Case Study#1 Cudo Ventures
Case Study: Setting up an outsourced finance function for a SAAS Company
Industry: Web3 and Software-as-a-Service (SAAS)
Evalua8, a specialized financial services provider, is at the forefront of offering comprehensive outsourcing solutions tailored for companies operating within the Web3 and Software-as-a-Service (SAAS) domains. In a bold move to bridge the gap between traditional financial management and the dynamic world of Web3, Evalua8 embarked on a strategic partnership with a well-funded SAAS company to establish their outsourced finance function.
Cudo Ventures, is a global frontrunner in delivering cutting-edge monetization applications to users across the globe. Pioneering the creation of the world's premier marketplace for hashrate collectibles, Cudo experienced an extraordinary surge in growth and attracted significant investments around 2018; and the company's financial landscape was growing increasingly intricate due to the ever-evolving nature of the industry, coupled with the nuances of SAAS revenue models.
Although Cudo had a bookkeeping function in place, their financial operations had reached a pivotal level, necessitating specialized intervention. The company needed a comprehensive solution that not only addressed day-to-day bookkeeping but also encompassed advanced functionalities for the effective management of crypto assets. There were the complexities of FIAT-crypto treasury management, and the requirement to collaborate across various disciplines within the organization, adopting a holistic project management approach.
Evalua8 engaged with Cudo, crafting a bespoke solution that spanned a spectrum of financial requirements:
Day-to-Day Bookkeeping: Evalua8 supported the creation of an finance department to streamline Cudo's day-to-day financial transactions. This freed up internal resources, enabling them to devote their energies to core business pursuits.
Advanced Treasury Management: Acknowledging the unique challenges posed by digital asset management, our team integrated treasury management as an integral component of our service offering. This encompasses monitoring of price fluctuations and reporting on them, optimizing asset allocation and devising strategies to mitigate the inherent risks associated with market volatility.
Project Management and Cross-Department Coordination: We fostered collaboration with other departments, ensuring support during product launches and pivots for existing products when necessary. Our involvement spanned a gamut of activities, from invoicing to project support when working across departments.
Exchange Onboarding: We actively support C-suite executives, facilitating onboarding onto digital exchanges and navigating the KYC requirements for various platforms when needed. This includes putting together or adapting business plans, corporate documents and sourcing KYC files from key management personnel and UBOs alongside providing financial details sought.
VAT Audit and Compliance Coordination: As an integral facet of our extended functions, we provided support during a lengthy and complex VAT audit phase with the HMRC in the UK. The support we provided helped the company reclaim nearly £150k ($200k) in VAT rebates.
Year-end coordination and R&D support: We also help the team to prepare complete set of documentation during the year-end compliance and filing the group companies. This is done alongside our regular work so as to minimise any disruption during year end filing.
"It has been an absolute pleasure collaborating with the Evalua8 team, as they have consistently proven to be our trusted collaborators in managing our day-to-day finance needs. Their adaptability to the ever-evolving demands of our growing company within the dynamic industry has left us truly impressed. Key to their excellence is their unwavering support and swift responsiveness. During our new product launches, Evalua8 has been an invaluable asset, providing crucial support whenever we've had to navigate the administrative landscape of KYC (Know Your Customer) requirements for onboarding on various exchanges. Their contribution has been pivotal in optimizing our company's overall finance function. We wholeheartedly recommend their services to companies with similar requirements, as Evalua8 has consistently demonstrated their expertise and dedication to our success."
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