Case Study: CoachUp

From Startup to National Leader

CoachUp helps athletes reach the next level by connecting them with private coaches in every sport, nationwide, with no risk.  Originally a MassChallenge Gold winner of $50K and also a TechStars finalist, CoachUp raised $2.5M in a Seed and later $6.7M in a Series A.  CoachUp continues to grow rapidly, attracting much attention in Boston as the leader of coaching.

Challenges

Initially after their seed round, CoachUp lacked a true accounting solution with Jordan Fliegel, the Founder, doing much of the bookkeeping.  They also didn’t have a good system for closing or tracking A/R which would soon become important with subsequent rounds of raised capital and growth.  With the launch of their subscription services they needed to move the books from cash basis accounting to accrual basis.  They also knew they needed a solution that would be able to grow and scale with them as they ramped up their company.  Managing a part-time bookkeeper would take too much time, and a full-time employee was too costly.

“SmartBooks is so reliable, detailed, and accurate on all fronts.  You can always count on them having everything the way it needs to be.  I can call on them for just about anything and always feel like we are their #1 priority.”

-Jordan Fliegel, Founder

“It would take luck to find an all-star and hit a home run with someone that could do what SmartBooks does.”

-Greg Dynan, Controller

How SmartBooks Helped

Jordan brought in SmartBooks to take over their bookkeeping needs and truly own their accounting department.  SmartBooks was to provide the skill and expertise needed while CoachUp was a startup and to also assist with growth and transitions that would come as they scaled to being the nation’s leader in their industry.  Eventually CoachUp hired Greg Dynan as their Controller and SmartBooks brought Greg up to speed on the accounting using the procedure manuals they had written.

Outcome

SmartBooks was able to start with CoachUp when they were a startup for less than the cost of hiring a bookkeeper and has since grown to be an important component of the company’s accounting department.  Reporting to Greg, SmartBooks was able to quickly bring him up to speed when he joined the CoachUp team and get their books closed in only 5 days, with a 2 day close if desired.  SmartBooks has provided impressive responsiveness and an overall understanding of the CoachUp business and team which has led to questions and challenges being handled quickly and efficiently.  SmartBooks has also helped CoachUp avoid risks associated with hiring an in hour team and has delivered excellent reporting and detailed expense analysis quickly upon request which is crucial for the fast growth and pace that has led to CoachUp’s success.