Expertise in Financial Reporting, Accounting, & Internal Controls
- Instituted and populated a fixed asset system to track their 10,000+ items;
- Produced monthly financial reports including cash flow analysis for management;
- Revised their chart of accounts to more effectively close and manage their business;
- Addressed technical accounting questions pertaining to the financing of the construction, including interest rate swaps, renegotiation of debt instruments, and interest capitalization;
- Prepared quarterly filings for regulatory agencies;
- Worked with their tax preparers to develop accounting policies to support their tax minimization strategies;
- Implemented a closing timetable and checklist to ensure an efficient, quality closing; and,
- Developed an effective tool for consolidating the results of the entity with its immediate parent and its downstream subsidiaries, each of which are on different accounting systems.
Issue - Our client began the construction of a new $300 million plant and an ERP system implementation. They did not want to hire a full time controller and accounting team until the plant was online. Their finance and accounting department consisted of a CFO, a business analyst focused on ensuring that the plant construction was properly budgeted, and a few clerical personnel. The Company engaged us to assist with their monthly closing activities and make improvements to their processes and systems as needed.
Actions -
Outcome - We were successful in addressing all of the client's monthly financial reporting and accounting needs, leaving the CFO and his team to focus on the financing and construction of the new plant. We were able to increase or decrease the size of the supplemental team as necessary leading to an overall cost-effective relationship. Our efficiency won us additional project work from this client.
