Thread Wallets Fact Sheet
Company Snapshot
- Founded: 2015
- Industry: Ecommerce – lifestyle brand (wallets, bags, accessories)
- Sales Channels: DTC website, Amazon, national retailers, corporate gifting, Thread-owned stores
The Challenge
- Relied on a low-cost bookkeeping service that lacked ecommerce expertise
- Financial reporting was slow and inaccurate → no clear visibility
- Rapid growth in SKUs and sales channels outpaced financial systems
- Leadership needed timely, accurate data to steer the business
The LedgerGurus Solution
- Dedicated ecommerce accounting team
- Guidance through ERP and system transitions
- Faster month-end closes for quicker decision-making
- Monthly P&L reviews + Grow Dashboard rollout
- Strategic advisory from LedgerGurus leadership
Results That Made the Difference
- Books closed faster → quicker pivots on financial results
- Improved profitability discipline in a tougher ecommerce market
- Clearer P&L visibility (revenue, gross margin, operating margin, net margin)
- To Confirm: % faster close, margin improvements, $ impact of efficiency
What Thread Says
- “LedgerGurus helped us close books quicker so we could make quicker pivots on prior month’s results.” — Alex Ekins
- “They’re very friendly people who never seem busy. If I ever have a new process I want to implement, they’re quick to adopt it. Just very adaptable, quick, good bookkeepers.” — Alex Ekins
- “They’ll not only close your books, but offer ecommerce insights that generic or even high-end bookkeepers aren’t equipped to provide.” — Alex Ekins
- “We just hit 10 years in business in January of this year. Making it to 10 years… that’s a huge milestone and we hope to make it 10 more.” — Ryan King, CFO
How It All Began
Thread’s story began in 2014 when co-founder, Colby Bauer, had a surfboard mishap in Hawaii. After losing his wallet in the ocean, he grabbed a broccoli rubber band from a grocery store to hold his remaining cards. As CFO Ryan King explains, “He thought, ‘Hey, I can create a better rubber band.’ And that was Thread.”
As Ryan recalls, “It started with my brother-in-law and sister making wallets in a spare bedroom and my parents’ garage.” Orders often came in faster than the team could produce them, and they had no choice but to scramble. Ryan says, “We’d literally make wallets the same day orders came in. Talk about just-in-time inventory!”
From those humble beginnings, Thread has grown into a lifestyle brand recognized nationwide. What started with a single product has expanded into a broad lineup that now includes:
- Wallets and card holders
- Purses, totes, backpacks and other bags
- Lanyards and various accessories
Their sales channels have multiplied as well, reaching customers through:
- Their direct-to-consumer website (threadwallets.com)
- Amazon
- National wholesalers and retailers
- Corporate gifting
- Thread-owned retail stores in Utah
The Struggle Behind the Scenes
By 2018, Thread had moved well beyond its scrappy garage beginnings. The company was growing fast, adding new products, expanding sales channels, and reaching customers nationwide.
But while the brand was scaling, their financial support wasn’t keeping pace.
Alex Ekins, Senior Finance Analyst, explains, “Thread began as a strictly website DTC company, and we started out using just a cheap $25-an-hour bookkeeping service that didn’t understand ecommerce. They didn’t understand the struggles, the nuance, or how to lend their expertise.”
At first, this approach was manageable. The focus was on building and selling, and the books were just a box to check.
But as the business matured, cracks began to show. Financial reports were slow and often inaccurate, making it difficult to understand performance. Inventory wasn’t tied cleanly to financials, creating blind spots in profitability. And without ecommerce-specific insights, the leadership team lacked the clarity they needed to guide the business strategically.
As Alex says, “We’d get reports, but we didn’t really trust them. We knew we were growing, but we couldn’t see where the money was going or which products were driving profit.”
In other words, Thread was outgrowing its bookkeeping solution. What had once been “good enough” was now holding them back. They needed timely, accurate financial data, and more importantly, a partner who thoroughly understood the complexities of ecommerce inside and out and could provide clarity, guidance, and the ability to keep pace with change.
How LedgerGurus Fixed the Problem
That’s when they found LedgerGurus. As Alex Ekins explains, LedgerGurus quickly stood out because, “They don’t just close the books. They understand the struggles, the nuance, and lend their expertise.”
