A new Berkeley, Calif., company called InDinero is launching today, promising a simple approach to help small businesses, including startups, understand their finances.
Cofounder and chief executive Jessica Mah said she just graduated from UC Berkeley, but she’s one of those ridiculous prodigy entrepreneurs who has already launched a few startups. The common pain in all of them was trying to understand the finances, which usually required working with expensive, complicated software like Intuit‘s QuickBooks, not to mention hiring an accountant. With InDinero, she wanted to take the simple, automated approach to finance popularized for consumers by Mint.com (now owned by Intuit) and bring it into the business world.
This also sounds similar to a startup called Outright, but Mah said her company tries to serve a different need for a similar audience. Outright focuses on simplifying your finances so you can file your taxes, while InDinero is more about helping entrepreneurs understand where they stand financially, and how they can do better.
Features include automatic integration with your bank, credit card, PayPal accounts; a dashboard showing profit and your cash runway; and trends showing your income and spending over time. InDinero is free for less than 50 transactions, then pricing starts at $29.95 per month.
I was a little concerned about whether businesses would be willing to trust their financial information to a company that’s so young (in multiple respects). Mah acknowledged that’s an issue — startups are probably more willing to experiment than traditional retailers, so they’ll probably be the early adopters, but she said the goal is to reach both audiences.
InDinero is part of the current class of companies incubated by Y Combinator.