Fintech companies at the early stages frequently use entry level and basic accounting systems. Typically, at this stage, the focus of founders and employees alike remains fixed on developing the unique value proposition of the business in order to increase revenues, expand market share and improve cashflow. This approach could expose the business to hidden costs and potential revenue leakage if not addressed.
As this guide has highlighted, there are clear benefits to investing in financial management software earlier than might feel necessary. Making an investment sooner empowers Fintechs to confidently engage in funding rounds, safe in the knowledge that it is suitably equipped to deal with increased demand for business transparency and to handle growth without the need to expand back-office costs at the same rate.