Article Contents
The Highlight Reel
- Eliminate guesswork with accurate monthly financial reports
- Reduce admin overhead by streamlining invoicing and bookkeeping
- See how they saved 20% in storage costs
Growing from a niche seller to one of Amazon’s top wellness brands in the UK, Europe, and USA sounded like a dream until cash flow problems and chaotic accounting nearly brought expansion to a screeching halt.
For Rick North, scaling a rapidly growing eCommerce business demanded more than just passion. It required accurate financial reporting systems and data.
“The scale of growth was starting to impact cash flow. I didn’t really know how much money I was making.”
Switching to Bean Ninjas
He set out looking for an accrual-based accounting firm that intuitively knew the ins and outs of Amazon accounting.
“I was looking for accrual-based accounting… Bean Ninjas is one of the top ones that came up.”
From day one, accurate, timely reports confirmed he made the right decision.
“From switching over to Bean Ninjas, I’ve got monthly management accounts every month. I know what’s going on; I’m in Xero, I can see what’s happening.”
As a remote company, he likes working with Bean Ninjas because they are also a remote team.
“When the structure of your business is virtual, you need systems that work efficiently, remotely, and automatically,” he says. “For me, it’s like Bean Ninjas is actually integrated into my business.”
He especially appreciates how efficient Bean Ninjas’ accounting processes are.
“All I have to do is just send it to an email address. It’s filed and done. There’s a system, and the system just works, and it works on time and efficiently.”
Getting support with loan financing options
As a company that grew rapidly, Rick ran into cash flow problems and stockouts.
“I was just working with all these six-month lenders, extortion rates, and Amazon lending. We kept running out of stock at the end of the year just in December.”
Because his financial reports were accurate and timely, he was able to get Tom’s help with securing much more favorable financing terms.
“Clearly, Tom was available to talk to them where necessary, so they knew I had the backing of the accountants. Thanks to Tom’s availability during the loan process, Rick secured a substantial amount from a major bank at just 8% interest—a game-changer compared to the 40% rates from short-term lenders.”
This is just one way Bean Ninjas helped him regain control to fuel his next phase of growth.
Regaining confidence and making better business decisions
From improved cash flow to expanding to new product extensions, Rick now feels much more confident making business decisions. This means he’s also able to move much faster.
“I feel more confident about committing to new product extensions. I’ve also been able to see waste in the business clearer.”
For instance, he was able to save a lot of money on storage costs.
“Now I can see the storage costs in one place. We can shave 20% off our storage costs.”
That alone frees up thousands of pounds every quarter to reinvest in new product development.
Bean Ninjas as a partner
Rick’s journey with Temple Spring showcases the challenges of scaling an eCommerce business, from cash flow struggles to inadequate accounting services. With Bean Ninjas’ support, Rick secured better financing, streamlined operations, and regained confidence in his business decisions.
“If you want someone who’s in sync with your business and who allows you to have confidence and accuracy and speed, then work with these guys.”
The partnership has not only reduced his stress but also positioned his company for future growth and an eventual exit.
“I sleep better now, knowing that this is all taken care of. We get things done, we don’t make a big fuss, and we do things the first time. That is a huge relief when you’re handling thousands of transactions a day.”
About Temple Spring
Temple Spring is the largest seller of exfoliating products and bath trays designed to promote relaxation and well-being on Amazon in the UK and Europe.
Company Founded: 2019
Industry: Health & Wellness
Location: UK
Revenue: £2-£5m
Headcount: 3-5
Sales Channels: Amazon
