This article is for Irish startup founders who are negotiating investment terms or have already raised funding and need to understand their reporting obligations to investors.
If you're wondering what financial information you actually need to provide, how often you need to send it, or how much time it will take away from running your business, this guide covers standard information rights for Irish seed rounds, what's negotiable versus non-negotiable, and how to balance investor transparency with your operational capacity.
Key Takeaways
Quarterly management accounts within 30 days and annual audited accounts within 120 days are standard for Irish seed rounds.
Push back on excessive requests like monthly reporting, detailed customer lists, or real-time access to accounting systems for seed investments.
Founder-led finance requires 8-16 hours per quarter for reporting; budget €50,000 extra for proper financial systems and support.
Missing reporting deadlines damages investor confidence and can cause problems in future fundraising rounds, even without legal penalties.
Investment size determines appropriate reporting burden, a €2 million Series A justifies more extensive reporting than a €250,000 seed round.
Laura Ryan is a practising Barrister at the Bar of Ireland. She graduated from the Honourable Society of King’s Inns in 2024, having previously qualified and practised as a Chartered Accountant in a big four accounting firm.
What financial information do I need to provide to investors after raising a seed round?
For a standard Irish seed round, you'll need to provide quarterly management accounts within 30 days of quarter-end, annual audited accounts within 120 days of year-end, and an annual budget approved by your board. You should also send quarterly business updates covering key developments and provide notice of all board meetings with materials.
How much time will quarterly reporting take if I'm handling finance myself as a founder?
If you're managing finance yourself without a dedicated finance team, expect to spend 8-16 hours per quarter on reporting once your systems are set up. The first time you comply with information rights will take significantly longer—around 20-40 hours—as you establish processes and templates. Monthly reporting would roughly triple this time commitment, taking a full day or more each month.
Can I push back on investors requesting monthly financial reports for a seed investment?
Yes, monthly reporting for seed investments is considered excessive and you should push back on this request. The market standard in Ireland for seed and early Series A rounds is quarterly reporting, which provides sufficient visibility without creating unreasonable administrative burden. Monthly reporting is typically reserved for larger investment rounds where the reporting burden is more justified.
Do I need to get my accounts audited if my company qualifies for audit exemption?
Even if your company qualifies for audit exemption under Irish law, investors typically require full audited financial statements regardless of your statutory obligations. The audit process costs €3,000-8,000 for early-stage companies and takes 2-4 weeks to complete, so you should factor this into your budget when raising investment.
What happens if I consistently miss reporting deadlines with my investors?
Most shareholders' agreements don't specify financial penalties for late delivery, but consistently missing deadlines seriously damages investor confidence and creates the impression of poor financial controls or hidden problems. Investors who lose confidence in your financial management become difficult during future fundraising rounds, potentially blocking deals or demanding unfavorable terms. One missed deadline with good explanation is forgivable, but a pattern signals serious problems.
Should I give investors real-time access to my accounting systems or detailed customer lists?
No, these requests are considered excessive even for seed and Series A rounds and you should push back on them. Standard information rights don't include real-time system access, detailed customer lists, individual contract copies, employee salary information beyond aggregate costs, or prior approval for individual expenses. The appropriate level of detail depends on investment size—a €2 million Series A justifies more extensive reporting than a €250,000 seed round.
How can I reduce the administrative burden of fulfilling information rights?
Invest in professional accounting software (€50-200/month) and establish consistent reporting formats and processes from the start, which significantly reduces burden after initial setup. Consider raising an extra €50,000 specifically to afford proper financial systems and bookkeeper support (€500-2,000/quarter)—this saves far more time and money than it costs. Set internal deadlines 5-7 days before investor deadlines to avoid last-minute stress.
What's the difference between management accounts and audited accounts?
Management accounts are internal financial reports (profit and loss, balance sheet, cash flow) that you prepare quarterly or monthly to show recent performance, while audited accounts are annual financial statements independently verified by qualified auditors. Management accounts are used by investors to track burn rate and growth trends, whereas audited accounts provide formal verification of your financial position and comply with statutory requirements.
