Elevating business expansion through strategic financial partnership
Overview
No matter the industry, efficient processes are essential. Here at Baltic Assist, we’re delighted to take care of our clients’ needs, ensuring seamless operations for businesses of all kinds, just like we did for our client True Gum.
Founded in 2017 in Copenhagen, Denmark, True Gum creates plastic-free, vegan, and biodegradable chewing gum and plant-based mints free from sugar, offering a kinder alternative for the clients and the planet.
We started working with the company in 2018, and back then, our collaboration with True Gum started with fundamental accounting tasks. The company continued to expand, and in 2022, they hired an internal Head of Accounting & Finance. However, we continue our partnership, handling a significant share of bookkeeping tasks.
Challenges
Before teaming up with us, True Gum’s Co-Founder Jacob Sand Motzfeldt personally tackled all accounting tasks. Being relatively new to accounting, it was time-consuming.
The challenge emerged as Jacob noticed that handling accounting tasks started piling up, making it difficult to focus on company growth.
The team then started looking for an accounting partner, and based on a recommendation from one of our clients, True Gum reached out to our team to help them out.
Solutions
As True Gum contacted us early on, the initial implementation was smooth, focusing on some general accounting tasks.
Our collaboration with the client has evolved in tandem with their company’s growth. In the initial stages, when True Gum operated with fewer customers, monthly entries, and a single bank, we at Baltic Assist played a significant role in their accounting function.
We were responsible for tasks such as:
- daily bookkeeping,
- month closing,
- VAT,
- payment preparations,
- and salary processing.
As True Gum’s organizational setup expanded, encompassing three companies in two countries, the complexity of their financial operations increased. In response to this growth, True Gum brought in an internal Head of Accounting & Finance in 2022 to oversee planning.
While some tasks transitioned internally, Baltic Assist retained a crucial role, particularly in bookkeeping. Interestingly, our measured hours of collaboration have intensified, highlighting the continued significance of our partnership in supporting True Gum’s evolving financial needs.
Results
“I appreciate Baltic Assits’s flexibility and service-mindedness. It feels like an extension of our team.” – Jacob Sand Motzfeldt, Co-Founder at True Gum
Working with our team for five years now, True Gum has more time to focus on growing their business. We still handle most of their bookkeeping tasks, and our partnership has grown even stronger.
In terms of time investment, our monthly collaboration with True Gum involves an average of:
- True ApS (Denmark): approximately 130 hours per month.
- True Company GmbH (Germany): approximately 45 hours per month.
- Group 472 ApS (holding company, Denmark): approximately 2 hours per month.
Our dedicated team, comprising a Financial Accountant, Senior Finance Associate, and Junior Finance Associate, actively works on the project, ensuring seamless financial support and contributing to True Gum’s continued growth and success.
We’re thrilled to be part of True Gum’s journey, supporting their expansion and contributing to their success by taking care of important financial tasks.