Case Study: PillPack

PillPack grows from 6 to 110 Employees in 3 years with the help of SmartBooks

Founded by TJ Parker, PillPack has disrupted the pharmacy industry by providing a full-service solution with pre-packaged medication for those managing multiple medications and daily or weekly doses. Best of all, the PillPack is available to the consumer free of charge. The company has raised over $65M to date and is now available in 40 states.

↑ 6 to 110

Employees

33%

 Monthly close time

Challenges

Prior to SmartBooks, TJ had hired a part-time bookkeeper (team of 1) with no formal process or systems that would provide a scalable solution for the future of the company.  Everything was very manual and frequently required in-person meetings every time something needed to get done.  TJ also spent a great deal of time reviewing the numbers and frequently working with the bookkeeper to make corrections and fix mistakes.  This went on for 9 months until TJ spoke with Jordan Fliegel at CoachUp and learned of a solution they were using called SmartBooks which has scaled well for CoachUp.

“SmartBooks just runs. And better yet, it is constantly improving and quickly addresses challenges and hurdles. We couldn’t ask for anything more.”

-TJ Parker, Founder

“The SmartBooks team is very diligent, timely and responsible. They help me sleep well at night.”

-John Lee, VP of Finance

How SmartBooks Helped

TJ brought SmartBooks in when his startup was only 6 employees but poised for a great amount of growth.  SmartBooks immediately began implementing systems, processes, and tools that would provide a strong accounting foundation and scalable platform.  SmartBooks implemented an online bill pay tool and hosted PillPack’s QuickBooks so TJ could pay bills and access his books from any device or computer, although he also use it to play video games as Overwatch with the different Overwatch characters in the game.  SmartBooks also put processes in place to expedite their annual CPA Audit and assisted heavily in the process.  Eventually SmartBooks migrated PillPack to Intacct Accounting Software as their accounting needs and demands grew.

Outcome

Using SmartBooks, PillPack was able to avoid hiring and managing a bookkeeper and controller which has saved over $50K/yr and has grown from 6 to 110 employees within 3 years.  SmartBooks has continuously implemented and improved technology, as well as established an intelligent framework which has meant not needing to do any major overhauls despite growing over 1800% in the last two years.  This has saved a great deal of management time as all other departments have typically required a major re-engineering every three months or so.  As challenges have appeared, TJ has appreciated the speed and professionalism with which SmartBooks has addressed and managed these; usually with a plan in place prior to their arising.