Financial management for growing business — MATE.Bike and Baltic Assist case study
Overview
We're happy to share another successful case study highlighting how Baltic Assist's financial management have played a vital role in advancing our client's growth journey.
Let us introduce you to MATE.Bike – a Danish company founded in 2016 by siblings Christian Adel Michael and Julie Kronstrøm Carton.
MATE.Bike stands out in the market for its seamless blend of contemporary Danish aesthetics and engineering excellence. Specializing in the design, manufacturing, and sale of e-bikes, MATE.Bike has established itself as a recognized brand synonymous with high-quality products.
With a team of 15 dedicated employees, MATE.Bike is committed to setting new standards for innovation and customer satisfaction in the e-bike industry.
Back in 2019, MATE.Bike reached out to our team for accounting services. With five years of collaboration, we’ve established a strong partnership and helped our client streamline their financial processes, allowing their team to focus more on product development and customer engagement.
Challenges
MATE.Bike contacted our team, and their main challenge revolved around the need for reliable financial management to support their growing business.
Our team was recommended to the client by one of the Danish SMB businesses that has previously outsourced its accounting to Baltic Assist.
We presented our team and workflow to MATE.Bike prior to our collaboration, and we soon started working together. While the client had initial concerns about our team handling the Danish language and legislation, we were happy to show our expertise and combat any doubts early on.
To get our collaboration going, we established goals, including defining a Service Level Agreement (SLA) for monthly book closures, as well as efficient management of suppliers and payments.
Location
Copenhagen, Denmark
Industry
Profile
Founded 2016
Website
“What I appreciate the most is a very good relationship with all the people I have been in contact with. Baltic Assist is always very responsive and helpful. I feel that they do everything possible to help and don’t just look at schedules and agreements.”
— Lars Hamann, CFO of MATE.Bike
Solution
To address MATE.Bike's need for reliable financial management, we proposed a comprehensive accounting solution tailored to our mutual goals.
First of all, we assigned a Team Lead and an Accountant to work with MATE.Bike, ensuring seamless operations and timely communication.
Our main responsibilities working with the client include:
- Financial accounting
- Full-scope bookkeeping
- Registration of payments
- VAT reporting
- Audit assistance and any other ad hoc tasks
As of today, we dedicate around 120 hours monthly to cover MATE.Bike's accounting needs, ensuring thorough attention to detail.
For enhanced workflow, we integrate user-friendly systems like Corpay and Expensify.
Results
When reflecting on our collaboration, MATE.Bike emphasized our team's prompt management of supplier invoices, payment processing, and postings that significantly contributed to the smooth operation of MATE.Bike's financial operations.
We are excited to share that MATE.Bike is eager to recommend our team to others due to our responsiveness and proactive approach to assuming responsibility for tasks and ensuring strong internal controls.
“What I appreciate the most is a very good relationship with all the people I have been in contact with. Baltic Assist is always very responsive and helpful. I feel that they do everything possible to help and don’t just look at schedules and agreements.” — Lars Hamann, CFO of MATE.Bike
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Baltic Assist provides a comprehensive outsourcing solutions that saves costs, enhances efficiency, and strategic decision-making for your business.
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