customer story
How Baton Increased Revenue 4x with FlowFi
Summary
Today, FlowFi is integral to Baton’s financial stack. We help them grow, so they can help small businesses grow, too.
Decreased time to close
5x Faster
Increase in revenue
300%
ABOUT OUR CUSTOMER
The Zillow for small businesses
Chat Joglekar was working as VP of Sales and Operations at Zillow when he noticed a similarity between properties and small businesses: selling both for fair prices rely on accurate value estimates.
Yet, for small business owners, there was no easy or affordable way to know how much their business was worth — leading to confusion on how to sell them or, even worse, selling their life’s work for pennies on the dollar. Since small businesses make up over half the US economy, Chat knew the lack of transparency around valuations was a big-magnitude problem leading to financial losses and missed opportunities for entrepreneurs and family businesses across the States.
So he set out to solve it. Baton is a marketplace for small businesses that offers free valuations to support owners in selling or growing their business. Every business listed for sale on Baton is verified through financials, making it a trusted and transparent marketplace — just like Zillow.
Their Challenge
Compromised by shaky foundations
Hot on the heels of a $2.8 million pre-seed round, Baton was primed for growth. The team wanted to continue scaling the business but, like most early stage companies, had stitched together ad-hoc DIY accounting practices and were being serviced by a firm who was doing the bare minimum.
These practices were manual, frustrating, and hard to scale. Information on Baton’s finances were scattered across spreadsheets, bank accounts, email threads and different apps. Collecting all this information was tedious, especially when the team needed to compile metrics for investors.
When we met Chat, he knew what Baton was missing: scalability and expertise.
Chat Joglekar, CEO, Baton
Using flowfi
Building better
accounting practices
Our first priority we introducing Baton to a FlowFi Accounting Expert to clean up their bookkeeping, reconcile accounts, categorize transactions, and establish accounting best practices. The result was GAAP-compliant books that were ready on time, in less time every month.
FlowFi cut the time it took for Baton to close their books from 30 days to just 5 days at the end of every month. Building and incorporating better accounting practices have also boosted Baton’s revenue by 300% — a result made possible by FlowFi’s Expert, who acts as a long-term mentor for Baton and regularly guides Chat on financial strategies he can use to grow.
Growth all around
Since working with FlowFi, Chat and his team finally have what they were looking for: access to their important metrics and access to someone skilled at optimizing them. The outcome is complete visibility into finances on a granular level and more control over cash flow.
Today, FlowFi is integral to Baton’s financial stack. We help them grow, so they can help small businesses grow, too.
Company
Baton
Industry
Internet Marketplace Platforms
About the company
Baton supports any small business by getting them to a successful sale on the first trusted and transparent platform in the industry. They empower owners with the right information upfront and then match them to serious buyers who see verified company data on their platform.
New York, USA
11-50