South Florida-based Xendoo has raised $3.5 million in seed funding to help small businesses manage their finances.
“Eighty two percent of the small businesses that go out of business do so from lack of cash flow, not lack of profitability.” according to Roberts who identifies as a business owner who keenly feels the issue of having access to timely financial data.
Xendoo is focused on the true small businesses of America– e-commerce resellers, gyms, hair salons, dry cleaners, funeral parlors, marketing companies, IT providers, and more.
The defining question before Roberts started the company was, ‘Would small businesses accept virtual accountants?’ Traditional accounting bookkeepers will handle 25 customers.
With 600 customers and growing, Roberts says every small business is a potential opportunity.