As a Series-B funded SaaS company was focused on delivering a world-class product and scaling its revenues, its top management and CFO felt they needed to structure and optimize their internal financial and accounting practices. This was critical to gain visibility into the financial health of the company as it scaled, and maintain transparency with its stakeholders as fiduciary and good governance practice.
Their CFO approached us to assess their financial compliances and assist them with the due structuring in compliance with US GAAP standards.
As we reviewed the company’s revenue recognition practices, we diagnosed that the company had yet to implement ASC 606 standard. As the company was also looking to scale and raise more funds, we also advised that it would be prudent to ensure their financial statements were meticulously updated to be compliant with US GAAP standards. For existing and forthcoming investors, financial hygiene is of utmost importance and aids them in a timely closure post formalizing their commitment
As a result of our initial work, the top management expanded the scope of our engagement. Our team also undertook the work needed to prepare them for their first audit.
As part of this preparation, we also review their:
The CFO was thrilled with our work, which resulted in the significant expansion of the project scope. The project got initiated in the Q4 of 2023, and the CFO set a strict deadline to complete the assignment within that quarter to ensure a clean start for the Fiscal Year of 2024.
We worked tirelessly to help achieve that objective. The result was a satisfied client, with financial statements compliant with U.S. GAAP standards.
As part of our engagement, we strive to:
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