Series B Technology Company
Industry: Enterprise SaaS
Funding: $45M Series B
Location: Austin, Texas
The Challenge:
Rapid growth after a successful Series B raise creates a unique inflection point for startups: they need to quickly build sophisticated financial operations while maintaining their growth trajectory. This Austin-based SaaS company found itself facing this exact scenario after raising $45M. Their revenue was doubling every six months, they were expanding internationally, and their basic financial processes were straining under the weight of their success.
"Post Series B, everything accelerated," explains their CEO. "Our board was demanding more sophisticated financial reporting, we were planning our Series C, and we needed to build financial operations that could scale with our growth. But competing for top finance talent in Austin's tech scene, especially against well-funded late-stage startups, felt like an impossible task."
The company's existing finance team, while competent with basic operations, lacked the expertise needed for advanced financial planning, board reporting, and preparing for future funding rounds. Traditional hiring approaches proved challenging - local candidates with the right experience were either too expensive or already committed to larger tech companies.
The Transformation Journey:
Working with Nexteam, the company took an innovative approach to building their finance function. They initially engaged a senior finance professional who brought both startup and enterprise experience, along with expertise in modern financial tools and systems.
"The impact was transformative," notes their VP of Operations. "Within weeks, we had financial operations that rivaled much more mature companies, but with the flexibility and cost structure that made sense for our stage."
Building a Scalable Finance Function:
The remote team grew strategically to include:
- A senior FP&A professional for sophisticated planning
- A system implementation expert for modern financial tools
- A revenue operations specialist for SaaS metrics
- A technical accounting professional for GAAP compliance
Key Transformation Elements:
1. Financial Systems Modernization
- Implementation of an advanced ERP system
- Automated revenue recognition
- Sophisticated billing systems
- Integrated planning tools
- Enhanced reporting capabilities
2. Strategic Planning Enhancement
- Rolling forecast implementation
- Advanced SaaS metrics tracking
- Cohort analysis automation
- Customer economics modeling
- Scenario planning capabilities
3. Operational Excellence
- Automated month-end close
- Real-time dashboard creation
- Integrated budget management
- Enhanced cash flow forecasting
- Board reporting automation
Measurable Impact:
The transformation delivered significant improvements:
- Reduced month-end close from 20 to 5 days
- Implemented real-time SaaS metrics tracking
- Enhanced forecast accuracy by 85%
- Automated 80% of financial processes
- Created sophisticated board reporting packages
Creating Competitive Advantage:
"This approach gave us a finance function that punches way above our weight," reflects their CEO. "We have the sophisticated financial operations of a much larger company, but with the agility and cost structure of a startup. This has been crucial for our fundraising efforts and board relations."
Long-term Value Creation:
The remote finance team has become integral to the company's growth strategy, contributing to:
- Successful Series C preparation
- Enhanced investor relations
- More sophisticated planning
- Improved operational decisions
- Strategic growth initiatives
Future Outlook:
The company continues to enhance its financial capabilities, focusing on:
- Advanced analytics implementation
- Enhanced automation initiatives
- Expanded reporting capabilities
- IPO readiness preparation
- Scalable financial processes
Note: While we maintain client confidentiality in our public materials, we're happy to provide direct references and facilitate conversations with similar clients during the engagement process.