Case Study: Supporting oVRcome's Financial Operations Through the Startup Journey
Building a Financial Foundation for an Award-Winning HealthTech Startup
Startups move fast. For oVRcome - an award-winning New Zealand-founded platform combining Virtual Reality Exposure Therapy and generative AI to deliver measurable mental health outcomes - the pace of growth demands more than a capable product. It demands financial infrastructure that can scale alongside the business, keep investors informed, and maintain compliance without distracting the founding team from their core mission.
That is precisely the role Celero plays in oVRcome's journey.
The Challenge: Financial Complexity Without a Full In-House Team
Startups operating in the technology and health sectors face a distinctive set of financial challenges. They must manage investor expectations, maintain rigorous compliance, navigate complex tax obligations, and ensure their books are always investor-ready - all while keeping overheads lean. Hiring a full in-house finance team at the early stage is rarely practical or cost-effective.
oVRcome already had a virtual CFO in place to provide high-level financial strategy and oversight. What the business needed was a trusted partner to provide robust operational support beneath that, someone who could handle the day-to-day financial workload with precision, freeing the CFO to focus on strategic priorities.
Celero was engaged to provide exactly that.
The Solution: Comprehensive Financial Support Across Every Layer
Celero's engagement with oVRcome spans the full breadth of operational accounting and advisory services, tailored specifically to the needs of a high-growth startup.
Xero Implementation and Management
At the core of oVRcome's financial operations is Xero, configured and maintained by Celero to suit the specific requirements of a technology business operating across multiple markets. A well-structured Xero environment ensures that financial data is accurate, accessible, and meaningful providing the clean reporting that boards, investors, and the CFO rely upon.
Bookkeeping and Accounts Payable
Celero manages oVRcome's day-to-day bookkeeping and accounts payable processes. This ensures that transactions are recorded accurately and promptly, supplier relationships are maintained professionally, and the business's financial records are always current. For a startup where every dollar and every relationship matters, operational accuracy at this level is not optional - it is fundamental.
Month-End Accounting
Celero takes ownership of the month-end close process, ensuring financial statements are produced accurately and on time each month. Reliable month-end reporting gives the leadership team and virtual CFO a clear, consistent view of the business's financial position - essential for ongoing decision-making and investor reporting.
GST Compliance
Managing GST obligations correctly is critical for any New Zealand business, and particularly important for a company operating with international elements. Celero handles oVRcome's GST returns, ensuring compliance is maintained and filings are completed accurately and on schedule.
Share Options Advisory
As a startup attracting and retaining talent in a competitive market, oVRcome utilises share options as part of its remuneration strategy. Celero provides support on the financial and accounting treatment of share options - an area that requires specialist knowledge and careful handling to ensure accuracy in reporting and compliance with relevant obligations.
Supporting the Virtual CFO
One of the most significant aspects of Celero's role is the collaborative support provided to oVRcome's virtual CFO. Rather than operating in isolation, Celero functions as an integrated part of the finance function ensuring that the work done at the operational level is aligned with the CFO's strategic direction, and that the CFO has reliable, well-prepared data to work from at all times. This kind of cohesive partnership is what elevates the finance function from a compliance necessity to a genuine business asset.
Why This Model Works for Startups
For a startup like oVRcome, the outsourced finance model that Celero provides offers a number of critical advantages. The business gains access to a full spectrum of accounting expertise - from bookkeeping through to share option advisory - without the cost and commitment of building an in-house team. The result is a finance function that is professional, scalable, and deeply aligned with the business's stage of growth.
Startups that neglect their financial foundations often find themselves struggling when it matters most, whether that is preparing for a funding round, responding to investor due diligence, or simply understanding their own cash position clearly. A well-supported finance function, built on the right systems and staffed by experienced professionals, removes that risk.
The Outcome: A Finance Function That Keeps Pace with Innovation
oVRcome is doing genuinely important work - using clinically proven virtual reality technology to make mental health treatment more accessible and effective for people around the world. With Celero providing a reliable, comprehensive financial backbone, the team can focus on that mission with confidence.
From Xero to month-end, from GST to share options, Celero ensures that every layer of oVRcome's financial operation is handled with professionalism and care.
Does Your Startup Need a Financial Partner?
If you are building a startup and need experienced accounting support that can grow with you, Celero can help. Whether you need bookkeeping, month-end reporting, compliance support, or a collaborative partner for your existing CFO, we have the expertise to support your journey.