AT A GLANCE:
Location: Headquartered in Santa Barbara, CA, fully-dispersed across the globe
Annual Revenue: $4.3 million in 2015
Headcount: 7 full-time employees
Industry: Consumer Electronic Accessories
Application Replaced: Wave Accounting, Quickbooks, and Xero
Solution: inDinero Controller-Level Services
“inDinero is our holy grail for everything accounting and tax related. For the first time we can easily get genuinely correct financials for the business. This has helped us gain knowledge from our finances to make confident business decisions and–perhaps most importantly–has given us the peace of mind that empowers us to focus on growing our business and building amazing products.”
- Noah Dentzel, Co-founder & CEO of Nomad Goods
A few years ago Noah Dentzel and Brian Hahn, co-founders of Nomad Goods, realized how omnipresent and important smartphones had become as tools of the 21st century. There was just one big problem with smartphones, their batteries die constantly. For two lively guys on the go, they knew they wanted to create a way to integrate power and alleviate battery anxiety from any lifestyle.
In 2012, Nomad launched their first initiative on Kickstarter, an ultraportable, credit card-shaped smartphone charging device, the ChargeCard, that was small enough to fit in a wallet. Since then, Nomad has quickly grown its full suite of products for smartphones and smartwatches to empower a traveler’s lifestyle with minimalist, practical accessories that keep today’s modern nomads powered and connected at work, play, and wherever life takes them.
View more at hellonomad.com
Just as Brian and Noah want to make charging your device one less thing you have to think about, inDinero aims to do the same for businesses like Nomad who should focus on other goals like:
- Growing their business and product line, not their headcount (full team consists of 7 people)
- Finding the right solutions to scale their operations outside the company
- Enabling their business to focus on their core functions like product development and marketing, while properly and efficiently achieving critical functions, like financeand accounting, through the best outside services
These goals aren’t necessarily unique to Nomad, many organizations strive to stay lean and engineer new things to solve old problems. But while Brian, Noah, and the rest of their team embarked on the journey they emerged from each challenge at the forefront of developing a modern business model which they’ve coined as an “exponential organization.”
What it means to be an Exponential Organization:
Since launching in 2012, Nomad has added 15 new accessories to their product line and grown in revenue from $2.4 million in 2014 to $4.3 million in 2015 all while remaining a seven-person team. To generate these results at an exponential rate they have taken to a stack of cloud-based tools, each of which probably does the job of 3-4 people, Brian claimed in a recent blog post “we’re basically doing the job of 50 with a team of seven.”
Even though they aren’t magic sales generators in themselves, Nomad credits logistical tools like inDinero, Stitch Labs, and Shopify for enabling this growth. Having these systems up and running liberates a business like Nomad to take on more accounts and orders.
“Without tools like inDinero, we wouldn’t have felt confident to take on global sales channels in places like Thailand, Poland, and the Philippines. Now that we have this system, we’re able to take on pretty much any sales channel that we want.”
- Brian Hahn, Co-founder & head of product at Nomad
The Best of Both Worlds
Nomad already had their mind made up that it didn’t make sense to bring their accounting in-house, but there were items of intelligence they knew they wanted to get out of their finances. As Noah puts it, “when your business grows, you need to know things like your EBITDA margin and make informed decisions about planning a business, but hiring a CFO is just not realistic and would have been a distraction.”
Case in Point: In the past Nomad has tangoed with the dozens of different ways there are to ship inventory, it wasn’t until they had inDinero in place that they could categorize and group these expenses in a clean way to compare and make the most cost-effective choices. He added, “with inDinero this is a non-issue, I can ask what a term or a number means and WHY they are important to the business.”
The Cloud Isn’t A Convenience, It’s a Necessity
You can’t live a nomadic, on-the-go lifestyle, or have a global organization of dispersed remote team members if the solutions you’re using aren’t fully accessible via the cloud. How else would Brian and Noah access their general ledger at a Hong Kong airport at 3am?
“For millennia, humans have worked together to build things, but we’re at a time where this interaction is more likely to be remote. This is accelerating things, it’s a movement and to be thriving you need to be adapting FAST and early and using and embracing good tools that are shared and constantly updated.”
In this new way of doing things, an organization’s resources must be easily shared, constantly updated, and always accessible as they are via the cloud. Being able to take on more business without adding on more headcount would have been nearly impossible without the right solutions, so the Nomad team is very selective about the software they work with.
But they didn’t necessarily have the right system at first...
In today’s marketplace, there are countless good products and services among the few actual life-changing solutions to problems. The former requires an internal expert to babysit and make sure it runs at all times, the latter automates away the tedious, attention-seeking tasks so that business leaders can put brain power toward the greater business goals.
inDinero was not the first accounting software Nomad started off using. After trying many other big names in accounting software–Wave, Xero, and Quickbooks–and nearly piecing together their own semi-outsourced patchwork system, they quickly realized it would require an in-house hire that knew how to manage them, and that these systems were not simple and certainly not cheap. In the midst of their search they came across inDinero in an article in TechCrunch and had that eureka moment:
“I thought to myself, this is what we need! inDinero is the holy grail for everything accounting. Done.” - Noah
For the Nomad Crew, The Best is Yet to Come
Moving forward, Nomad is committed to dreaming up and building out innovative smartwatch and smartphone tools to keep us all charged on the go.. Nomad is launching 15+ new products this year, which takes a ton of time and focus. By not having to think about accounting they can spend more time ensuring each launch takes off without a hitch!
“There are so many things that can happen with a business and new opportunities and I know as we grow, we see inDinero as a key part of our operation that allows us to grow smoothly and efficiently and I know that they will be there to make sure that we’re doing things the right way.” - Noah
Learn more about Nomad and check out their suite of products at www.hellonomad.com and read about cofounder, Brian Hahn's 5 Must-Have Technology Tools For Scaling Your Retail Business on our blog.