NYC VC Firm Steel Atlas Unlocks 20x Faster Quarterly Financial Reporting

Steel Atlas is a New York City-based venture capital firm investing in industrial technologies including companies such as Valar Atomics, Transmutex and GenLogs. 

Challenge: Steel Atlas was relying on a legacy fund administrator that operated on a 60-day reporting cycle for quarterly financials. This two-month lag left partners and investors working with stale data, delayed insights and constant deadline fatigue. Critical decisions had to be made without up-to-date financial information, and stakeholder transparency suffered due to the slow, fragmented reporting process.

Solution: Hanover Park migrated Steel Atlas and delivered two key improvements:

‍1) Automated Schedule of Investments Workflow

Hanover Park’s platform enables a Schedule of Investments each quarter and streamlines the review/approval process. Steel Atlas’s team can now review investment valuations and sign off in a guided workflow, eliminating back-and-forth manual emails and excel file comments. 

The magic moment is that Hanover Park automatically creates folders inside the native Document Hub to automatically save down comments and investment evidence support to be audit-ready. 

2) Automated Financial Reporting

Hanover Park’s accounting system automatically generates complete Excel financial reporting workbooks (balance sheets, income statements, LP capital accounts) with formulas linked across sheets for traceability. No other provider offers the flexibility of real-time visibility on financials inside the UI combined with automated Excel financial reporting with formula traceability.

What used to take fund accountants weeks updating multiple separate systems and copying and pasting outputs into spreadsheets is now generated instantly and accurately, drastically reducing manual work and errors. This frees up Steel Atlas’ fund accounting services team to be hyper responsive to any additional work streams that pop up.

Results: 3-Day Quarterly Financial Reporting  

Hanover Park delivered Steel Atlas’ quarterly financial statements for approval within 3 days of quarter-end (versus ~60 days before). This speed gives Steel Atlas real-time visibility into fund performance and on-demand insights for decision-making. No more stale financials or reporting lag.