In 2016 EV Connect reached a critical point in its development. The California company, which provides a cloud-based platform for electric vehicle charging stations, had evolved from a startup to a mature company with millions of dollars' worth of contracts.
Bootstrap bookkeeping was no longer enough. The company needed more robust support, from establishing efficient, scalable accounting processes and improved financial reporting to cash flow management and strategic financial planning. Essentially, the company needed a bookkeeper, a controller, and a CFO, but it couldn't afford three full-time staff members for each of these roles.
The solution? Establish outsourced support for financial leadership, streamlined bookkeeping services, and small business operations.
Good Problems to Have (But Problems Nonetheless)
As EV Connect expanded, one of its greatest challenges was to even out what CEO Jordan Ramer calls "a spiky level of cash flow activity." The company needed to ensure the money it spent to fulfill its growing number of contracts didn't outpace the revenue coming in.
EV Connect found a great partner in Supporting Strategies. Supporting Strategies has the depth of expertise to provide the guidance and services EV Connect needed—from bookkeeping to controller services and high-level financial planning. Supporting Strategies also helped to navigate state sales tax regulations as EV Connect expanded beyond California.
Keeping Pace with Growth
EV Connect’s rapid growth has propelled it toward a new round of funding. Supporting Strategies | Los Angeles has kept pace, providing third-party due diligence and reconciliations on EV Connect’s books. Supporting Strategies also brought the company’s accrual-based financials into compliance with Generally Accepted Accounting Principles (GAAP) and made sure the company’s records from prior years are audit-ready, too. Says Ramer, “That was a real value-add.”
To learn more, download the EV Connect case study.