Case Study: CFO Advisory

Overview

  • $10 million transportation company

Objective

  • Build a finance team and establish new procedures in the wake of losing the top two finance positions in 2 months, 5 moths after a new system implementation

Approach

  • Learn the business and determine the needs of the organization

  • Identify operational issues while cleaning up A/R & A/P, and reconciling B/S accounts, and put procedures in place to stop the issues

Results

  • Supported the Company’s 25% top line growth, despite losing 66% of legacy staff and having to fix a newly implemented ERP system

  • Hired new accounting team capable of change needed to be successful

  • Identified and corrected hundreds of false or duplicate entries, missing invoices, and other discrepancies that distorted financial information

  • Worked with the ERP developer and made changes to internal processes and system releases to optimize the use of the system in place

  • Reconciled all B/S accounts to support year-end F/S, and set the finance team up for clean F/S going forward

Value

 

  • Added skill-sets needed by the organization without being full-time

  • Set up scalable procedures to work in the present and in the future