The CEO Of LedgerDocs Answers Our Document Management And Sharing Prayers
Ladies and gentleman, a new doc-sharing system has entered the white, fluffy cloud. This time it’s for all you businesses that want to connect with your number-crunching accountants and bookkeepers.
A LedgersOnline off-shoot, Ledgerdocs is a cloud-based system to store, share and collaborate your accounting documents to better (virtually) connect business owners with their number-crunchers to manage their finances better.
We caught up with Wayne Zielke, CEO, to hear about the new project, his plans to get back to Costa Rica and the three entrepreneurs who talk the most sense.
Can you tell us a little more about LedgerDocs?
LedgerDocs was developed out of necessity for our online business about 2 years ago.
We had been struggling with getting accounting documents from small businesses for a number of years and decided to build our own solution after surveying the marketplace and trying a number of different solutions. We just needed something simple to use that was tailored to accounting and bookkeeping documents specifically.
We were very purposeful in using our own people to help with the design and implementation from the outset. This has helped tremendously in allowing us to build something that was really useful.
The intention was to develop a product. Nothing we have done is by accident. We have proceeded carefully and with feedback from our user base every step of the way.
The resulting app reflects this.
What’s a typical day for you look like?
I answer a lot of questions and make of a lot of decisions throughout a typical day. As such, most days are consumed by communicating with people.
I would estimate that the day is split up 1/3 each on sales and marketing, product development issues and administration.
How do you motivate yourself?
It just comes naturally. Every day we get some great feedback that keeps me motivated.
Got any great bootstrapping tips for the lean startups out there?
I think there is too much focus on trying to find venture capital for startups today. It’s distracting and leads many good companies to oblivion.
For most companies, I believe they should develop a cash flow positive business in a more traditional area first. This leads the innovator to a problem that could be solved in a unique way and along the way provides the business skills and cash flow to develop the startup.
In most cases the distractions and risks to this approach are substantially less [than] seeking funding right away. At any time you can step out and fund your brilliant idea but the key is, you don’t have to until the right deal is there.
Working with in your cash flow constraints naturally leads you to apply lean startup techniques.
Probably seems crazy to tech start-ups today given all the press about instant success, but it works.
When do your best ideas come to you?
Riding my bike is when I get the most ideas.
We want to know about where you spend your day! What’s on your desk right now?
In meetings and on the phone. I read and send lots of email.
What entrepreneur do you admire?
Locally in Vancouver, there is a Ralf Turfus who has been involved in about 25 startups. A lot of them are very successful. I’m very impressed at his ability to teach people how to do startups.
What would you be doing if you had one year off and $500,000 to spend?
I would travel. Wind down a little, bike more than usual. Make sure I got back to Costa Rica and Greece.
Probably come back with some idea and hope my wife would support it.
A lot of people have big ideas. What gave you the confidence to actually put your life on hold and realize yours?
I am older. Along the way you realize that things have a way of working out. Just starting is the hard part. I learned not to be afraid of that. My Dad taught me that once you have started, you are half way there already.
Lots. Could always be better, faster, etc. The real point is how you get here is perfect just as it happened.
What advice do you have for other entrepreneurs struggling to get their business off the ground?
Find something you can sell that generates cash flow. It could be shares in your idea but its better if it’s something repeatable.
Who knows? You might actually develop some part of a business that you can sell along the way.
Web App or site you couldn’t live without and why:
Toutapp. Email templating application. Invaluable tool for following who is interested in what you are sending out.
3 people you recommend we follow on Twitter, and why?
Where can our readers reach out to you?
Thanks Wayne. Now, young entrepreneur, it’s time to go get more intimately acquainted with your accounting documents at LedgerDocs.