How FinQuery Secures PE Debt Covenants & M&A Growth Using Agicap.
David Duncan (VP Finance) explains how Agicap’s real-time direct cash flow platform has transformed FinQuery’s treasury into a robust risk-mitigation function following its transition from founder-led to PE-backed.
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Key takeaways
Following its transition to a Private Equity-backed model at the end of 2025, FinQuery faced heightened scrutiny regarding institutional reporting requirements, interest payments, and strict debt covenants.
Prior to implementing Agicap, cash flow tracking relied on disconnected Excel models that required intensive manual data entry, resulting in a permanent one-week lag in cash visibility. This lack of real-time visibility left management blind to daily liquidity fluctuations and exposed to operational errors.
By implementing Agicap, FinQuery automated daily banking aggregation and integrated NetSuite ERP data to achieve granular cash visibility.
The finance department replaced cash flow surprises with predictable forecasting and enhanced board reporting credibility. Furthermore, they established a reliable view of surplus liquidity and debt headroom, enabling agile capital deployment for M&A opportunities.
" Thanks to Agicap, my team extracts insights at a much faster pace without having to pull manual reports either from the ERP or our banking institutions. "
£45-70M
Turnover
8,700
customers
250+
employees
Customer’s history
Founded in 2011 and headquartered in Atlanta, Georgia, FinQuery is an established accounting Software-as-a-Service (SaaS) provider. The company specialises in building automation software designed to simplify complex compliance rules, regulatory accounting, lease tracking, accruals, and prepaid expenses for financial professionals across public, private, and government sectors.
FinQuery serves more than 8,700 companies and organisations, enabling controllers and CFOs to achieve greater compliance, control, and efficiency. By transforming contracts into streamlined accounting workflows, FinQuery empowers finance leaders to work smarter, move faster, and make confident business decisions.
October 2025 marked a defining milestone for FinQuery when the company transitioned from a founder-led business to being backed by the private equity (PE) firm TA Associates. TA’s majority investment is meant to support FinQuery’s expansion into new capabilities, continued product innovation, and strategic growth initiatives, including opportunities to broaden the platform through both organic development and acquisitions.
Under this new capital structure, capital efficiency and liquidity tracking became top-of-mind priorities for the finance department.
Customer’s needs
Following the leveraged buyout, FinQuery's finance department needed to significantly upgrade its treasury capabilities to satisfy institutional reporting standards and safeguard liquidity.
Eliminate manual reliance on Excel-based cash flow models that required upwards of a week to update, preventing agile planning.
Integrate complex ERP systems (NetSuite) and multiple banking institutions to seamlessly extract actual outstanding invoices and live transaction streams.
Establish short-term cash visibility through a dynamic 13-week direct cash flow forecast to monitor daily liquidity trends.
Monitor debt covenants and leverage ratios in real-time to prevent covenant breaches and optimise borrowing costs with PE sponsor.
Track deployable capital accurately to secure swift, competitive inorganic growth through M&A deals.
Reconcile high-level indirect 3-statement financial models against bottom-up direct actuals to isolate and correct forecast variances.
Solution
FinQuery partnered with Agicap to transform its cash flow management into a robust, real-time risk reduction tool. The implementation was completed systematically across several technical phases:
Automated Banking Aggregation & AI Categorisation: FinQuery connected multiple accounts across distinct banking institutions with Agicap. The platform's AI categorisation engine was deployed to automatically map financial transactions based on customised corporate rule sets.
ERP & NetSuite Integration: The team integrated their NetSuite ERP directly into Agicap. This automated the continuous retrieval of ledger transactions, accounts payable (AP), and accounts receivable (AR), pulling live outstanding invoices into the short-term forecast layout.
Advanced Workflows: Collaborating with Agicap's product and customer success teams, FinQuery was able to load recurring key transactions such as biweekly payroll, commission schedules, and bonus models directly from Excel into a weekly granularity. The company is currently beta-testing an AI-driven agent workflow via the MCP server to completely automate spreadsheet fetching and uploading.
Main benefits achieved:
95%+ Automated Mapping: Agicap’s AI engine successfully categorised over 95% of all bank transactions automatically on the first run, drastically reducing manual data entries.
Self-Service Executive Reporting: Executive board members can directly access real-time dashboards to view financial metrics on the go, completely eliminating ad-hoc report requests to the finance team.
De-risked M&A Integration: The system handles post-closing complexity by instantly connecting acquired bank accounts and ERP systems, applying pre-existing categorization rules, and generating both consolidated and subsidiary cash flows.
" I would recommend Agicap to any other PE-backed firm. The ability to manage your operating cash flows, look at your debt covenants, model out any potential leverage ratios, and get a deep understanding of your transactions is paramount for most PE-backed companies. "
Conclusion
The transformation of FinQuery's cash flow management via Agicap has successfully shifted their treasury department from a reactive reporting posture to a highly proactive strategic function. By validating long-term models against immediate transactional visibility, the team now navigates the value creation plan with strengthened operational confidence.
With newfound cash visibility and forecasting confidence, FinQuery is now equipped to pursue external growth without jeopardising its debt structure.
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