How many 21-year-old serial entrepreneurs do you know? Probably not many, but now you’ll know one. Jess Mah launched her first startup at age 13, her second in high school, and is now working on her third, which just may be, as they say, the charm. For those unfamiliar, Mah’s third startup is called inDinero, which offers software to help small businesses track and manage their finances in realtime. Unsurprisingly, the startup has been tagged the “Mint for small business”.
The Y-Combinator backed startup also has some high-profile backing, as it raised $1.2 million in September of last year from angels like Yelp’s Jeremy Stoppelman, Dave McClure of 500 Startups, Microsoft’s Fritz Lanman, Intuit’s David Wu, Slide’s Keith Rabois, YouTube’s Jawed Karim, and more. Since launching in July 2010, inDinero has seen more than 20,000 businesses register to use its service, and today it’s processing several billions of dollars in revenue from these businesses, and is tracking approximately 5 million transactions every month.
InDinero is a pretty nifty tool for local businesses, as it enables startups and small business owners to quickly enter information from their financial accounts into the startup’s dashboard, at which point the service will fetch bank statements, financial docs, and more, automatically organizing transactions into pertinent categories. It will even update your budgets through its simple dashboard, and since it has all or your financial information categorized and sorted, it can provide you with the latest set of reports in a few minutes — without having to call your accountant.
Of course, there’s one small problem here. The IRS requires small businesses to track their receipts on their transactions, so inDinero is today launching a full-service feature for owners looking to track both financial transactions and business receipts in one place. Now, instead of wondering what you bought at Walmart or Amazon last month, you can see the full receipt next to every single transaction.
Mah tells us that the issue here is that most business owners keep their receipts in a shoebox, and the team has heard countless stories from accountants who’ve watched as their clients bring in a shoebox full of receipts to be processed at tax time. Most businesses aren’t tracking the electronic receipts they get after making online purchases. And as long as entrepreneurs have an accounting system or excel spreadsheet alongside a shoebox of receipts, they don’t have organized business finances, she says. solution to merge the two together under one roof, in an automated way.
So, inDinero is merging the two together under one roof, in automated way. Plus, the startup is now offering its users three ways to send their receipts to inDinero: Users can now upload, email, or snail-mail their receipts to inDinero, at which point the team will automatically match those receipts to the corresponding transaction on their financial dashboards. If the receipt doesn’t match with the transaction, inDinero will send the user an email alert.
And the best part for users? The receipt tracking is free. (inDinero is still a freemium service, of course.)
Accountants are also going to love this, as they hate when clients bring in a mess of paper receipts. So, inDinero is going to help them do their jobs, free of charge. The startup will process all paper receipts, and automatically upload them to the right transaction, making it viewable to the user in his or her dashboard.
What’s more, the user who sends in the biggest suitcase full of receipts will receive a free year-long subscription to inDinero and a $300 AMEX gift card. (Though this offer only lasts through October.)
With this added functionality, there’s little reason not to use inDinero. In fact, I’m gathering my paper receipts as I write this. That gift card has my name written all over it.
For more on inDinero, check out Evelyn’s interview with Jess Mah here or visit the startup at home here.