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Paro provided Ovation the tools, data, and know- how to raise $1.25 million in outside investment.

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About Ovation

Ovation develops tools to help scientists focus on the science, and researchers manage data and collaborate more effectively.

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The Pain

▪ Ovation needed to raise money quickly and required a financial model to run through different growth scenarios with potential investors.

▪ While they had identified a need for a more flexible model, their accounting foundation was not strong enough to support the development of the model.

The Story

The founders were passionate about their product and working with scientists, but did not have a finance background or time to focus on their finances. They had developed a working operational model, but it would not stand up to scrutiny of external investors. And, while they acknowledged that their bookkeeping and invoicing processes were manual and time consuming, they didn’t know how to change them.

The Solution

After we standardized the data and were confident in the numbers, we then created a robust pro forma financial model to aid management with their fundraising. This dynamic tool enabled the team to easily adjust the assumptions and inputs of the financial model to meet each individual investor’s needs and answer their questions.

Post-fundraise, it also served as a useful internal management tool that allowed the founders to continue focusing on their product, while Paro provided ongoing bookkeeping and accounting support, as well as tax services, even identifying and amending a filing mistake in the prior year’s filings.

✔ Transitioned Ovation from QuickBooks Desktop (only accessible by an outside party) to QuickBooks Online and provided management access and training so they have anytime/anywhere access to their financial data.

✔ Updated the prior year’s books to better align the data to the needs of the financial model.

✔ Set up processes to ensure accurate and consistent numbers moving forward—the only way to measure performance!

✔ Developed timely and accurate invoicing process, as invoices were not being sent out on time or at all. This helped ensure that the books were correct and accelerated cash flow.

The Result

in funds raised with support of Paro's pro forma model
access provided to financials
prior year tax issue, preventing future headaches
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“My co-founder and I had never started a business before. We were so passionate about building our product and helping the scientists we work with, but didn’t know how to most effectively structure a business or raise capital. Paro helped us get back on track and developed a scenario analysis that we used to raise our next round.”
Barry Wark, Co-founder/CEO, Ovation

Barry Wark
Co-founder/CEO, Ovation

Services Used

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Bookkeeping
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Accounting
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Financial Planning & Analysis
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Part-Time CFO

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Tax