During his over 20 years of leadership experience in various companies in the financial sector, he has learned that the problems companies face are fundamentally similar.

“Scaling startups typically have to face the fact that revenue may come from multiple countries which makes the game already more complicated. Our customers often wake up to the fact that they rotate different partners for different financial operations, which often increases the risk of miscommunication,” he warns.

In the early stages of a company, certain financial routines may not seem significant but very quickly it becomes obvious why financial expertise is needed. “The bigger a company grows, the more complex things can get. Especially with international growth in different countries, real-time and up-to-date information becomes even more crucial to understand. All of a sudden you have to have a good understanding of regional financial regulations from different countries with varying practices. It’s key to have someone who understands local requirements,” Aurasmaa points out.

“It would be too confident to say that one has all the answers, but once you’ve succeeded and failed enough times, you may have caught a few thoughts that hopefully can help others to avoid a pitfall or two”, he adds.

Learn to predict your runway and don’t underestimate routines

As the global financial market faces challenges, the ability to accurately predict your runway has become increasingly important. That’s where real-time data can prove valuable. “When an internationally growing scaleup enters a new market, they need help in setting up the company, opening bank accounts, local compliance, financial statements, and whatnot.”

“The most simple seeming things may become exponentially difficult and that’s where you’ll save time working with the right people who already have the experience,” Aurasmaa says.

The growth and pains of companies may look very different in different stages. However, there is a key factor that successful growth companies have in common: 

“It is always about the team. Stories are often told of individual people and heroes, but not a single person has achieved anything alone. You do need those crazy kinds of people who are prepared to go through walls, and who have the courage to partner up with others who have walked a similar path before. But an individual is nothing without a team,” he says.

Aurasmaa shares how he enjoys being able to witness the growth of companies in different stages. “I’ve seen enough company journeys to understand that certain things repeat – the financial processes and logic of growth seem to remain the same,” he describes.

 “Nordic well-being has always been based on international trade since the Viking Ages. Trade plays an important role as the basis for a healthy functioning society”, he says.
Aurasmaa mentions Wolt as an example of long-lasting collaboration in payroll management and other financial services. “They’ve been a customer of Staria for over five years and we’ve witnessed them growing from a startup to a large international growth company,” he describes the collaboration.

“Turnover is vanity, profit is sanity, but cash is king” is a saying I’ve heard, which has a profound truth to it.

Artti Aurasmaa, CEO at Staria

He hands over one crucial piece of advice that a company at any stage should keep in mind.

“Turnover is vanity, profit is sanity, but cash is king,”  is a saying I’ve heard, which has a profound truth to it. To ensure growth, you need to ensure that you have cash flow. You need to be able to understand how that cash flow is created and predicted. That’s how you can grow your company in a sustainable way,” he states. 

Join the next FiBAN Academy and Pitch Finland at Staria, and meet Artti and a part of the Staria team there! Find the invitation in your email.

Staria – Growth without Borders

Staria offers a one-stop delivery model for financial services. Staria operates in over 40 countries and is powered by a team of over 400 employees from over 20 nationalities. 

– Financial outsourcing services
– Payroll services
– CFO office services & financial consulting
– NetSuite services
– Business intelligence and planning

More information

Anu Hemmilä
Sales Executive | Staria Oyj
+ 358 50 501 5315

Artti Aurasmaa
CEO | Staria Oyj
+358 45 186 1775

Milja Mäkelä
Communications Manager | FiBAN