Case Study: Terrastride

When Accountfully began working with Terrastride, we knew there was great opportunity to improve their process and create efficiencies. As with many startups, Terrastride’s CEO was managing multiple areas of business. He was aware he wasn’t the best person to be handling the financials and sought an accounting solution that would embrace technology as much as his own product/app did.

What We Did

  • Implemented cloud based systems to give Terrastride greater access to data and the ability to proactively review financials
  • Transitioned team of 1099 contractors to W2 employees
  • Segregated reporting on multiple revenue lines to provide better visibility for management
  • Provided financial reports to outside investors per their requirements and requests
  • Ensured Terrastride was able to receive R&D credits on tax return to offset company profits moving forward

The Impact

By assuming the bookkeeping and accounting responsibilities, Accountfully has enabled Terrastride’s CEO to focus more on business development and investor relationships. This partnership has given himt he greater access to data that he can share with investors and potential investors to raise money. This shift in responsibility has had a substanial impact on this startup.

"When you're first starting out, I think it's valuable to be very "close" to all of your numbers so that you really understand how cash moves around your business. That's important for many reasons. If you can't explain how the money flows then you really have no idea of what's going on. However, as things scale up; outsourcing certain portions makes a lot of sense. Creating financial statements and entering data can be time consuming. Freeing up some of that time becomes more and more valuable."