Burkland began working with GoFormz four years ago. The company had just brought in a new CEO who was taking over a chaotic financial situation. Their investors, seeing much potential in GoFormz, gave the company a cash infusion shortly after they named the new CEO.
The board also hired Burkland to:
- Clean up finance and accounting
- Support GoFormz through its first audit
- Perform strategic financial planning to reach positive cash flow
- Help prepare for and support a fundraise
Clean & Scalable Accounting
Burkland’s accounting team began with a significant clean-up of all the books and accounting processes at GoFormz. The clean-up started with a thorough review of the historical financial records and accounting practices. After reviewing, the team initiated a clean-up of historical accounting to correct errors, ensure GAAP compliance, and fix the Accounts Payable and Receivable. The Burkland accounting team then set up automated and scalable accounting and finance systems for bills, collections, and employee expenses. The team also did a complete rework of payroll.
Financial Modeling & Forecasting
Burkland’s CFO on the GoFormz team put together a financial model with a cash flow positive plan and long-range modeling. The Burkland CFO also prepared a daily cash flow report to carefully manage cash and get through the crisis period. A SaaS metrics review looking at GoFormz’s ARR, LTV to CAC, and other important metrics was built. The CFO also implemented financial planning and analysis processes, including actual vs. forecast reporting for the Board and new CEO.
“Right Size” Financial Controls
Together Burkland’s team and GoFormz put financial controls in place to prevent fraud. This work led to the development of Burkland’s financial controls matrix for startups. GoFormz had some tax issues as well. Burkland’s tax team filed the correct taxes and set up a tax strategy for GoFormz. This included an R&D tax study, which enabled GoFormz to qualify for a new R&D payroll tax deduction.
After Burkland helped bring GoFormz to a stable position, the board wanted the company fully audited. Burkland helped engage an outside audit firm and worked with the firm on this process. This included due diligence and legal documentation support from Burkland. During this time Burkland also worked with GoFormz on a fundraise. The fundraising round was very successful. Burkland also supported GoFormz’s implementation of Carta for cap table management.
Financial Planning for Growth
This past spring, GoFormz raised a new round of financing. Burkland helped GoFormz prepare for this round and supported the due diligence process. Burkland’s CFO also helped the company prepare an updated long range financial plan and strategy. The round went exceptionally well, and GoFormz is now moving into high-growth mode.
Burkland continues to provide CFO support to GoFormz to help drive these growth initiatives. Burkland’s work includes financial planning and analysis, strategy, participation in board meetings, due diligence support, and financial reporting. GoFormz also recently engaged Burkland’s Strategic HR practice to work on an option refresh and other workforce strategies for the remainder of 2021.