For many small business owners, managing financial health can be an overwhelming process. From credit cards to cash flow to saving, small businesses have many different fiscal elements to consider when monitoring finances. Mint.com helped solved this problem for consumers. And today, Y Combinator-backed startup Indinero is launching its real-time financial dashboard that has a simple ambition: to be the Mint.com for small businesses.
Like Mint, Indinero uses Yodlee to allow businesses to transferring bank and credit card account information from financial institutions. But Indinero’s site caters to the financial health and needs of small businesses, breaking out data that addresses cashflow, runway, spending, profits and more.
Indinero’s co-founder Jessica Mah tells me that complex accounting software like Intuit’s Quickbooks can often be confusing to navigate. Similar to Mint, Indinero’s interface is simple and easy to use. It makes pretty graphs of a business’ finances to make data trends more understandable. Indinero will soon include a forecasting feature, which will provide businesses an future glimpse into their financial performance based on past data and industry trends. And eventually businesses will be able to compare their performance to other companies of their size and industry focus.
The startup doesn’t aim to replace a human bookkeepers, but actually helps business owners collaborate with bookkeepers. Inidinero allows you to import data directly into Quickbooks, saving bookkeepers from the arduous task of inputing data into the program.
Indinero of course faces competition from Mint. And there are a number of sites providing simple bookkeeping applications for small businesses including Outright, Freshbooks and others.
