When it comes to using software for financial modeling and cash management, there are two main groups of people.
Group A: People who use spreadsheets to keep track of the inflows and outflows.
Group B: People who use dedicated programs to track spending.
Both methods have their pros and cons. However, it's worth noting that software like Dryrun was built to solve the various problems that affect spreadsheets. As such, they have some serious advantages when it comes to financial modeling and cash management.
Differences between spreadsheets and Dryrun
As we said, spreadsheets have lots of utility. We're not here to criticize anyone that uses them for financial management. Spreadsheets like Microsoft Excel or Google Sheets can be handy and are capable of financial modeling and cash management.
What we want to unearth are the differences between spreadsheets and Dryrun to help you understand the pros and cons of the two options.
There are a few compelling reasons to use spreadsheets. These points explain why it's still a popular option despite some of the drawbacks.
Here are a few of the pros of spreadsheets. Spreadsheets are:
● Inexpensive to buy and run
● They have highly-customizable formatting
● You can use them to build sophisticated custom formulas
● They allow users to get started reasonably quickly
However, despite those advantages, spreadsheets have some limitations.
1. Spreadsheets are not user-friendly
2. They have a steep learning curve
3. Spreadsheets are not secure
4. They don’t provide real-time visibility
5. Sophisticated business models can require highly complicated spreadsheets that require a level of expertise that not everyone posses
6. Their lack of standardization leads to confusion and compliance issues
7. Maintaining up-to-date data is inefficient and tedious
8. Version tracking is messy and complicated
9. Spreadsheets are prone to errors and can breakdown with even simple data entry errors
10. Broken or incorrect equations can lead to misleading data
11. Spreadsheets can be difficult to troubleshoot
12. They are slow and difficult to consolidate
13. Spreadsheets can be very difficult to read and understand for those that did not create the document
14. Visualizing data is complex and, in some cases, very limited
15. There's no native integration with business systems
16. Spreadsheets make it harder for managers to manage team members
17. Spreadsheets are challenging to scale
18. They are in effective for quick decision making
19. Forecasts are limited and require complicated equations
How Dryrun solves these issues?
As you can see, spreadsheets have a lot of issues. There are good reasons to use them for your business, but they have limitations, especially when it comes to running forecasts or managing cash flow.
We built Dryrun to solve these issues. Our software addresses each problem on the spreadsheet list. Now, let's look at each spreadsheet weakness and show how Dryrun offers to solve each one.
#1. Intuitive and user-friendly
Our intuitive and straightforward user interface is uncluttered and easy to use. It's built to offer the best user experience possible because it's simple to navigate, and all the features and functions flow together. The main point of difference is that Dryrun is dedicated, purpose-built software for cash management and financial modeling.
#2. Shallow learning curve
As we said, Dryrun is intuitive. For new or experienced users, navigating around the software feels easy. However, we also include lots of training resources for anyone who needs them or users who want to unlock more complex features and functions.
#3. Secure user access
With remote and mobile access more popular than ever, Dryrun offers secure user access. This feature means that your financial information is safe, even when you access it out of the office or on the road.
#4. Real-time visibility
Dryrun gives you real-time visibility into your inflows and outflows. Instead of waiting for monthly reports, you can stay on top of your finances at all times and from any location. Making critical business decisions requires up-to-the-minute information, and Dryrun has you covered.
#5. Sophisticated business models are automatically built-in
If you have a complex business model, it can require very intricate, interconnected spreadsheets.With Dryrun, you just need to create the inputs, and the software can represent even the most complicated business models.
#6. Standardized views
Quite often, spreadsheets used to manage financial information only make sense to the person who originally built them. However, for anyone else, it can be fairly confusing. The lack of standardization is inconvenient but can also lead to compliance issues.
Dryrun uses a standardized view across the dashboard. Everyone can access the information easily and feel like they are only on the same page.
#7. Automatically updates data
Dryrun automatically connects to your accounting software, ensuring you have a constant stream of up-to-date data. Our software takes the pain out of maintaining and updating your finances. What's more, our integrations are automated, which cuts out human error and ensures your reports are accurate at all times.
#8. No version tracking
One of the biggest issues with using a spreadsheet for accounting software is that you can easily generate different versions. Knowing which one is live and up-to-date can be an issue. Dryrun exists on the cloud, so you don't have to worry about different versions, and you’re always confident that you have the latest copy.
#9. Less human error
Integrating Dryrun with your accounting software means that you can reduce your data entry significantly. Without needing to input data, costly human error is eliminated.
