Case Study
Interim CFO
A privately held industry leader in supply chain solutions seeking an experienced CFO to lead financial operations following the sudden departure of it’s long serving CFO during a pivotal transformational period
Client Challenges
- Needed a complete rework of financial systems including accounting, FP&A, tax benefits, payroll, and financial IT systems
- Didn’t have experienced leadership for the 50-person finance function with 9 production plants and 10 service operations across US, Mexico, and Canada
- Unable to close financial books efficiently
- Lacked a formal FP&A process
- Despite being one of the largest and fastest-growing companies in their industry, significant inefficiencies existed
- In the middle of an acquisition that needed to be completed
Project Requirements
- Reduction in year-end audit close process
- Implementation of new technology
- Overhaul of budgeting and forecasting
- Creation of forecasting model
- Transformation of accounts payable and accounts receivable
Project Deliverables
- Upgraded to Big-4 auditors at lower cost, reduced the year-end close audit process from 6 months to 6 weeks, improved annual audit performance for 8 material weaknesses and deficiencies to 1 deficiency item
- Implemented QuickLaunch (advanced financial reporting), FloQast (month-end close automation and control with generative AI), Scanman (AP and expense approval automation)
- Instituted monthly cash forecasting, quarterly P&L forecasting, and simplified the annual budgeting
- Implemented a business intelligence (BI) system to aggregate financial reporting data from multiple systems and sources
- Transformed the AP function from manual processing (manual matching 400 paper checks per week) to automated matching, 90% of payment value electronic, and automated vendor remittance detail notifications
- Improved AR collections, generating $10 million of cash
- Completed the acquisition of a Canadian manufacturer
