July 16, 2024
Condesa was engaged by a San Francisco based technology startup following a successful pre-seed fundraise of over 300,000 USD. At the time of engagement, all financial activity was monitored solely within online banking with no accounting or financial reporting processes in place. Condesa was engaged in a Fractional CFO capacity to shore up all accounting activity with proper systems and procedures and to create the appropriate deliverables for ongoing fundraising.
As the Company had already been in business for nine months prior to engaging these services, Condesa initially focused on implementing Quickbooks Online as the appropriate accounting platform. We provided the appropriate Chart of Accounts for a technology company, accounted for all historical transactions and included supporting documentation for all applicable transactions. To ensure ongoing compliance for credit card transactions, Condesa onboarded the Client onto the RAMP platform.
Once Quickbooks and RAMP had been successfully implemented and all historical activity accounted for within these platforms, Condesa established appropriate procedures for ongoing monthly bookkeeping, ensuring that the Client will be ready for any potential financial due diligence on behalf of prospective investors.
As the Client’s focus shifted towards revenue generation and future fundraising, Condesa created a dynamic financial model with a 5-year revenue forecast and valuations for both SAFE and common equity investments. The Client was able to successfully leverage this financial model to establish pricing strategies for their SaaS product, make hiring and cost management decisions, and successfully defend valuation conversations with prospective investors.
Condesa additionally brought in our tax partners to perform the Company’s year-end C Corporation tax return.
Services Provided:
- Fractional CFO
- Financing Rounds (Fundraising)
- Accounting & Bookkeeping
- Accounting System (Setup)
- Tax Return (Referral to Partner)
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