Laurie: Today I’m talking to Prasad Raje, president and CEO of a new company called StatX. I met Prasad this fall at Intuit’s QuickBooks Connect Conference, and was intrigued with the demo I saw of the StatX solution, which provides users with a mobile dashboard for QuickBooks Online and several other top small business applications. Before we talk more about the StatX solution, Prasad, can you first tell me a little bit about the company, and when and why you got started?
Prasad: Thanks, Laurie, sure. StatX has been around since about the middle of last year. I and my co-founder Pablo Bellver founded the company. Prior to that, I was CEO of Instantis, a company that was also in the collaboration space, and was acquired by Oracle. Pablo had been at Google for about 10 years, and had built Google Now, which is a very successful Android app for consumers. We put our brains together and created StatX to deliver mobile relevant business updates to your mobile phone, no matter where they are. Our motto is that StatX lets you know what changed in your business via your mobile device
Laurie: I like the term you used in our earlier conversation–that StatX is like an Instagram for business–because it relays real-time information to you in a very digestible way, right to your phone
Prasad: That’s right, that’s the way we think about it. We want the information to be visual and easy to consume, so we built the StatX platform to do this. It doesn’t take up too much of your time because that’s the way people use their mobile devices.
Laurie: One of the top applications that StatX works with is QuickBooks Online. Can you tell us a little about this?
Prasad: Sure. If you use QuickBooks Online (QBO) to keep your books up to date, you want to be able to send updates and financials to your clients or co-workers. StatX directly connects to QBO. QBO authorizes StatX to fetch your financials from it, and StatX pulls that information into a set of visual elements that we call stats. Twitter invented the tweet, and StatX has invented the stat, which is a visual representation of numeric or status information. In the case of financials, it would represent things like income, expenses, cash, AR, AP, etc., in a beautiful, easy to consume dashboard. And it brings you live, real-time updates to information when it changes.
Laurie: How long does it take for a QuickBooks Online user to get productive with this?
Prasad: Very little time. We want to compete with the best of the consumer apps out there in terms of ease of use. So, if you are an accountant that wants to set up QBO with StatX, it should take no more than a few minutes of time to connect your QBO account and start seeing live data on your phone from QBO. From there it should take less than a minute to share that information with your client. By the way, the client doesn’t need to do any setup, they simply just consume the live dashboard information that you provide to them.
Laurie: It sounds like the accountant does a tiny bit of work and the client gets the benefit of that without really any heavy lifting at all.
Prasad: Exactly. Even for the accountant, it’s a one-time setup, then we do all the work on an ongoing basis to keep it live at all times.
Laurie: How do you price StatX?
Prasad: Pricing is very simple. We have a monthly per user subscription fee for each client or user using StatX. The fee is $10 per user per month when paid as an annual subscription. That allows the client to use StatX with QuickBooks Online, and with the other apps we have on our platform.
Laurie: Before we get into those other apps, can you clarify whether the accountant has to pay a user fee for each of the clients he’s pushing notifications out to, or just for his own use?
Prasad: For each user that has the app installed on their phone. So, if the accountant sets up 5 clients, the accountant would have one subscription for him or herself, plus 5 for their clients.
Laurie: Got it. So what are some of the other small business applications that StatX already has a mobile dashboard for?
Prasad: Our connector to WordPress is one example, we can fetch your daily visitor stats and see how it trends and you can get notifications for new posts, comments, visitors etc. Another one is MailChimp for email marketing. Instead of having to go to MailChimp every time you want to see how many people opened your email and how many clicked through, we just send you live updated stats as things change.
Laurie: I know StatX also works with Microsoft Excel and you work with QuickBooks Desktop. How does it work with these?
Prasad: For QuickBooks Desktop, you can export reports into Excel, as you normally do, and we have an add-in to Microsoft Excel that lets you connect that information with StatX. So, you can provide stats to your client’s phone with a single click in Excel or QuickBooks Desktop.
Laurie: Anything else that’s important for small business owners and decision-makers to know about StatX?
Prasad: In addition to being a powerful dashboard that connects to many different apps, StatX can be used to create quick and easy, succinct workflows. For example, if you’re collaborating with your team on a particular check list of items that need to be done, instead of sending e-mails back and forth, people can just check off items on the checklist via their mobile device, and everyone gets notified of the status. Say you need approvals from your boss for different things, you create an approval stat for that. We have many stats like this that help with collaboration and to coordinate workflows.
Laurie: Very interesting, and thank you so much for your time today and sharing this info.