clients and potential clients uncovers the upcoming industry trends that can help create an accurate forecast of what’s to come.
What’s next for Dryrun?
Within the Intuit Prosperity Accelerator, Dryrun has built a prototype of a cash flow ‘scorecard’ that gives business owners and CPAs alike a current snapshot of key cash flow data within the business. The reception has been outstanding, so much so, that we are already building the capability into Dryrun so that we can release it to users in early 2021. We believe this new tool within Dryrun will help businesses manage through the pandemic and emerge from the pandemic ready to grow.