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About the Company
The Think Mill is a visionary start-up collective of events and entertainment businesses dedicated to transforming the way people celebrate. With a mission to elevate the events industry, The Think Mill invests in groundbreaking ideas and exceptional talent, providing the tools and support needed to drive innovation and excellence. Their portfolio includes renowned brands such as Second Song, FeatureBooth, Honey, and Blitz Nation, which collectively deliver hundreds of unforgettable events each month. The Think Mill is at the forefront of revolutionizing celebrations, empowering entrepreneurs and artists to redefine the event's experience.
The Business Challenge
The Think Mill faced critical challenges in managing their financial operations. With hundreds of invoices to process monthly across multiple vendors, they relied on a mix of payment methods like Venmo, Zelle, and others, leading to inefficiencies and disorganization. Vendor rates were individually negotiated and required the founder’s direct approval for payment, creating a bottleneck and consuming valuable leadership time.
Their bookkeeping was equally chaotic, with two separate QuickBooks accounts and frequent intercompany transactions between brands that lacked proper tracking. This disorganization prevented them from producing reliable financial reports or gaining insights into specific spending areas. The sheer volume of transactions compounded these issues, limiting their ability to scale and make informed business decisions effectively.
The Solution
To resolve The Think Mill’s financial inefficiencies, we implemented a robust and scalable Accounts Payable system. This involved standardizing vendor rates, introducing a thorough check-and-balance process to prevent duplicate charges, and utilizing tools like Bill.com to streamline payments. These changes allowed our team to manage their high volume of invoices efficiently, eliminating the founder’s involvement in day-to-day approvals and freeing up valuable leadership time.
We restructured their Chart of Accounts and Income Accounts to provide clear, actionable insights tailored to their business goals. This included setting up classifications in QuickBooks, enabling them to generate profit and loss statements for each of their brands under a single account. We also developed and now manage their inter-company transaction process, ensuring accurate and seamless transfers between their separate entities.
Additionally, we conducted an in-depth audit and cleanup of their balance sheet and books, establishing accuracy and reliability in their financial data. With monthly financial reporting now in place, The Think Mill has the clarity and tools needed to make informed, strategic decisions that support their growth and success.
The Results
With our support, The Think Mill’s founder has been completely freed from financial administrative work, allowing him to focus on growing the business. Partnering with our team proved to be more cost-effective than hiring a full-time employee or engaging other bookkeeping firms, while still receiving high-quality work and responsive service—our team addresses all inquiries within 1 business day.
Armed with accurate, organized financial reporting, The Think Mill has been able to make informed decisions, leading to significant growth. This clarity and confidence in their financials have empowered them to make strategic investments, further fueling their expansion and success.
"YSO manages our finances from bookkeeping to developing financial systems as we grow. We have a complicated financial system as we manage several different brands all under one account. They have been prompt and responsive to any questions we have and solutions-oriented to any problems we encounter. Jenna's experience with startups has also been valuable in how we strategize and approach problems. Highly recommend YSO for any of your startup operational needs. Jenna and her team also genuinely care about your business and I feel totally secure and safe having them in our corner. Working with YSO allows me to really focus on other parts of our business, knowing the financial and accounting side is taken care of and in the best hands ''
Rob Corrall, CEO, The Think Mill