AUSTIN, Texas--(BUSINESS WIRE)--ScaleFactor, the smart finance and accounting platform that enables businesses to operate in real-time, today announced Q3 2018 results, including a record 700 percent year-over-year sales growth based on same quarter sales from the previous year. Fueled by small businesses’ vast needs for simpler, transparent and more effective back-office solutions, the company will continue this momentum into 2019 with plans for multi-city office expansions.
“The back office can be complex, time-consuming and error-prone for many businesses today,” said Kurt Rathmann, founder and CEO at ScaleFactor. “ScaleFactor’s ability to automate accounting, payroll, taxes and other needs with ease is driving adoption, and we couldn’t be more pleased with the explosive growth we are experiencing. With excellent customer satisfaction results garnering strong sales growth, we look forward to a great end to the year.”
ScaleFactor reported the following results:
- Record new and expansion sales in Q3 2018: 700+ percent sales growth compared to same quarter sales of previous year.
- High customer satisfaction ratings: 9 out of 10 ScaleFactor customers reported a “Very High” or “Excellent” rating in ScaleFactor’s customer satisfaction survey during the quarter.
- Strong adoption of new products: Recent release of Cash Vision product saw a 70% percent adoption rate across new customers in the first month of availability alone, with the vast majority reporting excellent cash flow forecasting accuracy.
- Partner ecosystem growth: Partnerships also grew 34 percent in Q3 2018, notably with the first partnership of its kind in the industry with Gusto, a leading payroll platform gaining strong popularity with small businesses.
- New offices announced: ScaleFactor plans to expand its offices into Denver, New York and San Francisco.
“The small business sector has gained tremendous strength in a wide variety of industries, including professional services, financial services, media, CPG and industrial products industries,” said David Loia, chief revenue officer, ScaleFactor. “Customers love innovations like ScaleFactor’s Cash Vision and receive full advantage of new strategic partners like Gusto. Together, these factors have propelled a strong 2018 and will continue to garner momentum as we expand next year.”
ScaleFactor is on a mission to help small businesses scale faster. By automating complex accounting tasks and translating financial information into usable business insights, ScaleFactor is enabling business owners, managers and entrepreneurs to focus on what they love — running and growing their business. Find out more about how ScaleFactor is solving the problems that businesses face every day at scalefactor.com.