AT A GLANCE:
Location: San Francisco, CA
Industry: SaaS - Sales Enablement
Replaced: Traditional Accountant/Bookkeeper
Solution: inDinero Early Stage
Start with inDinero: October 2014
Anders Fredriksson and Marcus Sandberg, cofounders of ProLeads, began their journey to enable business to business sales representatives in the art of social selling from their native land of Sweden. With their combined backgrounds (Marcus had experience in economics and sales while Anders was adept at engineering and programming,) the duo were able to identify a problem in today’s sales landscape and develop a solution.
The problem? Cold calling and emailing just doesn’t work anymore, and brands need a new way to get their product or service in front of people. To solve this dilemma, ProLeads developed a software that quarries data from people's’ networks, which helps reps identify the best touchpoints, or connection paths to target at any company. This social overlap adds personalization to prospecting and build rapport in what would otherwise be an icy situation.
All along the two knew that Silicon Valley was where their business would take off. However, after moving the company to the California startup mecca, the two person team quickly realized that never having run a company in the United States left them in the dark about many rules and regulations that were key parts of running a successful, compliant business. Luckily, they were in good hands in the 500 Startups community and were introduced to inDinero through an early day inDinero teammate turned venture partner, Andrea Barrica.
A No-Brainer Solution to Major Headache
A question that may come to mind is “Why would ProLeads want to remain a two-person team? Why not just hire a CFO or a larger team?” The answer comes down to an article written by Y Combinator’s Paul Graham that discusses how essential it is for startups to build a strategy based on being either default dead or default alive. To Anders and Marcus, that choice came easily. In order to maintain a business, they would remain a lean team and scale strategically.
Of course, this strategy meant taking on the major brunt of the workload in areas that the duo didn’t find especially exhilarating while they shopped for the right tools to replace headcount and relieve their stress. inDinero quickly became the much needed painkiller to their accounting and tax headache. Instead of spending time keeping track of invoices, receipts, etc. or worrying about missing tax deadlines and due dates, inDinero automated the headaches away so that Anders and Marcus to continue to build a good product and expand their network and customer base in the U.S.
“As a startup founder you have enough to do to have to focus on accounting and taxes. Any tool that can help me spend more time focusing on developing my product and business is going to be a no brainer.”
- Anders Fredriksson, cofounder of ProLeads
inDinero’s platform and up-to-date digital reports also give them the ability to actually follow the figures they need to, such as burn rate and cash runway, to live and breath Graham’s philosophy and identify where they stand:
“inDinero gives us a great overview of our expenditure and the cost incurred every month. We can clearly see our revenue and make projections for the next 6 months/year.”
- Marcus Sandberg, cofounder of ProLeads
Now they have an easy-to-use system as well as the personal accounting knowledge, tax expertise, and support that they can rely on to keep their books and tax tasks in the best shape possible and grow with a responsible plan.
The road ahead
One thing that is certain is that both cofounders can agree that having inDinero now is setting them up for success as they scale:
“As we grow as a company we see inDinero being a very valuable partner that can grow with us. To be able to provide both a digestible overview but also cater to the level of detail based our needs or potential investor requirements shows that in the future it will be even more valuable to us.”
“Going down the road where financials will be such a crucial part of the business, it’s going to be even more important to have this existing partner in inDinero to work with us.”