CHALLENGE

The organization operates across nine production plants and ten service locations throughout the U.S., Mexico, and Canada, and was simultaneously completing a major acquisition while modernizing its finance infrastructure.

The company faced significant operational and financial inefficiencies that limited visibility and delayed critical reporting. The organization:

• Needed a complete overhaul of financial systems, including accounting, FP&A, tax, benefits, payroll, and financial IT.
• Lacked a formal FP&A process and efficient closing procedures.
• Faced challenges closing the financial books and preparing timely audits.
• Required experienced leadership to guide a 50-person finance team through change.
• Needed to complete an active acquisition while maintaining stability and compliance.

OUR ROLE

ETONIEN was engaged to provide an Interim Chief Financial Officer to restore financial visibility, strengthen systems, and lead transformation amid leadership transition.

SOLUTIONS

ETONIEN’s Interim CFO was tasked with:

• Reducing the year-end audit close process and improving audit quality.
• Implementing new financial technologies to automate and streamline workflows.
• Overhauling budgeting and forecasting processes to enhance accuracy.
• Transforming AP and AR processes to improve efficiency, control, and liquidity.

OUTCOME

• Upgraded to Big-4 auditors at a lower cost and reduced the year-end audit timeline from six months to six weeks, improving performance from eight material weaknesses to one deficiency.
• Implemented QuickLaunch (advanced financial reporting), FloQast (AI-driven close automation), and Scanman (AP and expense approval automation).
• Instituted monthly cash forecasting, quarterly P&L forecasting, and simplified annual budgeting.
• Deployed a business intelligence (BI) platform integrating financial data from multiple systems.
• Transformed AP processes from manual matching of 400 paper checks per week to 90% electronic payments with automated vendor remittance notifications.
• Improved AR collections, generating $10 million in cash.
• Completed the acquisition of a Canadian manufacturer, ensuring seamless financial and operational integration.