Building a high-performing finance function for leading HealthTech
Fertifa
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Sector: HealthTech
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Stage: Seed
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About Fertifa
Fertifa is the most comprehensive reproductive health benefits provider in the UK and Europe. Through expert-led care, digital tools, and inclusive support, Fertifa empowers those that have experienced reproductive health challenges with confidential, personalised access to treatments, education and guidance.
Delivered as an employee benefit, Fertifa helps employers improve wellbeing, retention, and productivity of staff by bridging the gaps in mainstream private medical care policies and administering reimbursement policies or offering the Fertifa Payment Plan.
Challenge
After joining Fertifa as Director of Finance, Nick Kuan saw an opportunity to improve the efficiency and effectiveness of the current accounting and financial management processes used by the business.
The goal was to ensure accuracy, compliance and frequent insight into financial performance for better decision making.
“The willingness from the team to get involved, whether that is taking on new tasks or wanting to improve the way that things have been done historically is a really great attitude towards client services that sets Rise Accounting apart in this space.”
Nick Kuan
Director of Finance, Fertifa
Why Rise Accounting?
Nick was searching for an accountant that understood the needs of a scaling business, including speed, accuracy and responsiveness.
“I needed a partner that would be able to close out the books efficiently with no mistakes, knew the basics inside out, but could also provide assurance on our historic compliance too.
“Rise Accounting has credible experience across a range of services but then also the applicability of those services for the world of startups and scaleups, which was the ideal combination for us.
“Communication was great from the very first interaction, through onboarding and now working together. It was fast and straightforward to progress which is important given how quickly we’re moving at Fertifa.”
Solution
Rise Accounting is now operating as an outsourced finance team, supported by Nick internally.
After assessing current tools, processes and output, we designed and implemented a bespoke solution that includes:
- Weekly bookkeeping for fast, up to date information on financial performance.
- Process & tool implementation using advanced Xero features and Apron for improved information access and automated payroll, payments and expenses.
- Communicating directly in Microsoft Teams to support timely replies to queries and faster turn-around of critical tasks.
“Having insight from experts who are so close to the industry and the latest tools and software has been invaluable. The additions we’ve made, such as Apron, have already impacted efficiency for a really reasonable cost.”
Results
Working with Rise Accounting has delivered significant cost savings compared to managing accounting, bookkeeping VAT and payroll in house.
“But there has also been an improvement in the quality and the efficiency of the work delivered too.
“We have tight deadlines each month to close everything out. So, having insights from the team weekly makes that process much quicker, as well as improving my visibility throughout the month too.
“The responsiveness but also willingness to get involved and improve our processes and ways of working has been fantastic. And the fact this is all included at a fixed price is super helpful from a budgeting perspective.”
What’s next?
As Fertifa looks ahead to a Series A fundraise, we’ll be supporting behind the scenes to ensure timely, compliant accounting practices are maintained.
“When it comes to statutory finance, tax and day-to-day bookkeeping, my experience is that professional services firms will almost always be the optimal choice with internal finance talent leading on commercial strategy – which is the direction I see this team growing over the coming months.”
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