What startup is going to be the next big hit? Everyone wants to know the answer to this question – investors, potential co-founders, bloggers, job seekers and more. Hundreds of startups enter private beta each month. This is far too many to keep up with for anyone. Each week I choose a startup that’s new to the scene in this column, Best In Beta, that I think deserves the spotlight. Let’s discover the next megastar first!
Your Mind Off Your Startup’s Money Matters
I have yet to hear a startup founder say that handling finances is the best part of being your own boss. Most entrepreneurs go into business to build great things and to run great companies. This of course means using money wisely, but the less that founders have to crunch numbers the more time they can spend championing their goods or services.
Change (makechange.co) not only helps with accounting, but provides insights into the overall health of a business so that founders can make decisions on how to best allocate funds. Think of it as your new CFO. Online, automated, and interactive.
With Change’s blend of software and in-house accounting, it’s easy to stay up on bills, taxes, and budgeting. No need to break out the calculator to determine sales, profits or cash flow. More importantly, Change provides visual representations of how your performance measures up against industry standards and assesses overall health. This eliminates guesswork about how well the company is doing and tells a more accurate story using benchmarks.
Let’s face it, access to technology encourages a lot of people to enter startups with minimal financial background or business sense. Change fills in the survivable but potentially lethal gaps. It answers the basics. How much money do I have in the bank? When will I run out of cash? The app also analyzes data and generates insights that suggest where money should go to keep business healthy.
Money helps only so much as you know how best to spend it. Many entrepreneurs will say that it’s not necessary to begin, even an advantage to be cash-strapped. But money can crush both spirits and daily operations when it hangs over a project. Change conserves energy usually spent worrying about financial statements and lets business owners keep their attention on the core mission.