Backpack Group, LLC

Backpack Group is a software-as-a-service data company that runs an information platform for commercial real estate building operations. As a growing company with 11 to 50 employees, it needed its finance function to keep pace with the business.

Backpack’s CFO needed more than someone to keep the books. He needed a reliable monthly close across multiple entities, a disciplined approach to collections, and someone to own the company’s sales tax obligations. All of it had to run on a firm schedule and meet clear performance standards.

Backpack Group was looking for a partner who could take on end-to-end financial accounting, work alongside its internal team, and hit agreed targets from day one. CoCountant had high ratings, pricing that fit the budget, and came recommended through a referral.

The financial operations challenges facing Backpack Group

When Backpack Group partnered with CoCountant in January 2024, the CFO had three priorities: financial reporting he could rely on, faster cash collection, and compliance that didn’t depend on him stepping in personally.

A monthly close that had to run on a tight timeline across multiple entities
Backpack Group needed financial statements for each individual company plus a consolidated view of the whole group. That means every month-end involves reconciling and reporting across entities, not just one set of books.

Example:
In a multi-entity structure, a single delayed reconciliation or unresolved intercompany balance can hold up the whole consolidated report. When the close drags, leadership waits on the numbers it needs to review performance.

Accounts receivable that needed active management
For a subscription business, revenue booked isn’t the same as cash collected. Backpack needed someone to actively manage receivables and run a structured collections follow-up process.

Example:
Without a defined follow-up process, overdue invoices can sit unchased while the team focuses on day-to-day work. Cash that should already be in the bank stays tied up in receivables.

Sales tax registrations and filings that needed a clear owner
Sales tax rules for SaaS products vary from state to state, so a growing software company has ongoing registration and filing obligations. Backpack needed someone accountable for managing them accurately and on time. This created several needs across the business:

• Registrations had to be set up and maintained wherever the company had obligations
• Filings had to be prepared and submitted on schedule
• Compliance had to run reliably without pulling the CFO away from strategic work

Bringing structure and speed to Backpack Group’s financial operations

CoCountant assigned a dedicated accountant to Backpack Group who took ownership of the full accounting cycle — from the monthly close through collections and compliance — measured against KPIs agreed at the start of the engagement.

Fast, reliable monthly close and financial statements

• Took ownership of end-to-end financial accounting and the monthly close process
• Prepared individual company and consolidated financial statements within 10 workdays after month-end
• Delivered on schedule month after month, in line with the KPIs set at the start of the project

Outcome:
Backpack Group’s leadership now receives complete, consolidated financials within two weeks of month-end, and can count on them arriving on time.

Proactive A/R management and a designed collections process

• Took over management of accounts receivable and collections
• Designed a structured collections follow-up process so overdue invoices are addressed consistently
• Tracked receivables closely to reduce the time between invoicing and payment

Outcome:
Backpack Group reduced its A/R days, freeing up cash and improving visibility into incoming revenue.

Sales tax compliance and a partner embedded in the team

• Managed sales tax registrations and filings on the company’s behalf
• Suggested and implemented key process improvements to streamline workflows
• Worked with team members across departments, communicating through regular virtual meetings

Outcome:
Backpack Group gained a finance partner that fits into its organization, handles compliance reliably, and keeps improving how the work gets done.

How CoCountant strengthened Backpack Group’s finance function

With CoCountant running day-to-day accounting, Backpack Group’s CFO has a finance operation he can rely on. The work is held to clear standards, and the team adapts to his specific needs.

From the start, both sides agreed on expectations and set KPIs to measure the engagement. CoCountant didn’t just meet those targets — it exceeded them. Today, Backpack Group has:

• On-time monthly closes, with individual and consolidated financial statements delivered within 10 workdays of month-end
• Reduced A/R days, backed by a structured collections follow-up process
• Sales tax registrations and filings managed by a dedicated owner
• Process improvements that have made the finance workflow run more smoothly
• A knowledgeable, responsive accountant who works well with teams across the company

The combination of technical depth, flexibility, and dependable delivery made CoCountant the right fit for a SaaS company that needed a high-performing finance function. Backpack Group rated CoCountant 5.0 overall on Clutch, with 5.0 for quality, schedule, and willingness to refer, and has reported no areas for improvement.

“Assigned CoCountant staff was very knowledgeable and understood expectations. He met and exceeded KPI set at beginning of project.”

Don’t underestimate the value of a finance function that delivers on schedule. If your finance team needs more capacity, CoCountant can embed a dedicated accountant who works to your KPIs under your leadership and provides the structure and expertise your business needs to scale with confidence.