When you are using a spreadsheet for modeling or cash management, there are several points of vulnerability. A mistaken entry can skew the whole spreadsheet or, in some cases, even break down because of bad inputs.
#10. Built-in calculations
All the calculations in Dryrun are built into the software. Unlike when using spreadsheets, you can be sure your data is rock solid, and no errors are giving you misleading data. Spreadsheet formulas can be tricky to track, with any mistakes or inaccuracies messing up your final data.
#11. Easy to troubleshoot
Unlike spreadsheets, Dryrun makes it easy to identify and fix problems. That means no wasted hours spent pouring over forums troubleshooting why your spreadsheet isn't working or why it’s inputting inaccurate information.
#12. Easy consolidation
Dryrun was built to allow quick and easy consolidation. Consolidation via spreadsheet can be very slow and challenging. However, Dryrun can simplify the problem thanks to its powerful functionality that gives you a great oversight into the health of each entity in a group.
#13. Consistent format
Dryrun has a great user interface. Your financial data is formatted in a way that is easy to read by anyone in your organization. Spreadsheets are often hard to interpret or understand by anyone except the original designers. When you need accurate information to power decision-making, Dryrun ensures that it’s easy to read and interpret by anyone in your organization.
One of Dryrun's key features is the ability to visualize financial data. You can represent your cash flow and model financial data in charts or graphs that are easy to understand and grasp. Additionally, Dryrun offers you a range of options, so you can do high-level overviews or drill down into smaller details.
#15. Simple integration
Dryrun is easy to integrate with your business systems. Dryrun can easily connect with Sage, Xero, Quickbooks, and more, so you can have always-on, up-to-date information about your financial health that you can access from anywhere.
#16. Highly collaborative
Dryrun is cloud-based.As a result, it's easy for users to collaborate with our software from any location. However, that doesn't make it vulnerable. User access control means you can grant temporary access or only allow specific team members to use the software.
In an era where startups are growing fast, Dryrun can scale with you. Adding complexity as your business expands is challenging with spreadsheets. The document can soon become difficult to manage and navigate. With Dryrun, complexity is no issue, no matter how big you get.
#18. Quick decision making
Because Dryrun keeps all your up-to-date financial data in one place, you can use it to power quick decision-making. With spreadsheets, the process is far more complex. For starters, you can't always be sure your data, formulas, or calculations reflect the financial state of your business. With Dry Run, you can be confident that your data is solid and use the information to make better decisions.
#19. Flexible and customizable forecasts
If you need to do financial forecasting on a spreadsheet, it requires complex formulas and a lot of knowledge. Dryrun offers users highly flexible, customizable forecasts with nearly unlimited possibilities and no need for complicated equations. This data allows you to make more accurate forecasts for your business.
Why Dryrun offers major advantages over spreadsheets
● It’s easy and intuitive to use
● You can data sync with leading accounting and ERP tools
● It offers businesses unmatched control and flexibility over their financial data
● It has clear, actionable visuals that help you understand your financial health
● It’s more efficient than using a spreadsheet and saves you about 80% of your time
● Dry Run is a powerful collaboration tool
● It’s easy to implement
Who will benefit from Dryrun?
Dry Run is a great option for any business.But it’s particularly valuable for anyone in the groups below:
● CFO, CPA, CEO
● Businesses with $1-200M annual revenue
● People who are wasting a lot of time making spreadsheets
● Team with sophisticated or complicated accounting files
● Anyone who struggles to explain spreadsheets to clients or management
What makes Dry Run different from its competitors?
● Dryrun takes a novel approach to scenario modeling
● It’s intuitive and quick
● You don’t need to be a spreadsheet genius to use our software
● It gives you clear and visually striking visual data
● It generalizes numbers down to the transaction level
● Dryrun has unmatched filtering control
● You can toggle the daily, weekly, monthly, and quarterly views.
Spreadsheets can be helpful for financial modeling and cash management. However, their limitations become apparent when your business grows, and your records and needs become more complex.
Dryrun is custom-built to help businesses manage their cash management. It’s intuitive, user-friendly, and gives users incredible control and flexibility for modeling even the most complex financial information.
Forecasting is easy and accurate with dedicated software. What's more, it’s a powerful tool for collaboration and consolidation. Finally, Dryrun facilitates a high level of automation, meaning you can save time to concentrate on what you do best:running your business.
Dryrun delivers clear, actionable forecasts in a fraction of the time you spend in spreadsheets.