Customer Success

How ‘Passport’ built a back-office to match their continuous growth

By September 3, 2021 No Comments

By Casey Gillam, Sales Manager @ CFO Plans Inc.

 

We are living in a time in the US where you can start to feel hungry, pull out an electronic device from your pocket, choose a few pictures, and have almost any food you’re craving delivered right to your front door in about 30 minutes. Amazing. Consider the struggles of the lives of your ancestors. Consider the effort and energy that used to go into that process. Over the recent decades, these nearly instant deliveries have become what our forefathers would have called “miraculous.” And advanced technology is leading the way for even better, faster delivery methods. How soon before the majority of items you purchase on Amazon will be flown by drone directly to your doorstep? Companies managing the shipping process must continue to adapt to every threat and opportunity that arises in this era of immediate results. One company expertly managing the ever-changing logistics of shipping is Passport Global.

Alex Yancher is the CEO and Co-Founder of Passport Global. His robust experience and business acumen put him in a prime position to lead such a logistics-intensive operation. Passport is a modern international shipping carrier built with customer experience at its core. Alex began to surround himself early on with team members whom he could trust to manage the challenges of the shipping industry. The customer experience and necessary technology were top of mind when he began investing in the performance outcomes of his business. And the international components of shipping would only lead to more complications, not fewer. As Passport needed to get off the ground, Alex had to rely on competent, capable, and driven resources to manage every aspect of the company. In particular, Alex wanted to focus his attention on the big picture of business strategy and development, and not have to worry about the daily details that can suck valuable resources and time from management.

Realizing he did not want to spend his time worrying about the daily back-office tasks such as accounting, accounts payable, and payroll, Alex met with CFO Plans to see if they could offer a solution to his pain points. Right away, Alex found confidence in a team that could effectively manage his entire back-office operations. A CFO Plans service team took over the financial operations in May 2019. This allowed Alex to have his team focus on top priorities of the company such as logistics, and away from the time-consuming difficulties of tasks like accounts receivable. After the CFO Plans team onboarded, Passport began to go through a rapid growth phase where they went through funding rounds and began acquiring other businesses. Alex wanted all of the bookkeeping out of his hands and wanted minimal involvement in the detailed world of debits and credits, and CFO Plans delivered exactly what he wanted, providing him with great financial reporting when he needed it and managing the details in the background.

Today, Alex treats the CFO Plans team as if they were his own employees. He trusts the expertise of the team he’s onboarded and allows them the freedom to manage in a way that is best for his company. When CFO Plans sees potential opportunities or threats, they meet with Alex to share their thoughts and give him the power to manage the corporate financial future for success. In order to manage the big growth opportunities for Passport, Alex brought on a new director of finance who would manage the CFO Plans team. He was thrilled with the outcomes and performance of the accountants and conveyed that implied trust to the new director of finance. In July 2021, the director of finance worked closely with CFO Plans to initiate and proceed with the acquisition of another entity, and it couldn’t have gone any better. It was a very short turnaround to acquire a new business, and CFO Plans was detail-oriented and efficient in recording every detail properly. Due to the needs of this most recent acquisition, CFO Plans had to expand the assigned team – a common stage as clients grow. Passport valued how seamlessly new team members were brought on board as training and Human Resources concerns were completely managed by CFO Plans. This relationship between Passport and CFO Plans is set for long-term growth and success.

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