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InDinero vs. offline accounting services: does anyone have a recommendation?

I'm an early stage startup with minimal, but growing, accounting needs. Should I pursue an agreement with InDinero, an alternative cloud service, or an offline accounting firm using Quickbooks. Tangentially, my goal is to be seeking VC funding within the next 12 months, and I'm wondering if VC's have any preference?

22 Replies

Michael Brill
4
1
Michael Brill Entrepreneur
Technology startup exec focused on AI-driven products
What you use for accounting is number 16,943 in the list of things an investor cares about... unless you're an accounting startup. ;-)
Paul Niederer
1
0
Paul Niederer Advisor
Founder Raiseworth
"Xero" is leading edge, cloud based and you can allow them to have their own dashboard with what they want to see.
Bettina Bennett
0
0
Bettina Bennett Entrepreneur
CEO @whichbox® // We help you make people fall in love with your brand ... Forever! // Storytelling + Crowdsourced UGC
We use AcuityCompleteacuitycomplete.com, and continue to use Quickbooks Online + have a CPA.
Navneet Sandhar (Ricky)
0
0
Advisor at Totally Square Records
As Paul said above, Xero.com is great if you want to do it yourself.

or

Foresightasg.com can also help you manage the books. One of the company I advised use them and they paid $750 monthly.

Sorry Michael, I know for vc this is the last thing but managing cash is important. Cash is King!
Martin Omansky
1
0
Martin Omansky Entrepreneur
Independent Venture Capital & Private Equity Professional
Use live accounting help. Online services don't give you analytical ability. Sent from my iPhone
Katherine Chalmers
1
0
Katherine Chalmers Entrepreneur
B2B software marketing executive
You can find a good CPA on Upwork to help you set up your chart of accounts and get Quickbooks running. Monthly/quarterly bookkeeping in Quickbooks for Mac is not too difficult - most of the transactions download automatically once you memorize them. We use Quickbooks for Mac - it's not as fully featured as the Windows version but is fine for what a small startup needs. ZenPayroll (Gusto) is great for payroll processing.

If you're looking for an affordable full-service option, take a look at Early Growth Financial Services -earlygrowthfinancialservices.com. For about the same price as InDinero, you can use Quickbooks and actually interact with real accountants.
Mark Talaba
4
0
Mark Talaba Entrepreneur
Founder, Vision Former, serial entrepreneur
Hi Sean. Two real-life examples that may be helpful, and a piece of advice: 1. I have a friend (Marc Kramer - author of 6 books on business including the highly-praised "Small Business Turnaround".) who has done in-depth interviews with no less than 100 CEOs of public and very large private companies. Marc told me that when he asked the question 'What's the first really great business decision you ever made?', 80%+ of the CEOs responded (in one way or another) 'Getting an expert financial advisor.' You won't get expert financial advice from a cloud service, of from QuickBooks either for that matter (which can run in the cloud, too.) 2. I've gone out for Friends & Family, Angel, and VC money, and have gotten a good chunk of each. None of the investors gave a hoot about the accounting system. What they cared about was that the CEO (me) had a strong CFO. As one VC put it: "We like to hear the excitement and passion of a CEO who has something great going on. But then we turn to the CFO and ask "Is he (the CEO) for real? What's your side of the story?" 3. Don't just pick any accountant or accounting firm - even a well-regarded one. Pick the person you'll actually be working with, and make sure that he or she has strong Management Accounting education and/or experience. (Management Accounting is a separate field of study, quite distinct from CPA/Tax accounting. Management Accountants learn the essentials of business operations, becoming well-versed in business needs like cash-flow planning, financing/fundraising, and dynamic budgeting.) Best of luck! Mark
Michael Brill
0
0
Michael Brill Entrepreneur
Technology startup exec focused on AI-driven products
... or spend $6/month on Xero and get back to coding. ;-)
John Ellis
1
0
John Ellis Entrepreneur
Digital Media Executive, Entrepreneur and Board Member
I would recommend an offline accounting firm to ensure your books are in order. I recommend http://www.fullstackfinance.com/ . I've worked with this team in my last 3 companies. They can scale with you to minimize your expenses until you're ready for your own finance team. They work with a lot of VC-backed SoCal companies, which helps when you're raising because they know their models and trust their numbers.
Sean Greene
0
0
Sean Greene Entrepreneur • Advisor
CEO & Founder, Bambino
Mark - Thank you for your thoughtful response. I hadn't thought about it that way, but completely agree with your commentary. I'm going to take your advice and scrap the ideas I was pursuing. I have to commend you, your response was the most insightful I've gotten in 6 months of using this board. Thanks!

John - Thank you for your advice as well. I wasn't aware of Full Stack Finance, but I know Ivan (co-founder) quite well and have worked with him (through iFinance and YP.com) at my last two companies. I don't know why I didn't think to call him before. In line with Mark's suggestion, I'm going to reach out to him now. Thanks!
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