Finance
5 Years of Growing Support with Swift Medical
From standing up finance infrastructure to fundraising and M&A
Introduction
Swift Medical is the leader in wound care management technology. BrightIron was the company’s first finance partner – initially providing Bookkeeping services and then scaling to provide fractional Controller and fractional CFO services. BrightIron worked with the company over 5 years and supported them through multiple financings from seed through to their series B.
The Challenge
Swift Medical was scaling quickly and needed structured financial operations to support its growth. The company faced challenges implementing comprehensive financial processes and a cohesive finance technology infrastructure.
Additionally, they required efficient payroll processing across Canadian and US operations, greater transparency through a customized chart of accounts, consolidated financial reporting for a newly created US subsidiary, and enhanced budgeting and forecasting capabilities.
Swift Medical also needed strategic support during capital raises, effective Board and investor communications, improved cash management, and guidance transitioning financial responsibilities to full-time internal resources.
Our Solutions
BrightIron implemented robust financial processes and established a tailored finance tech stack, including QuickBooks Online, Carta, Wagepoint (later transitioned to Ceridian), SaaS Optics, and BambooHR. This integration significantly streamlined Swift Medical’s financial operations.
We provided comprehensive payroll processing for Swift Medical’s Canadian and US employees, ensuring accuracy and compliance. BrightIron also designed and implemented a customized chart of accounts, significantly improving financial transparency and decision-making.
When Swift Medical expanded by creating a US subsidiary, BrightIron managed the associated financial reporting and consolidation seamlessly. We developed a detailed financial budget and established a systematic forecasting and variance analysis process, empowering the management team with actionable insights.
BrightIron supported Swift Medical with meticulous Board and investor reporting, ensuring clear communication and informed stakeholders. During Swift Medical’s capital raise efforts, we offered strategic support including due diligence, negotiation assistance, and thorough agreement reviews.
Additionally, BrightIron effectively managed Swift Medical’s treasury functions, optimizing cash flow. Finally, we facilitated an organized and seamless transition when Swift Medical was ready to onboard full-time internal finance resources, ensuring continuity and stability.
“We outsourced our entire finance team to BrightIron and I’m glad we did. They grew with us from a small seed company with 5 employees through to our Series B when we had over a hundred people on our team. Their tech startup experience shines through. They were a key part of our growth story.”
Carlo Perez
Founder, CEO, Swift Medical
