SaaS, InsureTech

Jones provides a SaaS insurance tracking system to simplify transactions in the real estate business.

“The team at The CEO’s Right Hand has proven indispensable to Jones as we have grown over the years. Ensuring we have the proper financial systems in place has enabled us to scale our organization without having to worry that our ‘back office’ will not be able to keep up with the growth. And, of course, the team was crucial to successfully closing our Series A round.”
Omri Stern, CEO of Jones

The Client

Founded in 2017, Jones is a SaaS company that solves the most archaic workflow in real estate – insurance certificates. The software automates the full life cycle of insurance operations from extraction and collection to approvals and resolution across any transaction in real estate, all from one simple application and API. Jones’ solution streamlines this entire process and protects the owner-tenant relationship.

The Challenge

Jones’ founders, Omri Stern and Michael Rudman, hired The CEO’s Right Hand in 2018 when the company was beginning to gain some traction. They were finding it distracting to manage the organization’s financial needs while continuing to grow the business.

They had hired a bookkeeper (through another firm), but the business had evolved beyond their capabilities. Jones wanted a more sophisticated finance and accounting function that could grow and scale with the company. They also wanted a partner who could analyze their business through a financial lens and provide strategic financial advice to their management team.

The Solution

When The CEO’s Right Hand (TCRH) came on board, they found that Jones’ financial records, were, indeed, a challenge. Information was fragmented across a number of systems, and their tax management needs had become rather complex. So, the team rolled up their sleeves and got to work.

After assessing the situation, The CEO’s Right Hand assigned a fractional CFO to the company, who began to build a stronger financial foundation. They brought in a new bookkeeper and partnered with KPMG to audit the company’s financial records. Then they installed a new accounting system (SaaSOptics) that would allow them to add functionality as the company grew. Once the new system was in place, TCRH’s bookkeeper set about the task of migrating the company’s manual invoicing and collection process to one that was more efficient and automatic.

Meanwhile, the CFO worked with the company to develop a budget and a cash flow forecast. The company needed to be able to anticipate any shortfalls and reallocate resources. They also created a clear set of financial reports and established a rhythm of monthly reporting and analysis with the management team so that they could make informed decisions.

Finally, The CEO’s Right Hand partnered with Jones to prepare for a capital raising event. They developed the documents they would need for due diligence, such as their historical financials and accurate financial models. Then they helped them articulate their story in a way that would resonate with potential investors.

The Results

There was quite a bit of work to do, especially early in the engagement, but Jones has come a long way. The accounting and bookkeeping function is much more efficient, with an invoicing and collection process that is largely automatic. The team can now focus on adding new capabilities as they grow, such as sales tax management.

The financial reporting procedure that the CFO created would be helpful to any business. In this case, however, the timing was incredible because the Covid 19 crisis introduced challenges and opportunities Jones hadn’t anticipated. The improved visibility into their finances helped them weather the temporary hit their business, make some hard decisions, then reorganize. In doing so, they were ready to take advantage of the increase in demand they experienced as companies began to seek efficiencies through technology.

This work paved the way for a hugely successful capital raise. The founders were able to show investors the value of the company’s business model, and Jones raised more money than they had planned. Now that they have a solid financial foundation, they can focus on running the business and putting those funds to good use.

The CEO’s Right Hand continues to work with Jones. They manage the company’s bookkeeping, take part in board meetings, and analyze the company’s performance each month so they can share their insights with management. They provide the financial guidance and advice the team needs to strategize and move the business forward.