Tech-Forward Accounting Partnership Brings Meaningful Financials to Innovatemap

“Milestone’s team is my team. Their partnership and use of technology are unlike any other outsourced accounting firm.”  Mike Reynolds, Innovatemap – Founder & CEO

Situation

Innovatemap was looking to work with a more progressive accounting firm that would not only provide accurate bookkeeping but who would bring meaningful financials to support day-to-day decision-making.  “My business was growing, and I needed good data to help us make the right decisions,” noted Innovatemap CEO Mike Reynolds.  

Solution

Innovatemap hired Milestone to provide recurring accounting support and build a financial forecast and management dashboard to improve day-to-day decision-making.  

Outcome

After engaging with Milestone, Innovatemap has been able to leverage the insights they gain through its financial reporting and financial forecasts to help them execute operations and grow the business with confidence. They have found a financial partner they can trust for strategic financial guidance.

Innovatemap was founded in 2014 by CEO Mike Reynolds.  The company delivers top-quality research, branding, marketing, and design for digital products. Innovatemap is a progressive digital product agency that has grown to service a wide variety of industries while focusing on early-stage tech companies. The business was featured in Inc. Magazine’s 2020 fastest-growing businesses and Inc. Magazines’ 5000 regionals and 5000 national lists in 2021. The company’s growth has allowed them to expand to New York City, where it opened a new office in 2021.

In the early days of Innovatemap, Reynolds handled the bookkeeping, spending 8 hours each week on their finances. As the business began to grow, Mike knew this wasn’t the best use of his time.  He needed to get the bookkeeping off his plate and improve the financial operations of the business without blowing the budget.  In Reynold’s eyes, Innovatemap could try to find a “unicorn hire” that would cover everything from bookkeeping to CFO-level strategic support at the right price, or they could find an outsourced partner who could cover the whole spectrum of services.  In the end, a fractional solution was the best fit.  “I get the expertise I need in a cost-effective solution.  Milestone owns our finance function. They are like a well-oiled machine,” Reynolds noted.  

Innovatemap chose Milestone because they were highly recommended by trusted leaders, and they had proven experience in delivering meaningful financials and building financial models. Reynolds said he knew early on he needed better visibility to support decision-making, “My business was growing, and I needed good data to help us make the right decisions,” he noted. Reynolds was looking for timely and accurate information about service line profitability, KPI tracking, and departmental spending, as well as a robust financial model to forecast future cash flows.  “The Milestone team delivered,” Reynolds emphasized.  Today, the Innovatemap leadership team leverages the financial insights they get from Milestone to help them guide and grow their business.  “We routinely use our financial forecast to help us answer critical questions around hiring, spending, and overall cash management,” Reynolds said.

One of the things Reynolds values most about his relationship with Milestone is their partnership approach.  “I view Milestone as my financial partner; they are a part of my team,” he said.  Reynolds also praised the ability of Milestone to support the arc of his company; “The Milestone team has been with me since the beginning and have provided innovative solutions to help us scale.  They have been an invaluable partner and a key contributor to our success.”