A Case Study On Functionize
Functionize was founded in 2015 by Tamas Cser as the first truly intelligent, cloud-based software testing solution. Now testers and developers can experience the true value of a cloud-first approach, expediting testing and speeding up the entire development cycle.
Quality assurance has long been in need of a smarter solution that can keep pace with today’s complex environments and dynamic applications. Functionize removes test scripts entirely by leveraging big data, machine learning, and NLP.
This streamlined, cloud-based process “allows testing to just work — empowering testers to dramatically speed up product delivery.” -Tamas Cser, CEO
Code Accounting’s Challenge
As a startup, Functionize did not have a formal accounting system in place; most data was initially saved to spreadsheets. Code Accounting joined Functionize in 2016 to organize their workflow systems, establish a foundation of sound accounting practices, and prepare financial data for the SaaS startup’s next crucial step: securing Series A Funding to increase revenue and accelerate adoption of their platform.
Code Accounting worked with Functionize to seamlessly integrate their financial data into CRM software, such as QuickBooks for accounting applications, Gusto for payroll systems and human resources management, and Bill.com for invoicing and payments. We provided financial analysis to create budgets, projections and forecasts, and regular monthly financial statements. As Functionize grew we grew with them, expanding our services to manage the registration of employees in multiple states, complying with state-specific requirements, obtaining insurance, and filing state and municipal taxes. Code Accounting created the payroll system when Functionize established a satellite company overseas, and helped to process payments to international contractors in different currencies and to navigate international tax withholdings.
Results: Smart Accounting in Preparation for Silicon Valley Investors
The basics established, Code Accounting included investor reporting through a convertible note round and SaaS revenue reporting to match with industry standards as the need for Series A Funding approached.
Because we had provided Functionize with a foundational framework to organize all aspects of their accounting needs, from domestic and international invoicing to employee management, Code Accounting was able to quickly and efficiently coordinate with Paradigm Counsel to secure $16 million in Series A Funding. This crucial funding allowed Functionize to continue development and increase revenue.
We are grateful we were able to partner with Functionize since the beginning, and believe that this partnership allowed us to gain a thorough understanding of the company’s needs and goals and how we could help them thrive.
It’s our goal and our promise to provide the same service to all our clients.
What is Functionize? Tamas Cser, Founder and CEO, Functionize, Inc.
Intelligent Test Automation Software development
25-50Tags: Case Study, CPA, Success
Categorised in: Business Development
This post was written by Sean Allaband