Nick Lally, finance director at black cab app developer Hailo, reveals how budgeting, forecasting and planning have helped the company's rapid international expansion.
As recently featured in AccountingWEB’s business travel apps review, Hailo is a free taxi-hailing smartphone app currently available in London, Barcelona, Dublin and a growing number of cities in North America.
Founded by three taxi drivers and three internet entrepreneurs, Hailo has so far raised more than US$50m from investors such as Union Square Ventures, Accel Partners, Wellington Partners, Atomico Ventures and Sir Richard Branson.
The app entrepreneurs are looking to expand their reach over the next couple of years, so AccountingWEB caught up with Hailo FD Nick Lally to find out how the firm is preparing and planning for rapid growth.
The biggest change the finance side of the business has experienced in the past year has been the move into the cloud. But Lally explained that the move grew out of necessity.
Lally was the first proper 'hire' working for Hailo. Until that point the firm had external bookkeepers in London, Ireland and the US, who were all using whatever accounting packages were popular in those countries, mainly Quickooks and Sage.
“When I came in I knew that using a hotchpotch of different programs and then having then to consolidate it all for the month end on Excel wasn't going to be a scalable solution,” Lally said.
After taking over, Lally put out a call for accounting software tenders...