LumenStream: How Management Accountancy turns financial complexity into strategic decisions
- Case Study
When LumenStream, a Northern Ireland-based energy technology company, began preparing for a seed investment round, it quickly became clear that traditional accountancy support wasn’t enough.
“Ekstra has demonstrated a remarkable commitment to understanding our business, going far beyond a superficial overview. They have invested considerable time and effort in learning the intricacies of our operations and accurately assessing our position on the growth curve.”
Alistair Brown, Founder, LumenStream
Introduction
The company had worked with a local accounting firm, which had provided year-end accounts, which focused exclusively on compliance. The service offered no meaningful analysis or explanation of the figures. As a result, the founder lacked confidence in the numbers being provided and realised that this would not be satisfactory going forward
For a start-up entering a critical phase of growth, that uncertainty was more than inconvenient; it was holding the business back.
Without up-to-date management information or insight into the company’s financial position, LumenStream risked losing credibility in front of investors. The team needed a management accountant who could provide more than HMRC-ready numbers; they needed a strategic partner who could explain the story behind those numbers, guide decision-making, and create the financial structure necessary for scaling.
The Challenge
The timing could not have been more critical. LumenStream was preparing to raise external investment while still establishing its internal processes. Without solid financial foundations, securing investment and managing future growth would be increasingly difficult.
The founder, Alistair Brown, needed:
- A reliable management accounting service that accurately reflected the company’s position month-to-month.
- An accountant who can forecast figures to test different growth and funding scenarios.
- Clear, data-backed accounts insight into cash flow, profit margins, and investor readiness.
- A flexible management accountant who could communicate in plain English, helping translate financial information into strategic business decisions.
In short, the business needed a virtual finance director,a proactive partner who could act as a financial sounding board and provide oversight, without the cost of hiring an in-house Chief Financial Officer of Financial Director
The Solution
LumenStream was referred to Ekstra Accounting Services through a business advisor and a shared local network. From the outset, our focus was on developing a deeper understanding of the company’s operations, its growth curve, and the expectations of its investors.
Ekstra Accounting Services provides management accountancy, business advisory, and outsourced finance services to SMEs and scaling businesses across Northern Ireland. Our approach is built around partnership, embedding financial insight at the heart of a client’s strategy.
For LumenStream, this meant moving from simple compliance to strategic clarity.
We began with a detailed review of the company’s existing financial systems, reporting processes, and investment documentation. From there, we designed a bespoke outsourced finance function tailored to the needs of a growing technology firm.
The solution included:
- Monthly Management Accounts – providing accurate, timely and meaningful reporting on performance, growth, and cash flow.
- Forecasting and Financial Modelling – creating dynamic forecasts to support funding rounds and investor communication.
- Virtual Finance Director Oversight – ensuring strategic alignment between financial decisions and business objectives.
- Integrated Outsourced Finance Team – managing bookkeeping, payroll, and reporting processes in a single streamlined structure.
- Business Advisory Support – working directly with the founder to interpret financial data and use it to inform planning.
- Education and Empowerment – helping the founder understand financial principles to confidently communicate with stakeholders.
How Ekstra Accounting Solutions Helped
By partnering with Ekstra Accounting, LumenStream gained access to the kind of financial leadership normally only available to larger companies.
“Previously, I viewed accounting as a burdensome obligation. Now, I see our accounts as an invaluable tool for strategic planning and achieving future business success.”
Alistair Brown, Founder, LumenStream
Our outsourced finance director model allowed the business to scale without the expense of an internal finance department, while still gaining the strategic insight needed to make well-informed decisions.
Key benefits included:
- Investor confidence – professional management accounts and forecasts gave investors confidence in the company’s financial discipline.
- Clarity and foresight – improved visibility of cash flow, profitability, and performance metrics.
- Efficiency – streamlined financial processes freed up time for leadership to focus on growth and innovation.
- Scalability – as the company grew, reporting and analysis evolved to match its expanding needs.
- Decision-making confidence – regular updates and scenario planning replaced guesswork with clarity.
“EAS empowered me to transform strategic plans into concrete financial forecasts and integrated management accounts. Previously, I viewed accounting as a burdensome obligation — now I see it as an invaluable tool for strategic planning.”
Alistair Brown, Founder, LumenStream
Results
The results of the partnership between LumenStrean and Ekstra Accounting Services speak for themselves. Over the four years of working together, LumenStream has achieved several major funding milestones, supported by reliable financial reporting and strategic guidance.
Since engaging Ekstra Accounting Services, the company has:
- Secured two bespoke financing frameworks worth £10 million
- Completed a £400,000 seed investment round
- Closed a £1.3 million Series A investment round
- Accessed £450,000 in venture debt facilities
These results were enabled by a collaborative working relationship built on trust, transparency, and consistent communication.
“My team and I have an excellent working relationship with Ekstra Accounting Services, characterised by outstanding communication. Meetings are efficient and always yield clear takeaways for progress.”
Alistair Brown, Founder, LumenStream
Building Confidence for the Future
With improved forecasting, integrated management accounts, and strategic oversight, LumenStream now operates with confidence. Financial data has become a tool for insight, not an afterthought.
The business now benefits from an outsourced finance function that operates like an internal department — a virtual accounts team and virtual finance director rolled into one.
“From the outset, EAS has consistently provided for our requirements, meticulously adapting their support and guidance every step of the way as our business has developed and expanded. Their proactive and flexible approach has ensured that, regardless of the challenges or opportunities presented by our growth, our foundational needs have been consistently met and even anticipated.”
Alistair Brown, Founder, LumenStream
This long-term partnership continues to evolve as LumenStream grows, providing stability, structure, and financial clarity as the company moves into new markets.
Conclusion
LumenStream’s story demonstrates how an SME can benefit from moving beyond compliance-based accounting to a proactive, insight-led approach.
By combining management accountancy, business advisory, and outsourced finance solutions, Ekstra Accounting Services helped turn financial complexity into a clear roadmap for growth and investment success.
For any scaling business in Northern Ireland seeking the clarity and confidence to make informed financial decisions, a chartered management accountant can make all the difference.
