Beddy’s background
Beddy’s is an all-in-one bedding set that zips up, making morning chores that much easier. The idea began with one mom after she realized how hard it was to make a bunk bed. Once her solution made morning chores easier on her and her kids, she knew she was on to something. The company has grown rapidly and now makes products surrounding its core zip-up bedding sets.
Betsy Mikesell, CEO and inventor of Beddy’s, describes how it started:
“Beddy’s started because I had twins with bunk beds. If you’ve ever tried to make a bunk bed, it’s impossible. Nobody knows how to make a bunk bed. I got frustrated enough that I got to the point where I took bedding over to my mom’s house, bought the longest zippers I could find, some elastic, and we made our first version of Beddy’s. I had enough friends and family, they’re like, ‘This is a great idea, I would want to buy this.’ And I convinced Angie to come along, and that is how Beddy’s was born.”
Rapid growth and sales tax overwhelm
Angie White, COO of Beddy’s, explains what happened as the business took off:
“Beddy’s just exploded with growth. We started small, like Betsy said, and then before we knew it, we’re a multi-million dollar company selling around the world. And the thing that was really overwhelming for me, so quickly, because of the growth, was the sales taxes. We didn’t understand that every state has different laws. It’s figuring out who collects and what their rules are. And so I’m spending hours and hours, which is taking me away from the business things that I should be focusing on, and trying to do this thing that was so intimidating to me because I didn’t understand it. Every day I would just be on the verge of tears because I didn’t know what I was doing.”
LedgerGurus results
Angie remembers her first conversation with LedgerGurus:
“When I talked to Brittany at LedgerGurus, I just remember feeling like I could see a light at the end of the tunnel. And I know that sounds so cheesy, but it took this huge weight off of my shoulders. Hiring LedgerGurus helped us with our sales taxes, then I had the peace of mind that if they’re being done correctly. Not only that, but they helped us with our reporting, our bookkeeping, and everything, so that I have confidence when we’re giving someone a P&L or a balance sheet, it’s good, and it’s exactly where we should be. The numbers are spot on.”
LedgerGurus works with Beddy’s to help them manage the financial side of their business, freeing up their time to focus on growing their business.
LedgerGurus took over all sales tax responsibilities, which significantly reduced their stress with sales tax compliance. In addition, LedgerGurus provides ecommerce reconciliations that have increased the visibility of sales activity. Better financial information, especially on COGS and gross profit margin, has helped Beddy’s make more informed decisions. Monthly reports provide gross profit margins, both in summary and at a product level. LedgerGurus also provides KPIs, which show important trends and how they compare with competitors.
Betsy saw what doing it all in-house was costing the business:
“But one of the best lessons I learned is to work on your business rather than in your business, and that’s where it’s so important to hire people who are good at what they do specifically. I remember watching Angie, and she was trying to do all these sales taxes and bookkeeping, and it’s so important, but there were so many things that she could have been spending her time in other areas. So hiring LedgerGurus relieved us of these stresses.”
For Angie, the value comes from getting every specialist through one company:
“There’s no way that we can afford someone who specializes in sales tax, another person who specializes in inventory, ecommerce, bill pay, all the other things that LedgerGurus offers us. So we get everything with one company, and that has really helped us be able to afford top notch financial care.”
And when a question comes up, she knows where to go:
“Whenever I have a question, I know exactly who to contact, and I get an answer quickly, and I’m confident that the answer that I’m getting is correct. And that just gives me peace of mind that we’re running our business as best as we can. I’m not just saying this, but hiring LedgerGurus might have been one of the best decisions we’ve made to date.”
Having key financial information has been important to the success of Beddy’s. LedgerGurus is proud to be an important part of the company’s growth and success.
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