Nick Chandi’s ForwardAI Was Born from Business Failures; Today it Helps Stop Them

Every entrepreneur experiences successes and failures all through their profession, and, though he was born to be an entrepreneur, Nick Chandi isn’t any completely different. While he was finding out Information Technology on the University of Victoria, Nick opened up a small textile enterprise. It introduced nice merchandise to market however confronted many challenges alongside the best way. Navigating money stream points, account administration, and normal accounting processes include sharp studying curves for a lot of enterprise house owners. But it wasn’t lengthy earlier than Nick realized that expertise could possibly be used to vary not solely how he operated his companies, however how different small enterprise house owners method their very own.

This early expertise impressed the creation of Welcome Networks, an accounting-focused IT consulting agency in addition to SlickPie, a web-based accounting utility that helped over 40,000 small companies. SlickPie automated processes like invoicing, monetary reporting, and information entry, making managing companies of all kinds extra accessible for entrepreneurs. The creation of Welcome Networks and SlickPie outfitted Nick to sort out his greatest enterprise but: ForwardAI.

During the pandemic, companies all around the US have been making use of for Paycheck Protection Program (PPP) Loans to remain afloat throughout unexpected circumstances. Nick witnessed first-hand the complexities of the mortgage utility course of for small companies. For some, it took months to safe financing in a scenario the place many could not wait that lengthy. He was flabbergasted that lending our bodies weren’t counting on expertise to make the method extra manageable, so Nick took issues into his personal palms.

While helping companies in making use of for PPP loans and out of doors loans through the pandemic, Nick observed that banks failed to assist almost 50% of those that reached out for assist. Banks solely approve 15% – 25% of one of these mortgage utility, so Nick noticed an inflow of small companies turning to on-line lenders for assist. Around 32% of small companies work with on-line lenders as a result of banks will not be supplying sufficient assist for them. Online lenders join extra simply with the monetary information of a enterprise, however ForwardAI brings that very same stage of ease to all lenders.

ForwardAI makes use of safe connections, together with rules of open finance, to connect with many various accounting techniques, ERPs, and enterprise administration platforms. It collects, cleans, and compiles the information, outputting useful, actionable insights that provide an in depth abstract of the well being of a enterprise. ForwardAI makes it simpler for banks, credit score unions, various lenders, and fintech firms to request enterprise information from small companies. The platform additionally helps small companies themselves.

Cash stream planning, automated forecasting, and monetary reporting are the foremost elements of ForwardAI, and extra options shall be added to the platform with time. Forwardly, the money stream administration utility that’s a part of ForwardAI will see a significant replace in 2023 as it expands its accounting software program assist from two techniques to 6 completely different accounting software program platforms. Precise API, one other part of ForwardAI, is working to convey extra integrations to its customers. Commerce platforms like Shopify and Woocommerce are the highest priorities on its roadmap.

ForwardAI, below Nick Chandi’s management, has had a powerful exhibiting within the trade. Nominated for a number of awards in North America, it’s clear that ForwardAI is the way forward for small enterprise operations and lending. The group already has partnerships with main firms like Swoop Funding, FIFO Capital, Fintech Automation, and C2FO. In complete, ForwardAI is utilized by firms in 48 nations worldwide; highlighting simply how profound the answer is. Nick Chandi modified how small companies all around the world are doing enterprise as a result of he noticed a chance to make issues higher and acted on it.