Case Study I
Betabrand is an online-only clothing company based in San Francisco. Betabrand designs, manufactures, and releases new inventions every week, thanks to collaborations with all sorts of local designers as well as a growing global community of Betabrand Model Citizens.
As an agile, growing company, Betabrand knew what it took to build a great brand and how to sell products fast. Releasing new products each week into the marketplace created an ever-increasing internal problem for tracking revenues and margins. Founder and CEO Chris Lindland knew he needed more than a bookkeeper to help Betabrand grow and meet ever-increasing demand – he needed a financial platform to help manage the growth and aid in decision making. Lindland needed a dedicated Finance Department but didn’t want to build one internally. He was looking for a solution that would allow him to start modestly but keep pace as Betabrand’s accounting needs increased – allowing him to focus on what he does best.
Propeller began with a clean up of the books and a reorganization of Betabrand’s Chart of Accounts, resulting in a structure that better reflected the business and more intuitive financial statements. Next, Betabrand was on-boarded onto Propeller’s cloud-based technology platform, which included:
- Paperless Accounts Payable and Receivable
- Push-button Web to Quickbooks shopping cart integration
- Outsourced bookkeeping staff and management
- Monthly reconciliations, review and analysis
- Calendaring and follow-up on tax/license deadlines
- Dynamic trend, variance, and board-level reporting
Propeller’s thorough solutions augment Betabrand’s internal systems and they are now able to keep track of ever-increasing sales. Additionally, Propeller provides Betabrand with day-to-day accounting and is called upon on an as-needed basis to provide CFO level forecasting and analysis.
“Propeller came in at just the right time and put our finance and accounting house in order at the time we needed it the most… they are quick, cost-effective, insightful and just really a swell bunch of people to work with!” says Lindland, “I don’t know how we ever could have done it without them.”