Fast-growing start-up manufacturer of biotech medical devices
To secure a new round of financing
Poor financial reporting
This two-year-old startup wasn't sure how to get the most out of its state-of-the-art accounting software. It hoped to grow its revenues from $500,000 to $4 million over six months and to increase its payroll from 60 to 120 employees. To reach its goal, however, it needed a new round of angel-investor financing — a forlorn hope if the company couldn't show its angels an accurate picture of its financial dynamics.
JRH Consulting Group analyzed the flow of information between the accounting department and the rest of the organization, determining who needed to know what and when. We overhauled existing procedures and recommended the recruiting of a strong accounting department manager. We also instructed staff in the use of the accounting software, and improved reporting to give management an accurate picture of the company's financial position. This allowed the company to manage cash flow, track ongoing projects through job-cost analysis, and negotiate better pricing from vendors, among other benefits.
The company mastered its own financial system and secured new angel financing.