Advisory for startups - on course for growth with the right financial software

In the early stages of company development, the focus of startups is not on back-office processes or even finance. Above all, startups want one thing: to focus on their business and grow! However, once external investors or capital providers have entered the company, startups need meaningful business plans and timely financial reports that provide transparent and timely information on business development and the financial position.

At some point even startups need more than accounting

Therefore. It is important to prepare the finances professionally for successful growth and to develop a future-oriented financial roadmap at an early stage.

The relevant financial topics for startups are significantly shaped by the respective development phase of a young company. We - PAS Financial Advisory AG (hereinafter referred to as "PAS") - particularly notice this when looking at the very different services requested from us at different stages of a company's development.

The development phases of startups

The following chart provides an overview of the typical development phases of startups and is supplemented by the services requested at PAS:

Seed and Early Stage

In the seed and early stage phases, we particularly support financing rounds, for example by optimizing investor reporting or planning, as well as offering outsourcing services in the areas of financial accounting and payroll. In addition, we support the establishment of initial reporting structures or the creation of accounting guidelines for new employees.

Growth

The growth phase of startups is regularly characterized by the professional development of the finances. In this phase, the conversion of the accounting to IFRS or US-GAAP as well as the optimization of the internal control and risk management system, which is required for a company to be ready for the stock exchange, is often carried out, for example, in order to achieve IPO readiness. In some cases, the introduction of an integrated ERP system also makes sense here in order to create stable and sustainable structures. However, such a step usually means a real tour de force for startups and requires professional support in order to fully exploit the advantages of modern cloud ERP systems.

Our startup customers love LucaNet

In the growth phase, many of our customers also come into contact with LucaNet software for the first time. Especially when it comes to mapping initial group structures or presenting parallel financial structures (e.g. German GAAP / IFRS) transparently and flexibly.

LucaNet provides startups with an optimal introduction to the professionalization of financial reporting, both at the level of individual financial statements and, above all, at group level.

In our experience, LucaNet covers the business and process requirements during the growth phase like no other solution on the market. Despite the high level of standardization, LucaNet is flexible enough to meet the mostly dynamic requirements of startups. In addition, the solution is intuitive for business users and can be implemented quickly and cost-effectively. This is one of the reasons why LucaNet is one of the most popular software solutions for consolidation, financial planning, and reporting financial performance solutions on the market.

Many of our capital market-oriented, but also private equity-held startups have been using LucaNet for professional financial reporting for years.

Easy implementation through interdisciplinary teams

LucaNet implementation already starts with the setup and configuration of the upstream or ERP systems. This is where the course is set for future financial reporting, especially when it comes to optimally preparing structures and financial dimensions for IFRS, US GAAP, and group reporting.

Our clients appreciate having the structures they need in LucaNet already in place during the ERP implementation, both in terms of business processes, and system technology. Furthermore, in order to ensure the data integrity of the financial data that is loaded into LucaNet via the financial processes and subsequently processed further, it may be necessary to be able to make customer-specific interface adjustments in addition to the existing LucaNet standard interfaces.

For this purpose, PAS has created a team of experienced and certified LucaNet consultants that is unique in Germany. Our consulting-oriented solution approach is always individual and adapted to the specific needs of the customer. As a full-service consultant with specialist and IT expertise, we always keep an eye on the end-to-end processes in order to map the complete finance workflow in a comprehensible way, from the voucher to the individual financial statements to international group reporting.

Startups want support from a single source

When implementing LucaNet, our startup clients appreciate the integrated, professional-technical support. Startups and their auditors are only happy with a customized finance setup that includes the mapping of all relevant accounting standards and notes as well as the mapping of complex accounting topics and consolidation issues.

Therefore, we have set ourselves the goal to accompany startups from the seed phase to a perspective exit or IPO in the development of a professional finance department with a modern consulting approach. With specialist know-how, process understanding, and LucaNet, we can get started without lengthy implementation phases and costly IT infrastructure projects. This allows startups to do what they should do: focus on their operational business and grow.

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