Finance PM

BACKGROUND

Please describe your company and your position there.

I am an Investment Manager at VC fund TA Ventures. We are investing in early-stage startups in Europe & North America.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

We wanted to hire a professional financier who would help us deal with current tasks and could grow to the position of CFO. We’ve been looking for a Senior Financial Manager to join our team for about half a year. We realized what kind of specialist we need and what responsibilities he/she should have. But we didn’t have recruitment expertise, so the process got quite burdensome. So we gladly accepted the opportunity to cooperate with a team that has relevant experience and expertise.

SOLUTION

How did you select this vendor?

I got connected with a Finance PM Senior Partner, Anna Magiera, on Linkedin. During our brief intro call, I shared our open issue with the search for the specialist. Anna told me that the Finance PM team has the expertise and successful cases of hiring a pro for a VC fund and solving a similar problem. Then I got introduced to Alexey Knysh, I share the brief, and after a short discussion, we decided to proceed with the project.

Describe the scope of their work in detail.

Alexey started by analyzing the vacancy we prepared and our vision of a specialist required in general. He concluded that the description needs changes, so he began with improving it. After we approved the vacancy, Alexey placed the vacancy on the relevant resources. We received over 80 applications in the first week, and Alexey started the initial selection.

He picked few strongest candidates, and our management conducted the interviews with them. It was hard to choose because they were all solid, but eventually, we did it. Alexey managed the whole process from start to finish. He wrote the description, conducted the interviews, and advised us during the workflow, especially on the final round when we were full of doubts.

What was the team composition?

Alexey, Senior Partner, Head of Financial Advisory

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

We hired a brilliant specialist and are now in the process of onboarding.

How effective was the workflow between your team and theirs?

Everything was very well. Alexey had complete autonomy, and we trusted him with the process. Of course, we maintained communication and received updates regularly.

What did you find most impressive about this company?

Professionalism and efficiency. Alexey figured out very quickly what kind of specialist our team needed, how and where to find him. In a little more than a month, Finance PM solved the problem we couldn’t solve in half a year.

Is there any area for improvement or anything that could have been done differently?

Not that I can think of, Finance PM did a great job.

BACKGROUND

Please describe your company and your position there.

I’m a managing partner at Magonova and Partners, an international bureau of communications.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

We didn’t have a well-established financial function in our company and couldn’t understand the state of our financial health. We realized that this has to change because otherwise, we couldn’t plan strategically, analyze financial results, and enter into new markets. So we asked Finance PM for help in establishing necessary processes and tools.

What were your goals for this project?

We wanted to understand clearly our financial situation and profitability. Also, to implement proper financial tools for accounting & planning and set up financial goals/KPIs for the period.

SOLUTION

How did you select Finance PM?

We’ve been searching the market to find a company that would help us sort our financial matters. We addressed Finance PM CEO Snezhana. After a brief conversation, we decided to move on with our cooperation.

Describe the project in detail.

Finance PM made an audit of our company’s financial function, reviewed internal documentation. Also, they interviewed our management and financial department employees. We received a clear report and action plan. We agreed on this plan, the format of reporting, and the necessary financial metrics. Then the manager implemented management reporting and budgeting. We got an upgrade of the accounting system, instrument for budgeting, and management report with clear completion instructions.

What was the team composition?

We worked with one senior manager on our project along with the regular support of the senior partner.

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

We are rethinking the way we work with finances now. Based on the tools and information provided by Finance PM, we have modeled our strategic plans and estimated resources. Also, we started monitoring the budget vs actual reports of the company’s performance regularly. So, from now on, we can easily plan and correct our business operations.

How effective was the workflow between your team and theirs?

It was excellent. We have agreed on a detailed scope of work. All our communications and workflow were quick and transparent; we received regular updates on the progress.

What did you find most impressive about this company?

Finances are a delicate part of the business, and we wanted to entrust them to those who can be relied on. What was especially useful for us — the Finance PM team provided the reporting and detailed practical recommendations and insights, which are very helpful and easy to implement. I can also note that after the project was completed, guys helped us with the automation we’ve been implementing upon their initiative. We appreciate it a lot. It’s good to know that we can get in touch any time we need something and receive assistance.

Are there any areas for improvement?

I could think of nothing.

BACKGROUND

Please describe your company and your position there.

I’m a Managing Partner at BRISE Capital, a private investment company

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

As any venture company, we can not invest without performing the financial due diligence (or audit) of a potential investee. That’s why we hired the Finance PM team to help us with the audit of a startup

What were your goals for this project?

The main goal of a due diligence process (and therefore our project) is to check all the relevant facts, financial information of a company before deciding to move forward or not. We wanted Finance PM to perform this procedure and provide us with a full report on the financial situation of the startup of our interest

SOLUTION

How did you select Finance PM?

I have known Finance PM CEO Snezhana Sukhoroslova for some time and her extensive experience in finances. After consultation with Alex Knysh, Finance PM Senior Partner, we’ve decided to go on with the project

Describe the project in detail.

The financial due diligence process is quite settled, especially for the experienced team as Finance PM. Overall, they were examining all the information to provide a report with proven actual investment data. This report allowed us to understand the general picture of our potential investee’s financial situation, their business model and evaluate potential risks

What was the team composition?

Two team members were working on the audit of financial statements and the audit of the financial model

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

The information we have received due to the Finance PM team’s audit was crucial for us. We have decided to invest in the audited startup and are now in the process of contract signature

How effective was the workflow between your team and theirs?

It’s always a pleasure to work with a team that knows their stuff. The Finance PM team demonstrated a deep understanding of the industry and the due diligence process. Throughout the workflow, guys didn’t draw away from work, either the startup or us. But we regularly communicated with Alexey and got the updates to keep up with the work progress

What did you find most impressive about this company?

