Accounting and Financial Software
On-Demand SaaS facilitates financial process management.
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Press Release Summary:
Delivered through on-demand Software as a Service (SaaS) model, CashView electronic cash management service facilitates way in which companies send invoices, receive payments, and pay bills. Paperless integrated solution, designed for management of everyday business finances, automates workflow and approval processes. Accessed via any computer with Internet connection, solution lets users view cash flow in real-time at point of transaction, lending control to forecasting and planning.
Original Press Release:
CashView Launches New SaaS Cash Management Service to Simplify How Businesses Manage Everyday Finances
Company Announces Second Round of VC Funding for $6.5 million
SAN DIEGO, Sept. 24 -- DEMOfall 07 -- CashView, Inc. today announced a new low-cost, electronic cash management service that simplifies the way companies send invoices, receive payments and pay bills. CashView offers an easy and affordable option to shift companies from a time-consuming, paper-based system to a paperless, integrated solution for easy management of everyday business finances. CashView is demonstrating its new technology publicly for the first time this week at the DEMOfall 07 conference in San Diego at Station #28. The company also announced that it has secured its second round of financing for $6.5 million led by Emergence Capital.
"CashView is a smarter way for companies to tackle the hassles of managing their everyday finances," said Chris Shipley, executive producer of the DEMO Conferences. "It gives companies an easier, more efficient plan for processing invoices, paying bills and collecting funds. It also features a dashboard to view cash flow in real-time at the point of transaction. This gives decision makers more power and control when it comes to forecasting and planning. Since CashView needs to be seen in action to understand the level of efficiency and intelligence it brings to cash management, DEMO will make a perfect venue for its debut."
The Aberdeen Group estimates that 97 percent of invoices are processed manually and companies with invoice processing cycle times of 30-60 days spend in excess of $34 per invoice. Currently, businesses are spending an estimated $200 billion a year processing invoices alone. Another recent study showed that today's small businesses spend twice as much time on financial administrative tasks as they do on growing their business.
Software as a Service Model
CashView delivers its service through an on-demand, Software as a Service (SaaS) model, giving smaller businesses, with less than 500 employees, the power of an enterprise-class application within their financial and IT grasp. Since it is a SaaS application, users simply need to have a computer and an Internet connection to access CashView anywhere, any time. The service requires no upfront investment or internal IT resources for installation or upgrades. In addition to receiving high-availability of data, customers using CashView store their critical data in a much safer environment than their local hard drive.
"The idea for CashView came from years of dealing with the tremendous inefficiencies of managing the day-to-day financial stuff while I built several businesses from scratch," said CashView Founder and CEO Rene Lacerte. "I wanted to get rid of the 'shoeboxes' filled with overdue bills, the poor workflow and approval processes, and the lack of integration between business documents and transactions. I wanted everything stored in one place and envisioned something that would take cash flow projection from the dark ages to today. CashView stops the paper madness, so business owners can focus on growing their businesses."
CashView Benefits
- Reduces time spent on administrative tasks
- Automates workflow and approval processes
- Integrates and stores documents, processes, messages and transactions in one place
- Informs financial decision-making with a consolidated calendar view of a business' daily cash position, for the past, present and future
- Tracks and notifies businesses of their unpaid invoices, improving collections and accounts receivables
- Sends automatic payment reminders, allowing companies to avoid late fees and take advantage of early payment discounts
- Makes electronic payments that integrate remittance information and eliminate check fraud
"CashView creatively solves several common small business problems - too much paper, costly errors, lack of control, and the inability to collect and pay bills on time - all available through an easy-to-use online service," said Emergence Capital Partner Brian Jacobs. "One of the reasons we were eager to invest in CashView was the expertise and experience of its executive team, which includes software pioneers from Intuit, SalesForce, PayPal, eBay and PayCycle. With strong backgrounds in online service procurement, financial services/banking, technology and e-commerce, the CashView offering has been carefully designed to boost companies' productivity and greatly improve workflow processes. We believe in this leadership team and the CashView service."
Affordable Pricing Model
Until the end of the year, CashView will be providing its service to the public at no charge. Beginning in 2008, CashView will charge a monthly price of $10 per user, plus $1 per transaction, which translates into substantial savings. CashView opens the door for businesses to easily and affordably begin online bill payment, e-invoicing and collections, while integrating critical documents electronically with every transaction. It also integrates with common accounting software such as QuickBooks and QuickBooks Online.
"Our decision to back CashView with its initial funding came easily," said DCM General Partner Tom Blaisdell. "I've known and worked with Rene for many years, and I'm very familiar with his proven track record in designing systems to address major business inefficiencies - first as the Founder and CEO of PayCycle and now here at CashView. He also has a gift of attracting and developing the best people to build customer-centric companies. Just as Salesforce has become the leader in on-demand customer relationship management, we see the same potential for CashView in the cash management space. We are confident about what CashView brings to the market - a more efficient way to manage everyday business finances."
About CashView
Based in Palo Alto, Calif., CashView is an electronic cash management service that simplifies the way companies manage bills, invoices, contracts and other important documents, allowing them to focus on growing their business. CashView is a web-based system that allows companies to store all documents, processes, messages and transactions in one place, so financial stuff can be easily and securely accessed from anywhere, any time. Unlike traditional accounting systems with after-the-fact reporting, CashView is the first and only low-cost cash management service that gives companies a real- time daily view of anticipated cash flow while simultaneously processing transactions. This allows companies to more effectively plan, forecast and make smarter financial decisions - adding a new dimension to cash management. CashView is privately held and funded by DCM (www.dcm.com) and Emergence Capital (www.emcap.com). For more information visit www.CashView.com.
About DEMO
Produced by Network World Events and Executive Forums, the semi-annual DEMO conferences focus on emerging technologies and new products, which are hand-selected from across the spectrum of the technology marketplace. The DEMO conferences have earned their reputation for consistently identifying tomorrow's cutting-edge technologies, and have served as launch pad events for companies such as Palm, E*Trade, Handspring, and U.S. Robotics, helping them to secure venture funding, establish critical business relationships, and influence early adopters. Each DEMO conference features approximately 70 new companies, products and technologies. For more information, visit www.demo.com.
CONTACT: John Sperrazzo of Eye-To-Eye Communications, Inc., +1-858-565-9800, john@eyetoeyepr.com, for CashView, Inc.
