A startup called InDinero aims to make it easy for companies to track their finances — basically, it wants to be the Mint.com of small business accounting. Today it’s unveiling a new feature that brings its services closer to that vision.
The new forecasting feature makes it possible for InDinero users to see instantly how additional income or spending might affect their company over the next 12 months. Financial forecasting is an old idea, but the point is make the process simple and easy for a non-accountant to understand.
Instead of tracking changes in a spreadsheet or complicated software like Intuit’s QuickBooks, businesses can just click “add spending” or “add income”, plug in the details (for example the amount you’d spend each month on hiring a new engineer), then view an updated chart of their cashflow. You can try out the forecasting feature, as well as the rest of the product, at InDinero’s demo site. The Berkeley, Calif.-based company is launching the feature as an invitation-only test today, but VentureBeat readers who want an invite can email firstname.lastname@example.org.
Other features include a dashboard showing your financial runway, a page displaying your financial trends, and a list of recent transactions.
InDinero launched in July, and it’s part of the current class of companies incubated by Y Combinator. Cofounder and chief executive Jessica Mah said the company is now tracking hundreds of millions of dollars in transactions for thousands of businesses.