Invite-only membership community for CEOs started by Sam Parr (the Hustle) and Joe Speiser (LittleThings, Brax, Epic Advertising). The average company revenue per club member is $23m.
According to Hampton, the company faced several challenges with their financial reporting system. One of the main issues was the lack of flexibility in the reporting templates, which hindered their ability to customize reports. Standard reporting exports of QuickBooks were rigid, inflexible, and sometimes confusing, since its interpretation also requires an accounting background, making it even more challenging for them to extract meaningful insights from the data.
In an attempt to streamline their financial reporting, they also tried to use multiple ready-for-use SaaS tools that would allow them to interpret financial data based on their requirements. Unfortunately, this process failed, as there were no tools available on the market that could meet their needs which only brought more confusion and required additional efforts on reconciling them all. As a result, there was no comprehensive reporting, but various formats of reports, analysis of which was time-consuming and prone to errors.
Another challenge the company faced was with Stripe, a payment processing platform. They found it difficult to cross-check the main cash revenue stream with QuickBooks accruals data, which made it hard for them to get a clear picture of their financial performance. In other words, they needed to translate “accounting” to FP&A reporting, especially when they realized the need for budgeting and planning to make informed business decisions based on the data.
Automated pipes unified every source into one compliant pack: P&L, cash flow, balance sheet, variance and a no-fuss dashboard.
Sam Parr
Co-Founder at Hampton
All finance data now lives in one place, reports are clearer and faster, and forecasting/budgeting keep targets on track while cutting risk.
All financially relevant data is stored in one place, in one Google Sheets book.
Reports are easy to interpret since the breakdown is built according to business needs, and all margins, month-on-month dynamics, and main metrics are reflected and easy to track.
Up to 24h of key stakeholders’ time to prepare the basic reports on a monthly basis is saved.
Forecast & budgeting implemented, enabling regular assessment of target metrics, planning ahead, and mitigating any upcoming financial risks.