LedgerGurus Customer Testimonial - Thread Wallets

Ryan King

I'm Ryan King and I'm the CFO here at Thread Wallets.

Katie Liddell

I am Katie Liddell, I am an accounting manager at LedgerGurus and I oversee the financials that we deliver to Thread Wallets.

0:16 How Thread Wallets grew

Trevor Reese

We primarily focus in wallets and carry accessories that allow our consumer to have a very functional piece of an accessory with an expressive, fun kind of attitude.

Thread has grown predominantly through our website. In 2015 we rode the wave of ecommerce and social media, and then that's now allowed us to have the cash flow and the revenue to diversify assets into other sales channels.

Katie Liddell

Our ability to work successfully with Thread Wallets remotely is mostly due to our effective email communication. We check in with each other, we hop on Zoom calls, and I think that by both of us making that communication a priority it keeps it pretty easy, even though it's remote.

0:41 Why an outsourced team

Ryan King

We decided to hire LedgerGurus instead of someone internally just for, lack of a better word, bang for the buck. With LedgerGurus we get a team, and any support we need it gets answered.

Trevor Reese

In some ways it almost feels like we have an employee, because if I have a question and reach out, we get responses almost immediately, it seems.

1:10 The challenges of growing fast

Trevor Reese

The challenges we've had to deal with at Thread have been very much in the growing pains that come with diversifying your sales channels.

Katie Liddell

Some of the accounting challenges that we face with Thread Wallets and ecommerce is that they are growing so fast. Their wholesale is growing quite a bit, and so we started throwing in having to do the accounting for kiosks. As they grow out of softwares and grow out of payment processors, we have to change up our systems over and over and over again, because they're so successful, which is a great problem to have. That definitely affects the accounting.

Ryan King

The finance challenges that Thread has faced while we've grown is, how do we grow without taking on too much debt, and then also, where do we put money to fuel the fire. Our two biggest barometers that we use are revenue and net margin. LedgerGurus has helped a lot with that by letting us know where we need to steer the ship. They give us numbers that we trust and we know are accurate.

2:09 Finding LedgerGurus

Trevor Reese

We found LedgerGurus through a referral. I just sent an email, hopped on a call, and I remember exactly where I was standing because I was so excited, because I just started talking about some of the challenges we were facing and issues with our prior bookkeepers, and she kicked off answers that were perfect. She read my mind. When I said, oh, we need help with, then she'd say XYZ. Exactly, that's where we've had frustrations.

2:31 What changed

Trevor Reese

Before LedgerGurus we struggled with inventory counts. Ever since we've been with LedgerGurus that's been a breeze. It's been super easy to communicate and get rock solid answers from the LedgerGurus team.

With our ecommerce company we spend a lot on different marketing initiatives, and so knowing what we have to spend, how profitable we have been, you know, the month prior, the quarter prior, the year prior, helps us set goals, budgets, forecasts for what we can spend going forward. And LedgerGurus helps us do that.

The LedgerGurus team has been awesome.