Fixed an underperforming finance function at a Franchisor of B2C brands
Situation
Our client had recently implemented Intacct but set it up to mirror their prior Sage50 system they used for the last 10 years. No efficiencies were realized and in fact the financial close time had increased.
Solutions
Over a period of 9 months, MMG:
- Optimized Sage Intacct for more efficient accounting.
- Trained team to understand why their work was important and to understand double-entry accounting principles.
- Established morning meetings to foster teamwork and communication among remote staff.
- Created accurate subledgers for Accounts Receivable and Accounts Payable and balance sheet account reconciliations.
- Assisted in building and managing annual budgets for various departments.
- Automated credit card processing and employee reimbursements for efficiency.
- Successfully met close policy deadlines.
- Led interim and year-end audits, ensuring compliance and accuracy.
- Documented and improved accounting and finance functions with FlowQast.
- Ensured timely and accurate financial reporting for internal, Private Equity, and lender requirements.
- Implemented processes for ASC606 and ASC842 compliance.
Results
The client was so happy with our consultant’s work, she was nominated for their Circle of Excellence” award, which is typically only given to their employees. The Company was left with a well-functioning finance function.
Consulting ServicesB2B Services