What began as bookkeeping support soon evolved into a strategic partnership. When Thread transitioned off NetSuite, LedgerGurus guided them through the process, helping them select the right connector and flagging pitfalls to watch for. Later, when the company switched fulfillment centers after nearly a decade, the team was again right there to advise and adapt.
Alex says, “Even when things were chaotic, they were calm. They’d jump on calls, walk us through options, and help us think ahead instead of just reacting.”
The support didn’t stop at operations, though. LedgerGurus also helped Thread shift from a growth-at-all-costs mindset to a more disciplined approach to profitability.
As Alex explains, the team went beyond reporting to become a true financial partner. Their account manager initiated monthly P&L reviews. “Those meetings weren’t just about numbers. They helped us focus on what’s working, what needs to change, and what we should actually care about this month. She just became a partner in putting Thread back on track,” Alex explains.
When LedgerGurus introduced Thread to the Grow Dashboard, the partnership leveled up again. The dashboard puts all the key P&L metrics (revenue, gross margin, operating margin, and net margin) into a single, easy-to-read view.
“It is a very intentional time to review,” Alex says. “Having those standard metrics in one spot, easy to see and compare year over year, month over month, is very nice.”
And through it all, the relationship extended beyond numbers. “Stephen Brown (LedgerGurus’ COO) has advised Ryan a lot,” Alex adds. “He has a wealth of benchmarks in his brain. He’s a very good connection to have.”
For Thread, LedgerGurus has become more than an accounting service. They are an ecommerce-savvy partner invested in helping guide the business forward.
The Wins That Made the Difference
With LedgerGurus as a partner, Thread gained speed, clarity, and the ability to make sharper pivots. What had once been a slow, reactive process became a faster, more focused approach to managing the business. As Alex Ekins puts it, “Before, we were always catching up. Now we’re ahead of the curve. LedgerGurus helps us close books quicker so we can make quicker pivots on prior month’s results.”
That speed translated into real outcomes. Thread has been able to navigate a tougher ecommerce market and steer the business back toward profitability.
The introduction of the Grow Dashboard gave leadership a consolidated view of revenue, gross margin, operating margin, and net margin, all in one place. This makes it easier to spot trends, identify problems before they escalate, and hold intentional review conversations with the LedgerGurus team.
The result is stronger accountability, better collaboration, and decisions made with confidence instead of guesswork.
How the Results Changed the Business
For Thread, LedgerGurus has become far more than a bookkeeping provider. Over the years, the team has adapted alongside the business at every stage of growth, feeling less like an outside vendor and more like part of the Thread family. Alex Ekins describes them as “very friendly people who never seem busy. If I ever have a new process I want to implement, they’re quick to adopt it. Just very adaptable, quick, good bookkeepers.”
The relationship extends well beyond numbers. From quick responses to casual lunches with account managers, LedgerGurus has built a foundation of trust, approachability, and proactive support, qualities Thread values just as much as technical expertise.
“It’s hard to overstate how much the human side matters. They’re not just numbers people. They genuinely care about our success.” But what sets LedgerGurus apart, Alex explains, is their ecommerce insight: “They’ll not only close your books but offer ecommerce insights that generic or even high-end bookkeepers aren’t equipped to provide.”
That partnership has carried Thread through a decade of growth. As Ryan reflects, “We just hit 10 years in business in January of this year. Making it to 10 years… that’s a huge milestone and we hope to make it 10 more.”
Ready to Simplify Your Numbers and Scale with Confidence?
Thread’s journey has been one of growth, adaptation, and partnership. From handmade wallets in garages to a national lifestyle brand, the company has navigated rapid expansion, ERP transitions, and a shift from boom-time spending to disciplined profitability. Alex Ekins says, “It’s wild to look back and think we started stitching wallets in garages. Now we’re selling to the Utah Jazz, on Amazon, and in our own stores. LedgerGurus has been able to keep up with us through all of that expansion.”
Through it all, LedgerGurus has been by their side helping Thread move faster, see clearer, and make smarter decisions.
Your ecommerce business deserves the same. If you’re ready to go beyond bookkeeping and gain a partner who truly understands the challenges of scaling online, LedgerGurus can help.
👉 Book a free consultation and start building the clarity and confidence you need to grow.
