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Show HN: Slackbot for founders to track their startup's finances

swayfinance.com

11–20 of 36 posts

Re: Show HN: Slackbot for founders to track their startup's finances

#11
post #8

The amount in the bank account is very, very different than the budget. A startup should not be tracking its money on such a simple basis. Without categories (or envelopes) the amount of cash is pretty meaningless without knowing if is clear to spend.

Makes sense. We're starting with accessible (and push-based) information to complement founders' existing systems and then planning to build upon it in the future. Thanks for the feedback!

Re: Show HN: Slackbot for founders to track their startup's finances

#15
post #4
post #2

We made a Slackbot for startups to tell them some simple financial metrics (how much is in their bank account, and what their latest transactions in those accounts are). We're connecting to company accounts through Plaid (plaid.com) and sending them a financial 'digest' through Slack/email each morning. As consumers we've been using a couple apps like Digit (digit.co) to track our personal finances but couldn't find…

I'm a founder and the guy in charge of the $$$. This sentence doesn't resonate for me: "Logging into our company bank accounts to keep track of transactions has been pretty painful (online business banking UI is really hard to navigate) so hopefully this can make the process easier." If you've already tested your target customer segment and found that they find this to be "pretty painful", then you can conclude that…

I agree - navigating Quickbooks or a bank website is not that hard if one uses them on a daily basis.

Re: Show HN: Slackbot for founders to track their startup's finances

#16
This is potentially enormously sensitive data that'd be very valuable to competitors etc. I'd want to see a much more extensive privacy policy than the current state of https://www.swayfinance.com/privacy, particularly as it's a free service in need of an eventual business model.

Re: Show HN: Slackbot for founders to track their startup's finances

#17
post #3

Earlier quoted context omitted.

Kinda hard to trust company accounts with an external service like this. Is there a way to just give you a downloaded CSV or something for this? If not – how are you managing security?

We're using Plaid to connect to accounts so we're not storing any credentials ourselves. For security when we pull the info to give to people in the digest each morning we're not persisting it anywhere. Interesting point about the CSV (giving us information without bank access); a problem with that though is it defeats the 'push' based idea of giving people information without them having to do any work. Atleast on t…

You're not storing credentials, but you do store financial data?

Re: Show HN: Slackbot for founders to track their startup's finances

#18

This is potentially enormously sensitive data that'd be very valuable to competitors etc. I'd want to see a much more extensive privacy policy than the current state of https://www.swayfinance.com/privacy , particularly as it's a free service in need of an eventual business model.

I'd add that this is all too common with data/analytics startups I've seen. I've seen instances where the first thing they asked you to do is link your Google Analytics account. No privacy/data security policy worth speaking of, no info on the team, nothing.

For anyone who deals with this data (analytics, financial, etc.) for their company, particularly if it isn't of the "two guys in a garage with no real revenue" variety, we take data super seriously. I could lose my job (or worse, get sued) if I was negligent in handing out sensitive company data in a way that put the company at risk (let alone actually caused monetary damage to the business).

A clear privacy policy, details on the team and information about where the HQ is located (so I can make sure they are in my legal jurisdiction should it ever come to that) are the absolute minimum IMHO.

Re: Show HN: Slackbot for founders to track their startup's finances

#19

This is potentially enormously sensitive data that'd be very valuable to competitors etc. I'd want to see a much more extensive privacy policy than the current state of https://www.swayfinance.com/privacy , particularly as it's a free service in need of an eventual business model.

Great point about the privacy policy. It's important to us to make it clear that we're not misusing the information. Thanks for the feedback!

Re: Show HN: Slackbot for founders to track their startup's finances

#20

This is potentially enormously sensitive data that'd be very valuable to competitors etc. I'd want to see a much more extensive privacy policy than the current state of https://www.swayfinance.com/privacy , particularly as it's a free service in need of an eventual business model.

I'd add that this is all too common with data/analytics startups I've seen. I've seen instances where the first thing they asked you to do is link your Google Analytics account. No privacy/data security policy worth speaking of, no info on the team, nothing. For anyone who deals with this data (analytics, financial, etc.) for their company, particularly if it isn't of the "two guys in a garage with no real revenue" v…

Physical location and about the team is a great point. Appreciate it!
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