Whether you have a CRM solution like HubSpot, Salesforce, etc. or a WMS solution like Softeon, you can likely feed data from your software and apps into your ERP. Investors fund startups because they believe that the financial obligations startups take on will be manageable when the startup reaches maturity. Although there are many other kinds of funding arrangements, the most common are equity and debt. The twin founders have over 15 years of experience and two previous startup exits together.
At My Financial Concierge, we offer comprehensive consulting services tailored to the unique needs of startups. From creating a solid budget to developing strategic financial plans, our expert team provides the guidance and support necessary to set your startup on the path to success. Zeni, an AI-powered finance concierge for startups, today announced it has raised $13.5 million in a series A round led by Saama Capital. The company says this will bolster the launch of its new product, Zeni, an intelligent bookkeeping, accounting, and CFO service available to startups across the U.S. For that reason, it’s useful for providing financial information to investors or making decisions related to business growth and scaling.
Every hire, every dollar spent, and every strategic decision must directly contribute to growth. Founders often juggle multiple roles—overseeing product development, fundraising, and operations—all while keeping a close eye on finances. But as a company scales, financial complexity increases, making it essential to have a dedicated expert to manage cash flow, investor relations, and long-term strategy. The company will use the funds to bring its intelligent bookkeeping and accounting platform and services to more customers by investing in its team in the US and India across product, technology, marketing, sales, and finance operations. The more places you find employees, vendors, and clients, the more likely you are to run into disparate state and local tax laws. In addition to supporting accounting and planning functions, most ERPs come ready to integrate with other software and apps that generate data about your business.
A lean operational model ensures that every dollar is spent wisely, focusing on the areas that drive the most value and support sustainable growth. The platform comes with over 700 tools which helps you manage your core business financial transactions along with payroll management and inventory management. It is important to know and record where the money is coming from, where is it going, how well is the performance, and how will the business perform in the coming months. By offering personalised and empathetic support, I aim to demystify the complex world of managing a business or financial planning and empower the future with confidence. Zeni experienced 550% revenue growth year-over-year, while the company’s customer base grew 375%, driven by referrals and organic growth, Swapnil Shinde said.
In many cases, startups begin with a fractional or virtual CFO before committing to a full-time hire, especially when financial modeling and fundraising are top priorities. CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals. CPA Practice Advisor has products that deliver powerful content to you in a variety of forms including online, email and social media.
The platform’s API integrations unify disparate systems, while Zeni’s AI backend processes data daily and provides insights into spending, burn rate, operating expenses, cash/card balance, revenue by product, month-end reports, and more via a dashboard. Zeni provides an AI-powered finance team to manage startup finances, bookkeeping, bill pay & invoicing, employee reimbursements, and yearly taxes. Zeni works as a layer connecting all sources of a business’s finances to give management live insights into the position of the company. The Zeni Dashboard shows real-time burn rate, operating expenses, cash/card balance, revenue by product, month-end reports, and more. The Shinde siblings started the company after selling their last company, Mezi, a travel concierge, to American Express in 2018. Zeni’s AI-powered finance concierge platform offers bookkeeping, accounting, tax and CFO services, managing these for a flat monthly fee starting at $299 per month.
With our startup financial consulting strategies, we work closely with you to develop a customized financial plan that aligns with your business objectives. Whether you’re seeking funding or looking to optimize your cash flow, our team provides the expertise and insights needed to make informed financial decisions. PALO ALTO, CA — March 9, 2021 — Modern bookkeeping fintech Zeni today launched the first AI-powered finance concierge for startups, making its intelligent bookkeeping, accounting, and CFO services available to businesses across the United States. Securing funding is a significant challenge for many startups, but with the right financial guidance, it’s entirely achievable.
At the time of its seed/Series A round, the company was managing more than $200 million in funds each month, and that has ballooned to more than $500 million, CEO Swapnil Shinde told TechCrunch. Its customers range from pre-revenue startups to businesses generating more than $100 million in annual revenue. As an aspiring entrepreneur, you likely have a vision for your startup, but navigating the financial landscape may present challenges.
Zeni has experienced rapid growth and adoption since onboarding its first paid customers in January 2020, today managing more than $200 million in funds every month across more than 100 startup customers. Using a seamless blend of artificial intelligence and a dedicated team of certified finance experts, Zeni’s full-service finance concierge performs daily bookkeeping and manages all other financial needs of its customers. The speed and accuracy of this approach gives startup founders real-time access to key financial insights via the Zeni Dashboard — including burn rate, operating expenses, cash/card balance, revenue by product, month-end finance concierge for startups reports, and more. Zeni has experienced rapid growth and adoption since onboarding its first paid customers in January 2020.
To Swapnil Shinde’s point, most paperwork is still being done manually — at least among small and medium-sized businesses. According to a study published by Wakefield Research and Concur, 84% of small businesses rely on some kind of manual process each day. Some of these are financial and require specialized knowledge, and the stakes are high.
But even if you’re lucky enough to have millions backing your business, your investors are going to want to know what you’re spending their money on. Zeni uses AI to complete these tasks, so our human finance experts can easily review for accuracy. In a traditional accounting model, data entry, transaction categorization, and attaching transaction documentation in your accounting software are tasks assigned to humans. Zeni has processed more than $300 million in transactions in its first year, and is on-track to process a total of $1 billion in transactions in the next 12 months. By tracking CAC, your startup can measure the efficiency of marketing efforts and identify areas where you can reduce costs. A lower CAC means you’re spending less to acquire each customer, which can lead to higher profitability.
The customer lifetime value metric measures the total revenue that your business can reasonably expect from a single customer. It helps you understand the long-term value your customers bring to your business and is crucial for strategizing on marketing, sales and customer support. A higher LTV is good for your startup and indicates your customers are generating higher revenue for your company over time.
Bootstrapping refers to growing a business using internal resources—primarily the founder’s savings or revenue from the business—without relying on external funding. While bootstrapping offers founders full control, it can limit growth and requires disciplined financial management. Cash accounting may provide a clearer view of a startup’s immediate cash position, but accrual accounting is generally preferred by growing startups.
