Our Bookkeeping and VCFO team were brought in to work with an entrepreneurial startup with multiple products lines and investors who needed financial information. The previous bookkeeper couldn’t keep up with the demands of the business and as a result the books were not up to date or coded with the correct information.

Through a process of data conversion to Xero, we worked through the prior years transactions to reconcile the bank accounts and using the project code functionality within Xero, we recoded the transactions to allow reporting by the various product lines.   We also supported the general ledger information with uploaded invoices to ensure substantiation of expense items.

Our VCFO team were able to create accurate and meaningful Leadership Dashboards and Board Reports as well as monitor cash burn and capital efficiency.  The business was also able to efficiently claim R&D grants, prepare Statutory Financial Statements and Tax returns as well as raise additional capital from existing and new shareholders.