So, if you run a small company, the common thread is usually that the administrative stuff is not exactly the thing that you love putting at the top of your priority list. But in order to raise money for the innovations and product developments at the heart of your entrepreneurial vision, you need to have a grip on your financial picture. And it needs to be based on more than scribbled notes or spreadsheets.
That's the proposition of a Web site called BodeTree, which intends to help demystify the financial management function for small business owners.
"We are designed for the founder or entrepreneur who is passionate about what he or she does but doesn't have a financial background," said Chris Myers, CEO and cofounder of BodeTree.
BodeTree focuses on two different things, according to Myers. First, it is a service that helps your company with forecasting and figuring out valuations -- information that any bank or potential investor is going to need to know if you coming knocking for a loan or seed capital. The catch is that you have to be using the QuickBooks accounting application. The service pulls data from QuickBooks to help show different metrics you can use to talk about your business.
You can track your company's value in real time, much like you would track a stock, Myers said. That's useful for you and your advisor; it also makes it easier to show your value to would-be investors or the bank loan team. It can also provide insights into when certain investments aren't delivering, before you throw too much money at them.
BodeTree also aims to provide an educational role for small-business owners who need more help with honing their financial or business development skills through a concept called BodeTree University.
The BodeTree service is priced at $24.99 per month or $250 for a year's subscription.