Healthcare / Medical Sciences Startup

Early-stage | Fundraising round

Two founders had all but closed a €1 million investment round, but investors were waiting on management accounts before proceeding. Their existing accountants had not kept the bookkeeping up to date, meaning there was no legitimate basis for producing accounts. Nine months of financial data had to be compiled in a matter of weeks. The business had no accounting software and was running entirely on spreadsheets.

• Gathered all available bank transactions, sales records, and expense documentation.
• Set up and fully configured Xero: bank feed integration, branded invoicing templates, correct chart of accounts, and appropriate VAT treatment for their sector.
• Processed and reconciled nine months of accounting data and produced a full set of management accounts.
• Established a weekly bookkeeping process to keep the accounts current on an ongoing basis.

Management accounts were delivered within one week of engagement. The founders closed their €1 million investment round with no further delays. Investors are now updated regularly with monthly management accounts and the founders can produce the latest closed month on demand.