Seed-stage companies and small businesses may not have the resources to hire a full-time CFO; however, they do not have to go without strategic financial advice. Salient, an early-stage software company, wanted a virtual CFO to help build a financial model and forecast so it could better understand its cash runway.
They needed to identify the impact of hiring additional team members, obtaining grant funding, venture debt, and landing customer deals. Not only was Salient seeking a vCFO with a modeling tool sophisticated enough to run side-by-side scenarios, but they needed a customized approach – that’s where Execor stepped in.
They needed to identify the impact of hiring additional team members, obtaining grant funding, venture debt, and landing customer deals.
Solution
Experts worked hand-in-hand with Salient to customize their financials and chart of accounts. Our team also worked with the executive team to understand Salient’s specific reporting needs and performance metrics to prepare a detailed forecast, and model four cash flow scenarios over 24 months. After attending board meetings for forecast feedback, our team makes updates and thoroughly reviews the sales pipeline and its use within the financial forecast.
CFO also assisted Salient in reviewing draft venture debt agreements, providing insights and recommendations on areas that may be negotiable. We offered guidance in preparing and reviewing their 409A, implemented a new credit card and spend management tool, and customized our vCFO services to help Salient optimize their back-office.
I look forward to seeing how these developments will improve service levels and customer satisfaction in the freight industry!