Tom Evans is the founder and CEO of BleepBleeps, a tech-brand that designs products to make parenting easier. Founded in 2014, BleepBleeps has won awards for their innovative range of products for parents and children alike.
We spoke to Tom to find out just why he believes Float has made them more nimble as a business and how the visualisation of cash flow has helped them get to grips with their numbers.
Like most early-stage startups and businesses, BleepBleeps were tasked with finding the right accounting software for them. And for BleepBleeps, that software was Xero.
When asked why, and what he loves about the beautiful accounting software that helps make beautiful business, Tom responded: “Of all the software we looked at, Xero was the most modern. It was in the cloud, and that was incredibly important to us.”
“We started using Xero pretty much straight off the bat. We haven’t looked back since.”
It was during their initial integration with Xero that Tom realised it didn’t have cash flow forecasting functionality. “I was pretty amazed that Xero didn’t do it!”
It wasn’t long before Tom discovered Float. He says that being a visual person, and not a numbers guy, he immediately found the graph so much better than the big blur of numbers contained within a spreadsheet.
“Seeing the graph, and different scenarios, being able to categorise stuff in Float, and project visually was a big ray of light for me and the business.”
BleepBleeps is a small business and most of its employees work remotely, including Tom. With most team members working from home, including freelancers and contractors, having Float live in the cloud is a big bonus.
“Day-to-day, I work directly in Float, and everyone can access it if they need to – including our bookkeeper, who works for us part-time.”
Before finding Float, Tom says that he had next to no visibility on his cash flow. “Visibility for me was Excel, which wasn’t good at all. But looking at that blue line on Float’s graph, the ups and downs of that really work for me.”
When asked whether Float helps BleepBleeps prepare for the creation and launch of a new product, Tom explained that it’s more granular than that, saying “Float helps to guide the strategy on a really micro level.”
“Constantly changing the scenarios,” Tom says, “means that we have new projections based on all the information we have at the time.”
Planning for projects taking off, or deals falling through, has been a big advantage to Tom and the BleepBleeps team. It has allowed far more visibility into not only their cash flow, but the future of the business.
Working with Float also means that BleepBleeps can have complete transparency when it comes to showing their investors their financials. Tom is able to export a PDF directly from Float to present to the board.
Knowing how much money is being spent on the development of a new product, and how it impacts cash flow, has been essential to BleepBleeps’ success.
Making life easier
Because of Float’s integration with Xero, Tom is able to update expected payment dates on invoices and bills to get a more realistic view of his cash.
With an automatic sync every 24 hours, Tom is able to keep a close eye on cash flow. “I only look at Float, I don’t look at Xero. We all work together virtually so I can see when things have been reconciled by the bookkeeper because it’s reflected in Float.”
“Everything comes into Float neatly now and is grouped together logically. It’s helped us to realise what we want and how to get it.”
“Float has allowed us to become a lot more nimble, actually. We can look backwards and see where our money has gone, as well as looking forward. It’s great!”
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