Founded by Bill Cogan in 2020, Seven Legal is a legal advisory firm that supports founding teams on their journeys through funding, scaling and exiting high-growth ventures. 

While scaling Seven Legal, Bill began looking for solutions that could help him better manage cash flow and optimise payment processes. 

The services available through traditional providers and banks just weren’t cutting it – they were clunky and antiquated. 

That’s when Bill discovered Mimo…

The challenges 

Time-consuming financial processes: Manual, outdated processes meant day-to-day tasks like adding signatories to the business’s bank account and paying and reconciling invoices were taking up far too much of Bill’s valuable time. As the company grew, inefficient processes were stealing time and focus away from the high-value tasks that would drive the business forward. 

Keeping cash flow moving: While some clients would pay for services in just 10 days, most had payment terms of 30, 60 or even 90 days. As a lean business, this was putting pressure on Seven Legal’s operations and cash flow. “With the model we run, we need to pay our lawyers out. So we need that cash flow coming through the business”, Bill explains.

The solutions

Mimo Flex: Providing Seven Legal with access to a pre-approved credit line, Mimo Flex gives the business a much-valued cash buffer. Taking pressure off the business’s cash flow, Mimo Flex gives Bill time and headspace to focus on other important business operations.

“As a business owner, knowing that you're not just dependent on immediate cash that has to hit the bank account each month gives you more freedom to operate and a lot less stress”.

Mimo’s Accounts Payable: By incorporating Mimo's AP solutions into their processes, Seven Legal’s accounting team was finally able to access the financial information they needed, without Bill’s input. 

Bill explains, “[Before Mimo], our accounts payable, accounts receivable team couldn’t get into our banking system - it was falling back to me to manually upload invoices and add payees. It was just taking up so much time. With Mimo, all the data is pulled from Xero, where all our financial information is kept, and it's just such a seamless experience.”

Want to optimise your cash flow and save time on payments, just like Bill? Get in touch to find out how Mimo can help.