Usually, startups are quite tense about the due diligence, but this time was different. The Finance PM team made this process smooth both for the audited startup and for us. Guys provided feedback and some practical recommendations on improving, apart from the final report. One more thing — the team is swift and flexible: they’ve taken our project right away and completed it in the short term, which is again not very common in the auditing world

Are there any areas for improvement?

No

BACKGROUND

Please describe your company and your position there.

Andrew Kryvorchuk, I’m a Managing partner at Adventures Lab, a venture capital fund.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

When we consider an investment opportunity as a venture fund, financial due diligence is one of the key steps in the process. And this is exactly what Finance PM helped us with — the team made due diligence on 3 startups that we were have been considering for our portfolio at that time.

What were your goals for this project?

The due diligence process allows us to check and confirm all relevant facts, financial information of a company before making the decision whether to work with it. We wanted Finance PM to perform this procedure and provide us with a full report on the financial situation of the company of our consideration.

SOLUTION

How did you select Finance PM?

I’ve already been acquainted with Finance PM CEO, Snezhana Sukhoroslova, and known her extensive expertise on the market, so decided to reach out for assistance. We have already successfully completed a couple of similar projects with the teams before we worked on this one, so I had no doubts about addressing Finance PM as another necessity appeared.

Describe the project in detail.

There are a couple of stages of the due diligence process. It’s quite specific, so I’ll try to be brief: guys have provided detailed reports, where proved the real investment data, allowed us to understand the general picture on the financial situation, business model; find gaps and problems; evaluate risks. And last but not least, suggested ways to solve them and improve.

What was the team composition?

The Finance PM team has thought through the issue and our requirements, carefully examined all the materials and were as involved as possible — we didn’t have to control them or tell them what to do.

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

We received all the required reports and information. The Finance PM made the due diligence process comfortable not only for us but also for a startup. It is rare to receive positive feedback from a company that’s being audited.

How effective was the workflow between your team and theirs?

Very good. We’ve been receiving regular updates on the project development and of course got the result in time.

What did you find most impressive about this company?

Usually, it takes time for audit firms to take your project. Finance PM team was very flexible and took our project right away. Moreover — they are seasoned professionals, who don’t ask unnecessary questions and don’t require control throughout the process.

Are there any areas for improvement?

No, I’m completely satisfied with our cooperation.

BACKGROUND

Please describe your company and your position there.

I’m a Founder and CEO at Amila Tech Limited. We develop helpful, easy, and convenient mobile apps for health and childcare.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

We were planning to relocate our business and management team of two from Canada to Cyprus. So we needed an experienced financial expert to help us with the process of transferring operations and smooth adaptation in the new environment.

There was a lot to process from the financial and business standpoint, and basically, Finance PM provided CFO-on-demand services, accounting in cloud-based software, and management reporting.

What were your goals for this project?

Our main goal was a quick and successful relocation. We needed an expert on board who would be there for us to guide us through the process and cover the financial and business questions in order to do everything correctly.

SOLUTION

How did you select Finance PM?

We’ve been researching the market, interviewing different companies, and came across Finance PM website. We held the first interview with them and after a while decided to go with them.

Describe the project in detail.

It was longstanding cooperation as the process of relocation is quite time-consuming itself. Finance PM reviewed all our Canadian documentation, did the researches, prepared necessary files, and paved the way for our incorporation in Cyprus.

What was the team composition?

We worked with the CFO on demand and an accounting manager.

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

They helped us achieve our goal — successful transferring of assets, company’s operations, and top management team to the new location. The team also assisted us in the adaptation in Cyprus.

How effective was the workflow between your team and theirs?

The project management performance was great. The team was very flexible and managed the changeable workflow well, meeting all the deadlines. The process of our cooperation was very transparent, the communication was regular, and we were always on one page with the team.

What did you find most impressive about this company?

Sometimes throughout the process, we faced various and unexpected questions, and the Finance PM team was always there for us to assist and do some research, and eventually solve these questions. We really appreciate this because this shows that they care about us as their client and this brings the relations to another level.

Are there any areas for improvement?

I don’t think so, we are completely satisfied with our cooperation and the result we achieved.

BACKGROUND

Please describe your company and your position there.

I’m a Founder and a CEO TATTon.me is a brand of temporary tattoos for each and every fun event.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Finance PM?

After participation in a startup competition, our team was approached by a potential investor and we required assistance in getting ready for negotiations, as it was our first experience with external financing. Finance PM worked with us on the pitch deck and developed a detailed financial model for our project.

What were your goals for this project?

We needed to prepare for investor pitch and negotiate potential cooperation with them. So it was important to have all numbers straight, and use them for the financial forecast and planning.

SOLUTION

How did you select Finance PM?

I have known one of the Senior Partners for a while and just decided to talk with them. After the first meeting we started to work together.

Describe the project in detail.

The project included the preparation of a robust, investor-ready financial model

What was the team composition?

I was working with Anna, a Senior Partner, Startups & Venture Business

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

We are still negotiating with the investor but I must admit that the process until now won’t be so smooth without the Finance PM advice and support.

How effective was the workflow between your team and theirs?

They were always available and ready to provide the required assistance.  It was like 2 weeks from the moment we met till we had the final document ready to be discussed with the investor.

What did you find most impressive about this company?

Finance PM not only prepared a sophisticated financial model and provided helpful feedback on the pitch deck in a quite short period of time. They also shared a lot of useful insights, helped us come prepared for the meeting with the investor, and held negotiations successfully.

Are there any areas for improvement?

Nothing that I can think of