In my conversations with entrepreneurs owners, I’ve heard many reasons for why businesses decide to outsource accounting. Small teams reach a point where doing it themselves becomes too time consuming, or QuickBooks gets frustrating as the business gets more complex. Larger companies stretch the limits of their current bookkeeper’s bandwidth or find that having a controller or CPA and their outside resources get too expensive.
Every business owner is motivated by the goal to run a more efficient business. [Continue Reading...]
The first-time entrepreneurs I talk to are very smart and generally enthusiastic and upbeat. But one thing I’ve learned from them is that starting a business can be isolating: long hours, endless decisions surrounding business operations, the weight of the world on your shoulders.
Jessica Mah, our co-founder and CEO, has experienced these operational—and existential—challenges first hand. Helping small businesses succeed in spite of them is one of the key reasons that inspired her to create inDinero. [Continue Reading...]
Several years ago, Chase Adam was just a Peace Corps volunteer riding a bus through an area of Costa Rica known as Watsi. At one point, a woman climbed aboard and began asking passengers to donate to her son’s medical treatment.
The proverbial light bulb switched on: What if you could fund healthcare for people in need, anywhere in the world?
And that was how Watsi, a crowdfunding platform for healthcare, was born.
On the day that Watsi launched in 2012, 16,000 people visited the site and donated enough to cover treatments for people in developing countries for six months. [Continue Reading...]
You probably don’t like ghosts lurking around your attic so you should definitely mind having them on your balance sheet.
But no need to call Scooby and the gang to solve this mystery! Your accountant or controller is all you need to hunt down ghost assets (aka the fixed assets that show up on your balance sheet but are M.I.A. I.R.L.). But they can’t do it alone! They’ll need your help to hunt down these financial spectres, especially if you’re outsourcing your accounting. [Continue Reading...]
Here’s a phrase you never thought you’d hear from a CEO who just raised seed funding: “Nobody told me how difficult success can be for a startup.”
This may not sound like much of a problem. But the more I thought about it, I realized that many early-stage businesses start out with blazing potential and burn out before they reach it.
From everything I’ve learned so far from the businesses we work with, early-stage companies are trying to make a million things happen at once. [Continue Reading...]
This article was originally published in slightly different form on Inc.com
It’s practically impossible to get a business loan as a 14-year-old entrepreneur operating out of your bedroom. I learned this the hard way in 2004. I was working on my first business. It was a great idea, very technical, very niche; but I couldn’t raise capital to meet demand and growth (you can’t get a bank loan if you aren’t an adult!).
The problem was that I really didn’t understand or care about the numbers, and the outdated accounting systems I was using became an even bigger issue when I discovered everything was out of date. [Continue Reading...]
Entreocracy in Action: An Honest Interview with inDinero’s Enterprise Accounting Manager, Brent McKee, CPA
This post originally appeared in slightly different form on my LinkedIn profile.
Last month I found myself in my final interview with Jessica Mah, the CEO of Portland’s newest tech company, inDinero. This was no ordinary interview. Resume and portfolio, my list of questions…all the traditional interview stuff left beside the yoga ball in the office to never be glanced at again. [Continue Reading...]
I’m writing from an airplane coming back to San Francisco from Austin. I just went to the Conscious Capitalism Summit , which was a great event for about 100 CEOs running companies that, get this, actually give a shit about their customers and team members and doing good for humanity.
It was great hearing inspiring stories from the founders of Costco, Whole Foods, Shake Shack, and other A+ companies that are committed to their employees and communities. [Continue Reading...]
I recently spoke with an entrepreneur about his information security company to see if inDinero would be a good fit for handling his accounting and taxes. He was clearly feeling the pain of managing his back office on his own, but after a few minutes, I realized that these tasks were just a drop in his bucket.
“We have a great product and we’re getting more and more customers,” he told me. “But running the business isn’t getting any easier. [Continue Reading...]
The entrepreneurs I talk to are, without exception, smart, motivated, energetic people. They are full of ideas for life-changing products and services and plans for the future. But at some point, nearly all first-time business owners get stuck by a question: “What type of entity should my small business be?”
This may not be the most fun part of starting the business, but it shouldn’t be painful either. If terms like S corp, C corp, and sole proprietorship make your head spin, you’re definitely not alone. [Continue Reading...]