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Xendoo’s digital accounting platform is used by nearly 1,000 businesses in 13 countries. What’s ahead for this team?

Riley Kaminer
Riley Kaminer
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Under CEO Lil Roberts, the venture-backed Xendoo recently launched a fractional CFO product and more tools are on the way

By Riley Kaminer

In 2020, US entrepreneurs started upwards of 4.4 million businesses – a 24.3% increase from 2019 and higher than the 2010-19 average. Half a million new businesses launched in January 2021 alone. It’s possible that one of the longest lasting effects of the pandemic will be this small business revolution.

But many of these business owners lack the tools necessary to make their business thrive. Top of the list, according to Fort Lauderdale-based entrepreneur Lil Roberts, are insights into these businesses’ financial books.

“We provide all the important information these businesses need at their fingertips,” said Roberts of her online bookkeeping startup, Xendoo. Stats easily accessible in a business’s Xendoo dashboard include profit and loss statements as well as payroll insights. 

“We give our customers their time back,” Roberts adds, noting that having access to Xendoo saves business owners the hassle and expense of having to contact their accountant for basic financial information.

Xendoo CEO Lil Roberts with board member Brad Tuckman.

Xendoo, which was launched in August 2017, currently has just under 1,000 customers. These include a wide range of business owners who on average have annual revenues of between $1 million and $30 million. 

Roberts highlighted the platform’s popularity with franchise owners, who have strict reporting requirements to share financial data with their franchisor. The startup has also recently launched a new fractional CFO product to arm entrepreneurs with the strategic knowledge needed to accelerate and scale their growth. And Xendoo is also working to develop software tools to help traditional CPAs digitize their businesses.

Roberts reported that the startup grew its revenue by 35% last year and is targeting 65% growth this year. Xendoo’s platform is currently available in 46 states and 13 countries. 30 of the startup’s 40 employees work in-person in South Florida, with a growing outpost in Austin and a team of remote software developers. 

Last September, Xendoo raised around $4 million in funding from investors including Malachi, Orlando-based DeepWork Capital, Revolution’s Rise of the Rest Seed Fund, and Jason Calacanis’ LAUNCH Syndicate. This is on top of the $3.54 million round the company raised in December 2019.

Increasingly, Roberts has been playing a public role in supporting entrepreneurs, including through programming at NSU’s Levan Center in Davie. She was also recently featured on CNBC with Kevin O’Leary and Bethenny Frankel.

What advice does she give budding entrepreneurs? “Make sure your vision is very big because the world is moving exponentially.” Being at the right place at the right time is also top advice from Roberts: “It’s about timing, having a relevant product, and solving a relevant problem that is big enough.” Roberts also shared that it is critical for CEOs to be aware of the stage their business is currently in, while also laying the foundations for the next stage.

Looking forward, Roberts is excited to watch the disruptive power of new technologies such as ChatGPT and blockchain – and potentially apply them to Xendoo’s offerings.

“It’s an incredibly exciting time to be building a tech company,” she said. “The velocity of change in technology is to me at a peak level that we have never seen before.”

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