How OK2Charge Scaled the Finance Function with Finance as a Service

Serial Entrepreneur Hails the Benefits of Finance as a Service (FaaS)

During a recent Client & Cocktails webinar, Consero’s Director of Private Equity & Venture Capital, Tony Esposito, spoke with serial entrepreneur Eric Broughton about his experiences using the Finance as a Service (FaaS) model at some of the companies he had led over the past decade.

Broughton is currently the CEO of OKCharge, an electric vehicle charging platform for real estate operators and owners. With this platform, vacation and short-term rental owners can allow guests to charge their vehicles at the property instead of having to go to a charging station. The platform can also be used at hotels and resorts, multifamily apartments, single-family rentals, and workplaces.

Going Beyond a Fractional CFO

Broughton first met Consero’s Founder, Scott Tynes, a decade ago and decided to give the FaaS approach a try. “I’d been brought in as CEO to a startup business that was losing considerable money,” he said.

“There was a heavy burn. I wasn’t seeing the trajectory of the business and wasn’t seeing the financials as I expected to see them coming from a large public company.” Diving deeper, Broughton still couldn’t get the data he needed. After discussing the problem with a board member, he was introduced to Tynes. “I realized the concept went beyond a fractional CFO,” he said. “There was a technology platform called SIMPL® that brought everything together in one place, with one single point of entry. This made sense to me because I don’t want to be an expert in all these different platforms. I just want it to be done so l can have a Finance & Accounting platform that will scale so I can take care of my clients.”

Esposito pointed out that FaaS helps companies achieve considerable time savings by outsourcing the finance function, which isn’t a core competency. This frees up companies to spend more time focused on the core competencies that grow the business.

“Having greater peace of mind is one of the biggest benefits of the FaaS model,” said Broughton. “My mind isn’t spinning thinking about finance details. I can focus on the goal of achieving a successful exit for the business.”

In using Faas at OKCharge, Broughton said he looks to his outsourced finance team at Consero as a partner even more than before. “I was looking through our financials last night and sent Juan, my Consero VP of Finance, a note asking if we could talk this morning because I had a question about financials. It’s great to be able to just fire off an email to Juan whenever 1 have a question and have a positive conversation with him when I need to.”

To learn more about Consero and the benefits of using the Finance as a Service model, you can request an introduction here:

Consero FaaS: Disrupting the Outdated Traditional F&A Model

  • Cash to GAAP conversion
  • Clean-up work
  • Interim oversight & support
  • Accounting software Implementation

Build it Yourself Solution

  • CFO / Interim CFO
  • Consultants / VARs

Consero FaaS Solution

  • CFO / Interim CFO
  • or Consero Interim CFO
  • Consero Setup/Transformation
Ongoing F&A
  • Monthly financials
  • Daily accounting support
  • Management reporting
  • Integrate add-on acquisitions

Build it Yourself Solution

  • CFO
  • Controllers & Accounting Team
  • Enterprise Accounting Applications

Consero FaaS Solution

  • CFO
  • or Consero Fractional CFO
  • Consero FaaS Enterprise F&A Software and Services

New PE Platform Investment F&A Challenges

Founder Owned Company Accounting:
  • Existing accounting done on a cash/hybrid basis
  • Run on SMB accounting software and other disparate applications
  • Inability to produce auditable financials
  • Lack of know-how to develop projections & KPIs
  • No consistency/structure to customer contracts
  • Underqualified staff
  • Non-scalable manual processes
Carve-Out Accounting:
  • Required to move off parent company accounting applications in a timely fashion
  • Have to build an entire F&A team
  • No documented operational policies and procedures
To Optimized Finance & Accounting:
  • Monthly financials available in 5-10 business days
  • Audit and diligence ready support details
  • Integrated enterprise grade accounting software
  • Budget and forecast reporting
  • Business KPIs
  • Efficient & scalable processes for rolling in add-ons