What Every InsurTech Should Know About Accountants

This post was written with guidance from Carrie Small, Insurance partner, Baker Tilly, and Kaelan Ward, Director, Baker Tilly You have now raised capital initially using a Convertible Promissory Note and soon, your Series A Preferred Stock; you now have a Board of Directors with three members – and there may be five including one or more Independent Directors; you are further expanding your management team – and have established an Option Plan under which you can issue both ISOs and NQSO. So when do you formally retain an Accounting firm? Here are some suggestions and insights for the appropriate benchmarks! When InsureTechs begin to scale, business operations are increasingly complex and the Board of Directors, especially if there are Independent Directors, often request more detailed information and economic analysis. The following are some suggestions that may help you decide between a solo accountant; a small accounting firm; a mid-market accounting firm with…

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