Interim CFO services of a $25M Automotive Dealership Consulting and Insurance Firm as it transitioned to PE ownership and converted from cash to accrual accounting
Situation
BS was on modified cash basis of accounting and had never been audited. Controller was not experienced with lender debt covenant reporting requirements and had never built an integrated budget model. MMG quickly discovered a $500k BS error impacting opening working capital.
Solutions
MMG engaged as the firm’s part-time CFO for 2 years until a full-time CFO was hired and:
- Created new financial and sales metric reporting
- Developed purchase accounting entries and oversaw first year-audit
- Defined key criteria for and helped select, configure, and implement a new ERP system
- Assisted with multiple add-on integrations
Results
The company’s revenue grew over 50% during engagement, with minimal changes in back-office headcount.
Consulting ServicesERP Implementation SupportInterim CFO / Controller / FP&AB2B Services
