Recently we revisited and updated our TerraStride case study, and the results were impressive. TerraStride is one of Accountfully’s longest clients, clocking in at about six years of the outsourced accounting partnership. Let’s take a peek at some of the latest bullet points that show the massive success of the land tracking app company. You can see the rundown on our Case Studies page, here.
What Is TerraStride?
TerraStride is a South Carolina based mapping technology company that is led by Lanford Holloway. It is a key piece of technology that assists in selling, mapping, and managing land; running the spectrum from hunting, to selling high end real estate. The software enables users to create, share, and publish maps using any device - at home or in the field. It can be used on mobile and desktop devices.
Under the TerraStride umbrella, is HuntStand; an app and website focused on the hunting enthusiast, with advanced features for tracking, mapping, and weather features. It also provides valuable data surrounding land ownership, designation, and regulation.
For the more advanced user, there is TerraStride Pro. It is focused more on the real estate side of things, and offers advanced features for realtors to map, track, and attractively display key property features, such as hunting assets or timber stands.
Improvements Since the First Case Study
When TerraStride first brought Accountfully on board, many positive changes were made, which translated nicely into growth and efficiency for the company. We implemented cloud based systems and allowed the CEO to get out of the bookkeeping weeds. Since then, major changes have been seen:
- The company became profitable
- TerraStride was able to obtain the company, HuntStand
- An SCRA loan was paid off
- TerraStride made the Inc. 5000 list in 2020, with a three year growth rate of 751%
- Accountfully managed the PPP Loan process, allowing a new media company to be acquired with minimal effect to the company’s cash flow
- Advanced reporting from more established bookkeeping and accounting data have allowed the company to continue to grow and stay lean in doing so
What Is Next For TerraStride and Accountfully
TerraStride’s success has caught the attention of investors, and the easy-to-access reporting from Accountfully, has made it much easier for the company to interact with potential investors and make informed decisions. As the company steers toward preparing for potential private equity firm valuation, a change over to GAAP Based Financials is on the horizon. This will assist in the audit necessary to assess its value. As growth and profitability continue, the company plans to dive deeper into growing the more profitable areas of the business using Accountfully’s advice and accounting expertise.
For more details on the updated case study, visit the Accountfully Resources page: https://www.accountfully.com/case-studies/terrastride
For more information on TerraStride and its software applications, visit their website: www.terrastride.com
If you are interested in getting your focus out of your books, and back into your business strategy, let's talk. Tell us about your business, and we can help you see areas that Accountfully can help.