2045 Studio Relies on Kruze Consulting for Startup Accounting
Industries: Media & Information Services
Services Provided by Kruze: Outsourced Accounting
BACKGROUND
2045 Studio, Inc., a seed-funded startup, is a professional learning and development platform that links a diverse community of influential professionals. The startup provides group and individual executive coaching to help build a more inclusive workforce. Employers sponsor talented employees to join a network for leaders of color, allowing them to connect, collaborate, and grow within their respective industries, including technology, finance, healthcare, and more.
Operating from New York City and leveraging a comprehensive digital membership platform, 2045 Studio provides community and resources for members of marginalized groups, and helps companies to build inclusive cultures. The company’s networking platform offers unique features and functionality that differentiate it from traditional networking platforms, and the company has established strategic partnerships with key organizations and influencers in a number of industries. 2045 Studio actively engages members through events, webinars, and other community activities that create valuable opportunities and expands the company’s reach. The company has raised a $4.2 million pre-seed round, and is in the process of raising a $6 million seed round, with $3.5 million already closed.
CHALLENGES
2045 Studio faced an issue common to startups: resource constraints. Aaron Marbley, Director of Finance & Strategy, said, “At the time 2045 Studio engaged with Kruze Consulting, I was the only person, and remain the only full-time person, dedicated to the finance function.”
Hiring an accountant in New York is expensive, Marbley noted. To close the resource gap without hiring a full-time financial professional, Marbley looked for an outsourced accounting partner with extensive experience with startup companies. “I found Kruze Consulting by listening to one of their podcasts,” Marbley said. “The podcast focused on startups, and led me to looking up Kruze and contacting them.”
At its core, a digital membership business like 2045 Studio is a SaaS platform. With experience working with over 1000 SaaS startups that have collectively raised over $10 billion in funding, Kruze knows what experienced startup finance leaders like Marbley need. From accrual-based revenue and expenses, to burn rate calculations, to the materials needed for VC due diligence, Kruze is the leading CPA serving funded SaaS companies.
Streamlined Financials with Kruze
Results
“Kruze proved to be the helpful resource that I needed, because I only have so much time,” Marbley said. “With Kruze, every month we have new financials prepared by a professional accountant who is very hands-on and very, very qualified to handle accounting for a startup. We know when those financials will be delivered. The communication that Kruze offers is outstanding, and when we have questions they provide answers, and they’re extremely supportive.”
“And it’s not just answering questions,” Marbley added. “Our business model has evolved since we began working with Kruze, and our account manager has been very adaptive, asking the right questions, understanding our business, and really spending time with us. I think Kruze has done a great job of meeting us where we need to be met.”
Working with Kruze has saved Marbley time and provided value very cost-effectively. It’s also reduced stress.
"Kruze saves us from the potential downsides of not having our financials in the right place, or not getting them done in a timely manner. We’re not missing deadlines or paying fees or penalties. Kruze has saved us a lot of time and tens of thousands of dollars, if you look at the difference between hiring a full-time employee versus a resource like Kruze. If I started another company, one of the first things I’d do is bring in Kruze."
Kruze Cares More
Kruze Consulting specializes in startup accounting, relying on experienced accounting, tax, and finance professionals, using best-in-breed financial tools and systems. Kruze empowers founders to focus on their core businesses while having confidence in accurate books, financial statements, and compliance readiness for fundraising or exits. For more information about Kruze Consulting, call (415) 322-1610 or contact us.
