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25% Discount on First 3 Months Service With A 1-Year Agreement
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Basic Info
Punch Financial is fully-outsourced finance, bookkeeping, and CFO solutions firm for startups, technology, professional services & high-growth companies. Our clients included Honey, Retina, Boulevard, Robin Games, Edquity, and Polaris Genomics.
Why work with us
Punch combines CFO consulting with insightful accounting services to provide growing businesses with a proven game plan for continued success.
Our services include the following:
- Online Bookkeeping
- In-depth Financial Reviews
- Cash Flow Management
- Accounts Receivable & Accounts Payable
- Key Metrics
- Audit and Tax Preparation Work
- Mergers & Acquisitions
Our clients are primarily in the following sectors:
- Emerging Technologies (AI, VR, iOT, etc.)
- SaaS companies
- Life sciences
- Telecommunications
- Service firms
- Entertainment and Media
- Consumer products
Clients (11)
Honey
Internet Software & Services
Donut Media
Media
JJ-LA.com
Events Services
Robin Games
Consumer Services
Reviews (1)
Zach Rubin
Strong founding team and deeply experienced service providers. Had a great conversation with Frank (Founder, Punch Financial).
Brochure
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Company focus
Services
Industries
Projects or Case studies (2)
Honey - The Very Beginning
May 2018 - October 2019
Long before Honey was purchased by PayPal for $4 billion dollars, we reached out to Ryan, the founder, on Linkedin to see if they could use our service. Like most companies we work with, Honey had hired a mediocre bookkeeper who said that they had regularly worked with startups but in actuality was in over their head. In fact, Honey repeatedly said that they weren’t actively looking for accounting help, but deep down the founder knew they probably needed it. Punch started working with Honey when they had 12 employees, and they were a very small SaaS company who was just starting to generate revenue. Punch worked with Honey for over 2 years until we helped transition them to their own in-house team and were being audited by Ernst & Young. OUTPUT INCLUDES: Cost of Goods Sold Punch worked hard with the founders and management team to truly understand their cost of goods sold and how to improve their gross margins. After all, SaaS companies need extremely healthy gross margins to flourish. Scalable Operations When Punch started working with Honey, we immediately implemented financial operations that could scale with them. In fact, Honey scaled extremely fast and we only changed systems after the company’s revenues exceeded $100MM. Financial Statement Narrative From the onset, Punch helped Honey to create financial statements that helped tell their “story.” Growth in multiple markets, different revenue streams, and healthy margins were obvious from reading the financial statements. Fundraising When Honey started to grow, it was having a hard time finding the right investors and venture capitalists to support their vision. Punch helped Honey find their Series A investors that fueled their growth and assisted at every step of the way. TESTIMONIAL: “Punch was the missing piece of our puzzle. The clear financial statements and CFO guidance really helped us in our early stage to maximize our revenue model and accelerate our growth.” Ryan Hudson – Founder & CEO, Honey
JJ-LA: The accounting challenges of scaling an event management company from $200,000 to $9 million in gross revenue in 3 years.
February 2015 -
After only a few short years, JJ-LA has transformed into one of the fastest growing event production companies in Southern California, throwing events such as LA Pride, Saint John’s Gala & Capital Royale. Punch has managed JJ-LA’s accounting from the very early days and has compiled a list of key takeaways we thought other business owners could find useful. Never underestimate the power of digitizing and automating your accounts payable. We implemented a software called Bill.com that creates management approval flows for payables, stores digitized backups for all your vendor bills, manages vendor expectations via automated emails, and allows for electronic payments. With hundreds of vendors to be paid monthly, Punch created a streamlined accounts payable process that made it easy to batch approve and pay invoices. By creating strong process in the early stages, JJ-LA was able to manage the explosion of vendor submissions. In this case of JJ-LA, we would enter bills every Wednesday, management would approve on Thursday, and we would issue payments on Friday. By controlling the process for JJ-LA, Punch was able to help them function in a more organized and professional manner. The biggest challenge of most businesses we work with is managing gross margin (revenue minus cost of goods sold) and sticking to a budget. With JJ-LA, a big priority was making sure they put processes in place to track the costs of each job. We knew that if we could set a target margin for each job, we could back into the gross margin we needed to cover operating costs and profits. Often times, business owners are doing back of the envelope calculations of what they ‘think’ their gross margin is, when in reality they are underestimating their true costs. Budgeting helped management to understand the areas that they needed to improve upon. Having each department head manage and track to a budget not only provides accountability but allows you to better project your cash burn. Key Takeaways: Job Costing Creating the costs for each job allowed management to identify key areas of improvement and the most profitable revenue channels. Managing Gross Margin Breaking out cost of goods sold into subtypes on the P&L allowed management to identify what revenue streams were most profitable. Budgeting Creating an annual budget allowed management to identify milestones to fund growth. The purchase of fixed assets was strategically planned to increase future profits. Strong Processes Managing payments to hundreds of vendors and contractors required a digitized accounts payable system that synced directly to the accounting software. TESTIMONIAL: Punch implemented processes that streamlined all of my accounting functions, I was freed up to do business development and grow the business Jeff Consoletti – CEO, JJ-LA CORE SERVICES Online Bookkeeping In-Depth Financial Reviews Cash Flow Management Accounts Payable & Accounts Receivable Key Metrics