CHALLENGE

After a year of high growth driven by several large “core” acquisitions, the organization struggled with a non-integrated, fractured finance function. Challenges included reporting inconsistencies, slow month-end close, limited financial visibility, operational risk, and underdeveloped data. The company:

• Operated with multiple billing, collections, and reporting processes across five entities with no discernible standard policy or process map.
• Utilized outdated and ineffective legacy ERP systems that constrained standardization and real-time visibility. The organization had only recently begun improving its technology stack.
• Treated operating companies as stand-alone entities and, as a result, maintained regional order-to-cash and procure-to-pay processes that were inconsistent with a private-equity (PE) operating framework.
• Operated without a standardized chart of accounts, resulting in longer closes and unreliable data.
• Commenced a third-party audit process three months behind schedule, but lacked internal documentation, control processes, and reliable supporting data.
• Relied on inconsistent data, depriving leadership of core operational metrics.

OUR ROLE

ETONIEN was engaged as a strategic integration and finance partner to streamline core financial processes, support ERP readiness, enhance compliance structures, and strengthen the organization’s overall financial operations in preparation for a sale process. Through an Interim CFO and senior accounting staff, ETONIEN acted as an extension of the finance leadership team, providing hands-on execution, cross-functional coordination, and technical accounting expertise to drive consistency and control across a multi-entity environment.

SOLUTIONS

ETONIEN’s Interim CFO was tasked with:

• Integrate disparate operating companies to improve accounting accuracy and consistency and to reduce month -end close time.

• Integrate a new ERP and operating platform across the enterprise; implement financial technologies to automate and streamline workflows while improving data quality and consistency.

• Restart and complete the year-end audit and close process, improving audit quality across the four newly acquired companies.

• Overhaul budgeting and forecasting processes to enhance accuracy and accountability.

• Transform AP and AR processes to improve efficiency, control, and liquidity.

• Overhaul accounting processes and policies and complete account-level integrations.

OUTCOME

Over this period, ETONIEN established foundational SOPs, internal controls, and accounting due-diligence procedures, including transitioning operating companies from cash- to accrual-basis accounting. A standardized close calendar and improved work-in-process (WIP) tracking reduced the month-end close from 65 days to 17 while improving accuracy. An integrated acquisition due-diligence and integration process aligned finance and corporate development teams, reducing post-close integration timelines to two months. The budgeting process was restructured to incorporate stronger operating-company planning and data, creating a more reliable performance baseline. Liquidity improved through disciplined receivables management, and banking relationships were consolidated into a centralized cash structure with an interest-bearing sweep to enhance cash control and yield.