Backbone provides an integrated accounting platform for small businesses and freelancers to automate bookkeeping, invoicing, and tax estimation. Its mobile-first interface connects to bank accounts for transaction categorization and offers access to accountants for book balancing, simplifying financial management.
Funding
Funding not disclosed
Founders
Product
Problem
Small business owners and self-employed individuals often struggle with managing complex accounting software, leading to time spent on administrative tasks rather than core business operations. This can result in missed deductions, inaccurate financial tracking, and challenges with tax compliance.
Solution
Backbone offers an integrated accounting platform designed for small businesses and freelancers to streamline financial management. The application provides automated bookkeeping, invoicing, payment processing, and tax estimation capabilities, accessible via a mobile-first interface. Users can connect bank accounts for automatic transaction categorization and leverage a team of accountants for support and monthly book balancing. This approach aims to simplify financial operations, improve cash flow visibility, and ensure tax readiness.
Target Audience
The platform is designed for small business owners with up to four employees, as well as contractors and freelancers seeking an all-in-one financial management solution.
Features
- Automated income and expense tracking through bank account integration.
- Mobile-optimized interface for managing finances on smartphones and tablets.
- Transaction categorization with a swipe-based user experience.
- In-app access to a team of accountants for support and monthly book balancing.
- Generation of key financial reports, including Profit & Loss statements.
- Tools for creating and sending professional invoices and estimates via email or text.
- Real-time cash flow tracking and calculation of key metrics.
- Automated sales tax calculation based on state regulations.
- Estimation of federal self-employment and income taxes per transaction.
- 256-bit encryption for data security and PCI-DSS certification.
- Transaction alerts and built-in fraud controls.