How is it possible that the stock markets are so distorted? How is it possible that millions are out of work yet the stock markets are continually hitting all-time highs? The reality is that large tech stocks are lifting most of the stock indexes and are disproportionately receiving the “COVID-boost”. Many small businesses are still struggling and have yet to recover to pre-pandemic sales levels.
Thus cashflow forecasting still needs to be top of mind. CFOs are aiming for 24 months runway, at the minimum. In other words, all businesses should have enough cash to survive for the next 2 years, because that’s how long it might take for the economy to recover. Dryrun’s series of Cashflow videos have been extremely helpful by bringing Cashflow experts from around North America to share their experience on how to manage cash.
However, during our conversation with Blaine, CEO of Dryrun, he explained that the biggest barrier to accurately forecasting the future is the accuracy of the past. This is where VERIFYiQ can come in.
VERIFYiQ uses an algorithm to automatically catch 80%+ of bookkeeping errors in Quickbooks Online or Xero. Relying on VERIFYiQ, accounting teams are able to produce more accurate financials while also being more efficient. This gives accountants more time to become Trusted Advisors to their clients and offer more advisory services.
We can’t look into the future without understanding the past. Since future-focus is more important today than ever, let’s work together to produce clean data to plug into forecasting software, such as Dryrun.