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Expense management for venture capital firms

Deal costs, diligence fees and travel are coded to entity, fund and deal as incurred, so what the fund bears and what the management company bears is settled before quarter close.

Investment partners meeting around a table in an office

Partners allocate each cost to the management company or the fund at the moment of spend, while they still know what it was for.

Entity, fund and deal picked when the cost is incurred

The partner booking the flight picks a fund and a deal instead of a generic spend category. LP statements, the management-company P&L and the deal-cost schedules all read from that one choice.

  • Entity chosen at capture by the person who spent
  • Fund and deal stored on the transaction itself
  • Broken-deal costs totalled the day the deal dies

Cards limited to one fund or one deal

Diligence providers, data rooms and legal retainers make up the biggest fund-chargeable category, and it's the easiest one to code wrong. Give a deal its own card and the coding happens on its own, with a running per-deal total.

  • Cards limited to a fund, a deal or a person
  • Data rooms on their own card, closed with the deal
  • Corporate Cards coming soon; Expense Management covers today's cards

Por qué cambian los equipos

Fund costs and management company costs end up in one pile.

Fund-chargeable costs and management-company costs come off the same cards and end up in one pile.

Each expense gets its entity, fund and deal at capture, chosen by the person who knows which deal it was for. Nobody has to infer the split at quarter-end.

We spend real money on a deal that doesn't close, then argue about where the cost belongs.

Broken-deal costs are tagged to their deal from the first invoice. When the deal dies the total is already there, and your LPA treatment gets applied the same way every time.

LP reporting stalls while we chase itemized receipts nobody kept.

Itemized receipts come in with the transaction and stay attached to the fund and the deal. An LP question gets answered without digging through card statements.

Los productos que hacen el trabajo.

Cada producto funciona solo, y cuando usa dos, el mismo registro va del recibo al asiento contable.

FAQ

Preguntas frecuentes

Lo que nos preguntan antes de registrarse.

Every transaction carries its entity from the moment it's captured. The separation is part of the record rather than a setting someone has to remember. The management-company P&L and the fund's expense schedule are two views of the same coded data.

They're tagged to their deal from the moment they're incurred. If the deal doesn't close, the total is already assembled and can be treated however your LPA requires, without rebuilding it from card statements months later.

Yes, many do, on their own accounts. The company-size pages cover what a seed or Series A finance team gets. Nothing requires a fund and its portfolio companies to share an account, and given the reporting lines they usually shouldn't.

No. Your fund administrator keeps the books, calculates NAV and produces LP statements. Smartbills sits upstream of that work and makes sure the expenses reaching the administrator are already coded, supported by receipts and allocated.

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Allocate to the fund when the cost happens

Code entity, fund and deal at capture for one quarter and see what quarter-end looks like with nothing to rebuild.

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