Well I've just given this a go.
On launch it gives it's status in the menu bar, first "Find Finder Items" appears followed by "Copy Finder Items". Next to that is a red spot. After a few seconds it stops. There's a dialog box that flashes on the screen but is gone so fast you cant see what it says.
On checking the "Cha-Ching Backups" folder which you have to make in your Documents folder I find there's nothing there. On top of that it doesn't launch Cha-Ching like it should.
Initial release, so maybe it's buggy.