How Finaloop and a Fractional CFO worked together to improve The Magic Brand’s profitability by 11.6% QoQ
Challenge
- Inaccurate books, leading to hours wasted on checking & correcting them.
- Lack of visibility into COGS, hindering product launches and pricing decisions.
- Previous bookkeeping service missed tax deductions.
- Poor cash flow and inventory management due to the inability to create projections such as a 13-week cash flow.
- Absence of real-time reports, limiting performance monitoring.
Solution
- Onboarded to Finaloop in 10 minutes, receiving accurate full-year financial reports within 24 hours.
- Books are closed within 15 minutes a month.
- Maximized tax deductions through Finaloop's ecommerce expertise.
- Clear visibility to cash flow, COGS, and profitability.
- Created an ecommerce financial ‘A’ team by bringing on a fractional CFO to use the real-time financial data to optimize inventory and cash flow management, pricing strategies, and product launches.
Financial Stack
- Finaloop for bookkeeping & accounting
- Founder-led financial ops
- Fractional CFO for strategic finance
Meet The Magic Brand
The Magic Brand was founded by Austin Witte, Grant Lynch, and Spencer Moran in September 2021.
The Magic Brand is a leading provider of wireless adaptors specializing in Apple CarPlay and Android integration. Their advanced technology and commitment to innovation transformed how drivers interact with their vehicles. Notably, The Magic Brand offers cutting-edge wireless adaptors that enable seamless content streaming to car screens. Drivers can enjoy a wide range of multimedia content, such as music, navigation, and apps, directly on their vehicle's display.
In less than 2 years, The Magic Brand has successfully scaled its business to 8-figures!
How were they able to pull this off? By being super focused on getting their financial game and tech stack right.
To support their growth, introduce new products, and take their brand to the next level, Austin Witte, the COO of The Magic Brand, was laser-focused on setting up the financial ‘A’ team to help them improve their financial data and management strategies and streamline their processes.
