Tech Start-Up
January 2024
Tech Entrepreneur Selects Finling for Flexibility, Knowledge and Responsiveness
Outsourced Finling finance team leaves entrepreneur free to focus on new business
Chatbots can’t do everything - Finling’s personal touch stands out from the crowd
Key benefits:
· Finling gives new company best chance of success
· Finling’s proven knowledge builds trust among customers and investors
· Flexible systems and business approach make it easy to add new services quickly and seamlessly
· Attention to detail makes it possible to claim thousands of pounds in R&D tax credits
· Management time savings average over 20 hours per month
· Finling is the start-up’s eyes and ears - nothing falls through the financial cracks
· Outstanding return on investment – benefits far outweigh monthly fee
Challenge
To launch a new company the CEO and founder first needed to conduct a feasibility study for the new software platform as part of building an overall investment case. Demonstrating how the new company planned to handle its financial operations was critical to success. Despite being a chartered accountant by profession, the CEO wanted to devote all his energy to scaling the new business, away from time-draining distractions such as handling day-to-day finances.
With that in mind, the decision was made to outsource the finance function and the CEO set out to find an accounting partner that combined a progressive outlook with technical know-how. He said: “Being a tech entrepreneur myself, using the latest technology is super important for me when choosing a financial partner. I didn’t want an ‘old school’ accountant firm, I wanted accountants that were familiar with cloud software. Following extensive Internet research and an initial call with Jennifer Denning, CEO of Finling to scope out my initial requirements, I just knew they really got what I was trying to build and that gave me – and our investors - confidence that Finling was the right company to work with while offering excellent value for money.”
Furthermore, Finling’s willingness to do business in person rather than solely through automation and chatbots made them stand out from the crowd.
Solution
Finling’s initial scope of works covered a range of services including the monthly management of accounts, book-keeping, VAT returns and corporation tax with the possibility of adding more services as and when necessary, such as setting up and adding staff members to payroll. Another distinct advantage is that Finling’s software is highly flexible and able to reconcile the complexities of various business models without relying on messy, time-consuming spreadsheets.
To provide a consistent service while ensuring accuracy, Finling’s technology can link seamlessly with the accounting solutions of the new start-up so that combined with excellent teamwork, ‘nothing falls through the cracks’ such as flagging up when there is a missing invoice.
For a new start-up focused on technology innovation, investing in research and development for new projects is very important but equally for a fledgling company, the costs can be prohibitive. For this reason, claiming R&D tax credits from HMRC is extremely important and fortunately, Finling has the tenacity and specialist knowledge of the due process to secure them even when claims run into tens of thousands of pounds.
Results
Great customer support for fledgling business.
Entrepreneurs setting up a new business need all the support they can get and Finling makes life easier both in terms of strategically strengthening the original investment case and launching the start-up. Setting up and adding new services as the business grows is quick, easy and seamless. Finling’s flexibility is a definite competitive differentiator according to this CEO, “There hasn’t been anything that we’ve thrown at the Finling team that they’ve not been able to do. It’s just great to have that flexibility, being able to add services as you go.”
Tech and financial experts with the personal touch.
Finling’s personal touch is another differentiator. Being able to speak to a human being, receive an instant response and know they understand what the start-up was trying to achieve was so different from the majority of companies that interact completely via their websites or chatbots that ask you to fill out a form and maybe they will get back within 7 days!
Value for money
In addition to Finling’s assistance with securing R&D tax credits, it is the team’s ongoing return on investment that adds real business value. This tech start-up has doubled its spending with Finling from around £500 to £1,000 per month and yet it would be impossible to hire a professional, experienced financial controller for £12,000 per year. Management time savings amount to at least 20 hours a month simply by outsourcing the finance function to Finling.
The CEO concluded “If I had just three words to describe Finling, they would be friendly, responsive and knowledgeable. When navigating the minefield of tax and accounting, Finling’s knowledge is invaluable and the organisation’s responsiveness is second to none. The team inspires confidence so you can focus on growing the business. Working with Finling has been a really positive experience. To anyone looking to start a company or even just struggling with their finance function, I would, without hesitation, recommend Finling.” CEO and Founder
Media Contact
Mary Phillips
PR Artistry
Tel: +44 1491 845553
mary@pra-ltd.co.uk