Case Study: Social Fulcrum

Social Fulcrum saves 15 hours/week and $100K on the first year with SmartBooks

Social Fulcrum Logo

Founded by Andrew Krebs-Smith in 2010, Social Fulcrum is a digital marketing agency that specializes in customer acquisition and content marketing; inbound, SEO, and social.  Bootstrapped, the company has experienced immense growth over the past several years going from 4 to 8 to 24+ employees and emerging as a leader in the industry.

Challenges

Initially they had split the bookkeeping work among several people to reduce the time spent individually, but this lead to a fragmented system that was prone to inaccuracy.  “We were very reactive when it came to our bookkeeping and this resulted in a lot of time spent on fire drills and resulting in what we would later determine to be inaccurate reports”, said Andrew.  When Social Fulcrum hit $250K in revenue it became evident that they needed a new solution and one that would keep up with their business and provide centralized systems and processes.  They didn’t want to hire a contractor and couldn’t afford a full-time individual.

“As a professional services startup we need to move fast and make sound decisions.  SmartBooks provides us with current and accurate financials to do so.”

-Andrew Krebs-Smith, Founder

“SmartBooks has been very responsive and available to hop on the phone and answer questions as they arose and frequently provides guidance without ever requesting a price increase or putting a limit on the work done.”

-Andrew Krebs-Smith, Founder

How SmartBooks Helped

Andrew brought SmartBooks in shortly after hiring its 8th employee.  SmartBooks cleaned up the previous year’s bookkeeping and began putting a solid accounting foundation in place that would allow them to get the reporting their business would need to achieve future levels of growth.  SmartBooks also hosted their QuickBooks and implemented an online bill pay system so that the team at Social Fulcrum could access reports and pay bills on the go.  SmartBooks provided Social Fulcrum with a team, both bookkeeper for the day to day work and controller to review for accuracy and assist with more complicated accounting.  A team approach was very reassuring given Andrew didn’t like the idea of trusting everything to a single individual.

Outcome

Social Fulcrum saved approximately 15 hours per week and over $100K of both direct and indirect costs associated with doing their bookkeeping and accounting in the first year alone.  SmartBooks freed up a lot of Andrew’s time that he could then use to focus on growth and managing the business. With SmartBooks, Social Fulcrum was able to look at capacity per employee and other metrics which were important to optimizing their business and profitability.  Having accurate information and reporting at hand has enabled rapid decision making and supported the company’s growth.