Tandem (aka Devmynd Software): Convert from Cash to Accrual and Improve Reporting for VC/Board
This 5-year old company took on a venture capital partner and they wanted to provide an annual budget, quarterly financials and an annual financial audit—on all on accrual/GAAP basis. The company’s accounting records were maintained by its office manager on a cash basis, and there was no budget or budget process.
Bringing a combination of a CFO and Controller to the engagement, CFO Options helped them convert to accrual-based financials, create annual budgets and quarterly reporting to the board.
By year 4 of our engagement, the company saw a 400% in revenue and operating margin increase from negative to positive 24%.
Annual budgets, quarterly financials and the annual audit have been completed and provided on an accrual basis for all periods.