Case Study

Building a Finance Function That Grew With a SaaS Company From Series A to Series B

Name: G-Squared Partners
Rating: 4.9

How G-Squared Partners helped a Series A SaaS company build financials its board, investors, and lenders can rely on.

Services

Financial Restatement
Forecasting & Modeling
Monthly Financial Reporting
Fundraising Support
Debt Financing Support
Audit Readiness

Overview

When a venture-backed SaaS company approached G-Squared Partners in the fall of 2024, it was facing a problem many growing companies will recognize. The business had real traction and had recently closed its Series A, but its financial reporting hadn't kept pace. ARR figures changed from one report to the next, and the company's financial statements had been restated on more than one occasion.

Leadership needed numbers they could trust, a clear view of cash and runway, and a finance partner who could support the business as it continued to grow. Two years later, the company has more than doubled its ARR, secured a credit facility, started its first financial statement audit, and is in the process of raising its Series B.

The Engagement at a Glance

From restated numbers to a Series B

Fall 2024 ARR and financials restated, model built
Early 2025 Bridge round raised
Mid-2025 Credit facility secured
2026 First audit underway
Today Series B in progress

The Challenge

Financials That Couldn't Be Trusted

Before coming to G-Squared Partners, the company had worked with another outsourced provider, but the numbers it produced weren't holding up. Leadership was dealing with several issues at once:

Shifting ARR and Unclear Reporting
Revenue figures were revised repeatedly, and the reporting didn’t give management a clear read on the financials or key metrics.
Restated Numbers
The company's ARR and financials had been restated more than once, including figures it had shared with investors during its Series A.
No Financial Model
Without a forecast, leadership lacked a reliable view of cash on hand, burn rate, and runway.
New Investors at the Table
Having just closed its Series A, the company owed its investors and board accurate reporting; not numbers that kept changing.

The company needed numbers it could stand behind and a clear view of how far its Series A capital would take it.

Our Approach

Understanding the Business First

Every engagement at G-Squared Partners starts with getting to know how the business actually works. Before we touch the financials, we sit down with leadership and walk through the company from front to back: who the target customers are, how the company sells to them, what customers receive, how the product is developed and delivered, and who is responsible for each part of the business.

We also review customer contracts, headcount, and the org chart. This step matters because everything we build depends on it. Reliable financials and a useful forecast both start with knowing how the company sells, delivers, and spends.

With that understanding in place, our team got to work:

Rebuilding ARR
We reviewed every customer contract to establish what the company was earning on a recurring basis, giving leadership an ARR figure tied directly to signed agreements.
Restating the Financials
We restated the company's financial statements and built a reporting package designed around the metrics management needed to run the business.
Building a Forecast from Scratch
Working with management, we built a financial model around the real drivers of the business, giving leadership visibility into cash burn, runway, and future capital needs.
Presenting to the Board and Investors
We prepared a bridge from the previously reported numbers to the restated figures and presented it to the board along with the new model. Ahead of the board meeting, we also walked investors through the model in detail, so everyone understood what went into it.

Supporting the Company's Next Stage of Growth

With reliable financials and a forecast in place, the company was ready to go back to its investors. In early 2025, the company raised a convertible note bridge round. G-Squared Partners helped lead the process, building the case for the raise around the new model and getting ahead of investor concerns by walking them through the restatement and the assumptions behind the forecast.

Our team then introduced the company to a venture bank. Based on the company's ARR, the bank extended a delayed draw term loan, which the company drew on in 2026. The credit facility extended the company's runway and gave leadership more control over the timing of its next equity raise.

Our Role Today

An Ongoing Partnership: Outsourced CFO and Accounting

Today, G-Squared Partners continues to serve as the company's outsourced CFO and accounting team. The company has one in-house finance team member who handles day-to-day operations, including accounts payable, payroll, and commission calculations. Our team works alongside that individual and owns the reporting, analysis, and planning. Our ongoing work includes:

Monthly Financial Statements
With budget-to-actual and prior-year comparisons, so leadership always knows where the business stands against plan.
Quarterly Reforecasts
Keeping the financial model current as the business evolves.
Cash Flow Forecasting
Helping the company manage cash and spot potential shortfalls early.
Diligence and Investor Support
Joining calls and answering questions when investors and lenders need more detail.

Beyond the monthly reporting and planning, our level of involvement flexes with the company’s needs. Our team steps in for deeper support when leadership needs it, whether that’s a board question, an investor request, or a diligence call.

The Results

Preparing for a Series B

Two years into the partnership, the company is in a much stronger position than when it started:

ARR has more than doubled, and the company now has over $10 million in ARR.
The company secured new funding, raising a bridge round and a credit facility on the strength of its financials and model.
Its first audit is underway, with G-Squared Partners guiding the company through its first financial statement audit for fiscal year 2025.
A Series B is in progress, and our team is supporting the company through diligence.

Each of these milestones rests on the same foundation: financials that the company’s board, investors, lenders, and now auditors can rely on.

As the company works toward its Series B, G-Squared Partners will continue to provide the financial reporting, forecasting, and diligence support that its leadership and investors rely on.