“Before Quantico I spent a lot of time supervising our bookkeeper to keep the accounts up to date. It was a tedious job and the reporting I got back never seemed very helpful or even reliable. Quantico clearly know how to run a startup finance function inside out. It’s been fantastic to have that experience brought to us when we need it. Problems are resolved before I even know they exist!”
Feedr is an enterprise health platform transforming how employees access healthy food and better nutrition at work every day.
After having food from them for a few of our team meetings we know first-hand how great their product is.
Lyz got in touch with us in August 2019 because her finance function hadn’t kept pace with the growth of the business. We were only too pleased to help a business creating such a positive impact in London and beyond.
When we met Lyz she was frustrated by how much time she needed to personally invest to keep the accounts up to date. As COO she had a constantly growing project list to keep up with, but instead she was continuously sucked into the details of invoices and bookkeeping. She spoke to another founder who had worked with Quantico and decided to get in touch.
Lyz’s situation was one that we see frequently with startups. The business had the same accounting firm in place that had helped them in the earlier days. The relationship got off to a great start but over time it became increasingly difficult for the accounting firm to keep up with the pace of growth.
Although accounting firms are often great at what they do, their focus is inevitably on the services that generate fees; taxes and statutory filings. That means that they don’t invest the time needed to get under the skin of the business and build systems for growth.
Further, most firms these days charge fixed monthly fees. This is great for budgeting but it unfortunately also incentivises them to spend the least amount of time possible with their clients and to use very junior staff. Although these subscription services look cheap in the short term it’s almost always a false economy for businesses serious about growth.
The consequence is often systems that aren’t fit for growth and a COO that is fed up of being constantly pulled into the detail.
We concluded that Feedr could get better outcomes by investing a short amount of time up-front implementing better systems.
We introduced one of our Senior Finance Business Partners, Ju-Vern, to supervise the current accounting set up on a light scope of just one day per week. Ju-Vern was able to both protect Lyz’s time and also to set up a significantly improved reporting process.
Alongside this scope we agreed on a series of short term improvement projects. This included working with the product and development team to overhaul their billing system and assisting during a due diligence process. By making the time available for short projects on a flexible basis Feedr benefited from a significant amount of support at a reasonable cost.
By working in the Feedr office our team was able to fully get under the skin of the business, supporting each branch of the business as required. We used this knowledge to set up bespoke processes that matched the operations and accelerated the monthly reporting cycles.
Additionally we were able to add a layer of strategic ‘Finance Director’ level advice which was missing from the original function. This was made possible by saving time on routine processes, redesigning the reporting process to collect relevant data and leveraging Iona’s experience.
Finally, by only billing Feedr for the precise amount of time that we needed, we were able to make all of the above improvements whilst also delivering a cost saving.
We’ve been supporting Lyz and Feedr for the last nine months. Together we’ve revolutionised the reporting process, helped prepare the business for sale and completed a vendor due diligence process.
“The Quantico model makes a lot of sense. I wish I’d found them a lot sooner than I did.”