How Stamped has helped oxio in reducing their accounting costs by 38%Plan a meeting with a CPA
Oxio is an ambitious startup that has taken up the challenge of tackling a market dominated by the giants of telecommunications. Its mission: to democratize Internet access by offering regions a high-speed high-quality network. Thanks to her innovative customer-centric approach, the young company has raised nearly 25 million dollars in funding to date.
In an effort to cut costs and save time, we started seeking a simpler solution for our year-end financial statements.
At the end of its first financial year, the Oxio team realized that the end-of-accounting-year process was a huge drain on resources for an SME of 5 employees.
The increased in emails, calls and meetings to transmit all the information needed by the accounting firm soon became a tedious and costly task for the startup. The overwork and response times, both on the part of Oxio and the accounting firm, seriously compromised the efficiency of the process.
In full preparation for its first fundraising, Oxio could no longer afford to wait 3 to 6 months before receiving its end-of-year financial statements.
Convinced of being able to simplify the process, reduce costs and save time, the co-founder and president of Oxio set out to find a more efficient solution. After analyzing the options available, Stamped proved to be the only one providing all benefits sought for a fraction of the cost.
The biggest time saver for us is the ability to collaborate with the Stamped auditors through their intuitive Web application. We are able to discuss, exchange and sign documents remotely, which simplifies the production of our year-end financial statements.
The simplicity of use of the Stamped interface immediately appealed to the Oxio team, who were able to say goodbye to the long exchanges of e-mails and calls. All communications with Stamped are centralized on the application for maximum efficiency.
Stamped connects to Oxio's accounting systems to continuously retrieve most of the information required for audit and review. Only a few additional details had to be exchanged. Stamped made sure to transmit its request only once and in the least intrusive way possible through the interface.
The transmission and signing of all documents is also done remotely, following a fast, intuitive and secure collaboration process. The Oxio team saved precious time which they were able to invest in the company's key activities.
Oxio and Stamped share a common promise: to offer affordable and transparent pricing for their customers.
Stamped uses artificial intelligence to automate some recurring tasks. Its auditors can focus on the key elements of the mandate. This increased efficiency immediately translated into substantial savings for Oxio.
With predictable pricing on a monthly basis, the startup can easily spread out the payments related to its audit, without costly surprises at the end of the year.
This year, Oxio is in a sensitive situation. The company is experiencing its first institutional funding round. The financial statements are an integral part of the due diligence process. There is a certain level of complexity since there have been previous financings with angel investors. Coupled with the sensitivity of the delivery time, the pressure was high.
All deliverables are available from the month following the closing of the accounting records. Oxio's financial data is processed continuously by Stamped, rather than just once at the end of the year. This upstream analysis enables both Stamped and Oxio to gain in efficiency when closing the company's books.
Oxio executives and investors can then take decisions without delay based on the best financial information and have easier access to the funding needed to sustain their growth.
By switching to Stamped we reduced our costs for the year-end procedures by 38%, while our deliverables are ready in just 3 weeks, allowing us to complete our financing phase sooner than expected.
By outsourcing all of its year-end process to Stamped, Oxio has not only significantly reduced its administrative and accounting costs, but can now devote all of its resources to the company's core activities.
aThis gain notably allowed Oxio to close a major round of funding faster than expected. The efficiency of the Stamped year-end process will remain a competitive advantage for the company to ensure its growth in a constantly evolving field.
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