inDinero today announces its re-launch as the premiere
all-in-one accounting and tax service for small business. Backed by $7M
in new capital and $10M overall from 50+ different angel investors and
small funds, inDinero can now replace all three back office disciplines
(accounting, tax and payroll) for one flat fee. Co-founders Jessica Mah
and Andy Su remain the only official board members as no board seats or
observer rights were given out. Notable investors in this round include
Kevin Hartz, Bobby Yazdani, Hank Vigil, Fritz Lanman, Coyote Ridge
Ventures, SaaS Capital, Streamlined Ventures, among many others.
inDinero’s re-launch just says “No” to the old SaaS
scalability model by providing customers with the brightest minds in
accounting to walk them through all of their financial needs. Running at
near break-even, inDinero is padding their bank account with the new
funds as they plan to double headcount and office locations over the
next 18 months. Focusing primarily on customers with 2-100 employees, inDinero is making it easier for small business to grow faster.
“Now we’re a pain killer for any small business that wants
to focus on themselves instead of having to build out their own
accounting staff,” said Jessica Mah, CEO at inDinero. “The Mint.com for
businesses idea was horrible, and now we are doing so much more by
actually doing the accounting and taxes. A business no longer needs to
hire a bookkeeper and tax person anymore; inDinero just takes care of it
all.”
Unconventional and Innovative
With $10M now in total funding, inDinero has been
gathering and managing various waves of cash since 2010 and last year
even turned away many larger offers from VCs. inDinero’s pioneering
concept of “pseudo bootstrapping” allows it to remain independent while
prioritizing revenue and profits and to only accept appropriate levels
of funding. “We are a 30 year old company in the making,” said Mah.
“There’s no reason for us to take on more capital than
necessary and at what cost?” In addition to its funding methodology,
inDinero’s innovative SwS approach is making a huge impact on the
startup world. Now a growing business can hold off on hiring an in-house
controller well into the 100th employee mark. inDinero also makes sure
its developers work right along side of its own tax, accounting and
payroll experts so that real time best practices reach customers
seamlessly.
“As a rapidly growing business, we face a lot of
challenges and having inDinero’s support and good humor has been
indispensable,” stated Kate Bertash, operations services manager at Move
Loot. “Now we enter a new phase of our company after raising our Series
A and we are definitely more prepared going into it with inDinero’s
help.”
Covet Thy Customer
Back in 2010 it was hot and seemingly lucrative to be
every businesses’ sexy little financial dashboard. But at $20 per month,
it became clear that doing so little for so many was not going to be a
sustainable and growing business model. inDinero customers were even
begging for more services stating that if you are already keeping track
of my money, you might as well file my taxes and do my payroll while you
are at it; oh, and charge me more for it all. However, inDinero could
not just become a more user-friendly version of Intuit. Instead,
inDinero began hiring the best and brightest minds in the accounting
world to help customers in need and take great care of them as if they
were their own dedicated accountants. Now inDinero charges customers
between a few hundred to several thousands of dollars per month and
customers are glad to make the change. Finally, inDinero realized they
are the ideal solution for the growing startup company. By clearly
identifying their target customer, inDinero is helping growing startups
to grow even faster.
“inDinero solved a huge problem for us and saved me
hundreds of hours of work and worry,” stated Brian Bosche’, CEO and
co-founder at TernPro. “I don’t know what I would have done without
inDinero, and I hope more businesses like theirs can make it easier for
startups to focus on building products and customers versus worrying
about accounting, payroll and taxes.”
inDinero is the leading financial software with services
(SwS) solution for small businesses to automate accounting, tax and
payroll activities for a flat fee. inDinero has over 80 employees with
offices in San Francisco, Portland, and Manila. For more information go
to www.inDinero.com or call 855-463-4637.
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