Looking back on the past year, it’s hard to believe where we started out. In January, we were a small but mighty team, working together to make accounting a little less painful for small business owners. In the last twelve months, not only have we grown from a small team to one that can barely fit in our current offices but we’ve also made huge strides toward making business finances simpler and more accessible for our customers.
As we move from one day to the next, it’s easy to focus on the next step in front of us—to continue charging ahead. Moments like this are a welcome opportunity to look up, take stock, and reflect on everything that has happened. And, I’m happy to admit, we have a lot to be proud of this year.
In the four years since ScaleFactor was founded, we have continued to grow in every measurable aspect, and this year we saw that growth gain speed. Our headcount is up, along with the square footage of the office space we occupy. Our product has evolved to include more new features than ever before.
And, most importantly, we’re helping more customers. When we started out, the goal was simple: fundamentally change the way small business owners interact with their finances. The faster we grow, the better the product we build. The better the product, the bigger the impact on the small business owners we serve.
We’re in it to change the accounting game. And we’re on our way. Here are a few of the highlights from this year.
700% Customer Growth
Here at ScaleFactor, everything comes back to our customers. If they’re happy, we’re happy. When we see our customer count grow while still holding on to ones we brought on years ago, we know we must be doing something right. Our third quarter this year saw sales increase 700% over the same period last year, proving that there’s a huge need among small business owners for simpler accounting and bookkeeping tools. As we see these numbers go up, we’re reminded that we’re helping more and more small business owners spend less time on accounting and more time doing the things they love.
We often refer to our team of employees as the ScaleFamily, and our family got a lot bigger this year. We welcomed new employees in every department and saw our team quadruple in size, even opening a new office location in Denver. With every new face, we gain their expertise, knowledge, and positive attitude. As a company, this influx of talented folks has made us more capable and more driven.
It’s also made our working space a little more crowded, which is why we’ll be moving to a brand new office space in early 2019. Look out, Austin!
With more team members on board, we’ve been able to make huge improvements to our software and launch several new features. One of the biggest is a tool called Cash Vision, which allows customers to forecast their cash flow up to six months in the future and to create scenarios to see how decisions like hiring someone new or purchasing new equipment could affect their cash.
We also launched an exclusive partnership with Gusto, a leading payroll and HR software company, to offer a fully-integrated payroll experience for our customers. With real-time information in one place, our goal is to enable our customers to make speedy, informed decisions about their businesses. And we’re not done yet.
Confidence is high among investors that ScaleFactor is bound for big things, and in July of this year, we accepted a $10M Series A. Not only has investor excitement been a vote of confidence for us but it has also propelled us forward at a rapid pace. We have put those funds to good use this year making everything I’ve shared so far possible. The new hires, the product enhancements, the growing customer base. Thanks to our investors, we gained some serious momentum and have been able to grow in a way that’s thoughtful and purposeful.
We make a practice of celebrating our team wins around the office. We’ve gotten into a cadence of setting weekly goals and taking a moment on Fridays to acknowledge when we achieve them. The end of the year provides an opportunity to look back on all those small wins and see what they add up to. With all the excitement around the office, it can be difficult to stay present and enjoy the moment we’re in. But it’s worth it to take a few moments to appreciate the effort of our amazing team and take in the impact we’ve had on our customers.
Comparing the company we were at the start of the year to the one we are now, there’s little resemblance. But when I look at the mountain of wins in front of me, I can see how we got to this point. To our friends, family, partners, investors, and customers, we can’t thank you enough for the roles you played in making this our best year yet. We couldn’t have done it without you, and we are filled with gratitude for your support.
With all of you by our side, I can see the path forward for us as we head into another year of more change and faster growth. So today we’ll take a few moments to celebrate—but only a few. We’ve got a lot to accomplish.