Firmology’s SMB Tech Meet & Greet series takes an inside look at the technology available to small business owners, straight from the founders who built them.
Name: JM Freuler
Company Name: Funding Gates
Company One Liner: Receivables management software for small businesses
Location: New York
Our app is also listed on the Intuit App Center: http://appcenter.intuit.com/fundinggates
A bit about JM’s background
JM Freuler is a Co-Founder of Funding Gates Corp., an online platform that makes it easy for businesses to track, organize, and manage their accounts receivable.
With over 10 years experience in Entrepreneurship, Private Equity and Investment Banking, JM advised CEOs and CFOs of both small-to-mid-sized businesses as well as Fortune 500 Companies on topics such as Mergers & Acquisitions, Cash Flow & Working Capital Management, and Capital Raising.
JM participates in panel discussions, is a speaker in workshops & seminars on business financial management, and has been featured on Forbes magazine, Yahoo Small Business, and Business2Community among others.
JM graduated from MIT with a degree in Aeronautical Engineering and lives & works in New York.
What does your company do?
Funding Gates provides an online app that makes it easy for businesses to track, organize, and manage their accounts receivable. The app then allows businesses to take action so they can get paid faster and on a more consistent basis.
How did you come up with the idea for your company?
At Funding Gates we all have extensive experience advising companies on how to better manage their cash flow. Accounts receivable is the largest asset on a company’s books, but it almost always falls to the bottom of the priority list. It takes too much time and effort to manage, especially for a business owner who has to do so many things.
We saw that while Fortune 500 companies use very sophisticated tools to manage their receivables, small businesses manage most of their back-office tasks with excel, pen and paper, and notepads. We wanted to democratize the tools Fortune 500 companies use to the small business space as well, while at the same time making those tools extremely easy and intuitive to use. So easy that anyone at a small business can now manage the receivables at a company, whether it’s the owner, the spouse, the assistant, the CFO, or the controller.
How do you help small businesses?
The Funding Gates app takes the receivables data of a small business and automatically prioritizes the accounts for them. It provides real-time recommendations on what to do with a particular account in order to get paid.
The most time-consuming aspect of receivables management is understanding who owes you what and when, and what you should do about it. This can take hours, if not days. Funding Gates simplifies this task to a few minutes.
Funding Gates also makes it easy for businesses to take an action right there on the screen in front of them. They can send payment reminders to their customers, place a phone call, get a credit report on a customer, or send an account to collections if all else fails.
Our app seamlessly syncs with businesses’ accounting software such as Quickbooks, so businesses get a 360 view on their customer accounts while not having to change their current systems.
What makes your company different from your competitors?
The accounts receivable space is extremely antiquated. Through technology and a user interface that is easy to use, Funding Gates aims to take on a dusty industry that has been slow in innovating, and in the process make effective accounts receivable management far more accessible.
What are the most important considerations small businesses should have when choosing technology to help them power their business?
The technology needs to be:
- solving a problem for your business: time savings, increased cash flow, or both.
- easy to use and intuitive
What other companies or entrepreneurs within the technology space do you admire and think small businesses should know about?
Anything else Firmology readers and small business owners should know? News? Upcoming features? Special deals?
We’re consistently releasing new features that will help businesses save time and money when managing their receivables, so please follow us at:
Firmology Readers: Let’s hear your thoughts!
1) Have a question or comment about Funding Gates or receivables management? Drop JM a line in the comments below.
2) What did you think of our first SMB Tech Meet & Greet? Are there other questions we should be asking? Are any of the questions above unclear or could be asked in a better way? Let us know in the comments below or email us at [email protected]