Global-Ready from Day One: Supporting Powerful Medical’s International Vision
Global-Ready from Day One: Supporting Powerful Medical’s International Vision
BDO | Accounting & Business Services
Supporting Powerful Medical from Startup Idea to International Growth
Powerful Medical is an international med-tech startup using artificial intelligence to support the early diagnosis of cardiovascular diseases. BDO has worked with the company since its early stages, helping to build accounting and financial processes, reporting capabilities, tax structures and support for international growth.
Supporting the Business from Its Earliest Stage
Powerful Medical develops technology that analyses thousands of ECG records and related diagnoses to provide healthcare professionals with an initial diagnostic insight and support faster treatment decisions.
Our cooperation began when the project was still at an early stage. One of the first priorities was to establish accounting processes capable of supporting the company’s future development and rapid growth.
“From the beginning, our priority was to work with professionals, which is why we went to Eva at BDO. We wanted to work with the best.”
Financial Processes Built for Rapid Growth
The startup’s rapid development, growing investor interest and ambition to expand internationally required more than standard accounting services.
The accounting and financial processes needed to be flexible, compatible with modern technologies, capable of supporting investor reporting and scalable for further growth across both European and US markets.
Agile Technology Integration
As a technology-driven company, Powerful Medical used a range of innovative systems and applications. Our team adapted to the tools already in use and integrated them into the accounting environment.
We integrated payment gateways and aligned the company’s business travel reporting with the requirements of local accounting systems. This gave the client access to reliable and up-to-date data without the need to enter the same information repeatedly across different systems.
Power BI Reporting for Investors
As part of the cooperation, we implemented Power BI reporting tools that enabled flexible preparation of financial reports and forecasts for management and investor discussions.
“One of the first things we implemented with BDO was real-time cost reporting by cost centres. For several years now, I have been able to open the Power BI dashboard at any time and see exactly how much, for example, R&D is spending. The entire operation became more professional and reached a level we would not have achieved on our own.”
Tax Support for Expansion into the US
When Powerful Medical began preparing to enter the US market, BDO’s tax specialists became part of the project. We helped design an appropriate structure for the expansion, with the aim of reducing tax and compliance risks associated with entering a new jurisdiction.
Cybersecurity and the International BDO Network
As Powerful Medical grew, its needs extended beyond accounting and tax advisory. We therefore connected the client with additional specialists across the international BDO network.
The BDO team in the Czech Republic supported the company with cybersecurity certification for the EU and US markets. We also introduced Powerful Medical to BDO Austria, whose specialists have experience in the healthcare and life sciences sector.
Through this connection, the client was introduced to a potential strategic partner active in medical device development. The purpose was to use the wider BDO network to support the client’s growth beyond the original scope of accounting services.
Results of the Cooperation
Over time, we helped create an accounting and financial environment designed to support rapid growth and international expansion, complemented by online reporting and forecasting tools for management and investors.
The client also gained access to tax support for international expansion, cybersecurity expertise and strategic connections across the international BDO network.
“Since BDO has been handling our accounting, I cannot recall a single due diligence focused on our financial statements. It was enough for investors to see that the financial statements had been prepared by BDO — and that part was immediately settled.”
Why BDO Outsourcing?
Our teams work with a wide range of accounting systems, monitor legislative and technology developments and can adapt to the processes, platforms and software already used by the client.
Where appropriate, we can also support accounting automation and related processes .
By combining accounting with tax, audit, legal and business advisory expertise, BDO can bring together specialists from multiple disciplines where a project requires a broader solution.
Outsourced accounting can also help companies respond to unexpected gaps in internal capacity. Read more about outsourced accounting as a solution for a missing Accounting Manager .
For international growth, clients can also benefit from BDO’s global network and access to local expertise in individual markets.
