The Challenge
Engagement period: Fall 2021 – December 2025 (successful M&A exit)
Growth can expose the gaps in a company’s financial infrastructure quickly. For a Tampa-based software firm running two divisions, roughly 50 employees, the business had evolved faster than the financial systems supporting it. Leadership needed clearer reporting, better visibility into profitability and a financial foundation capable of supporting the company’s next stage of growth.
That’s where William, Bill Gilmour, Partner at Florida CFO Group , came in. Working alongside an existing leadership and finance team, Bill helped transform the company’s financial operations from cash-basis reporting and limited margin visibility into a structured, decision-ready financial system. The work ultimately gave leadership greater confidence in the numbers, stronger operational insight and the infrastructure needed when an M&A opportunity emerged.
The company had grown into a multi-division business, but its financial infrastructure hadn’t kept pace.
- Reporting was cash basis, limiting visibility into true performance
- General ledger lacked structure for functional or margin analysis
- No reliable way to measure gross margin by project or division
- Reporting cycle extended beyond day 22+, delaying decision-making
- No formal budgeting framework to track performance
The CEO and leadership team were operating with incomplete financial clarity at a critical stage of growth.
The Solution
1. Rebuilt the Financial Foundation
- Converted reporting from cash basis → accrual basis
- Redesigned the Chart of Accounts to support gross margin visibility, functional expense tracking and a scalable reporting structure
Translation: Finance went from “checkbook accounting” to actual business intelligence.
2. Enabled True Gross Margin Measurement
- Developed a staff time allocation methodology
- Linked labor costs directly to project revenue
- Created visibility into project-level profitability
Before this, gross margin was essentially a guess. After this, it became a management tool.
3. Introduced Division-Level Clarity
Segregated reporting into:
- Division A
- Division B
- Consolidated view
This allowed leadership to:
- Identify which parts of the business were driving performance
- Allocate resources with precision
- Avoid cross-subsidizing underperforming areas
4. Compressed the Reporting Cycle
- Reduced close timeline from Day 22+ → Working Day 7
- Added executive-level commentary, not just numbers
The team didn’t just get faster data—they got understandable data.
5. Implemented Budgeting & Performance Management
- Built budgeting by function and by division
- Enabled ongoing Budget vs. Actual analysis
This created accountability across the organization, early identification of performance gaps and a forward-looking management discipline.
6. Maintained Operational Discipline
This wasn’t a one-and-done cleanup.
- Reporting standards were consistently maintained
- Financial processes became part of how the business operated—not a quarterly scramble
7. Achieved M&A Readiness (Without the Fire Drill)
When the company began exploring M&A:
- A data room was stood up rapidly
- Financials were already clean, structured and defensible
No late-night archaeology digging through spreadsheets.
8. Guided Leadership Through the M&A Process
- Set expectations for each stage of the transaction
- Helped leadership understand what buyers look for and what questions would come next
- Helped leadership avoid surprises
This reduced friction, stress, and “what the hell is happening” moments during the deal.
The Implementation
Build a scalable, decision-grade financial system that could:
- Provide real-time clarity into performance
- Enable margin accountability
- Support operational decision-making
- Prepare the business for future M&A
The Results
Financial Clarity
- Leadership gained confidence in reporting
- Decisions shifted from reactive → proactive
Operational Control
- Visibility into gross margin and functional spend
- Clear accountability across divisions
Speed
- Reporting cycle reduced by ~50%
Scalability
- Financial infrastructure capable of supporting continued growth
M&A Readiness
- Business presented clearly and professionally
- Transaction process executed with minimal friction
CEO Perspective
“The biggest change was credibility and clarity in our numbers. Our financial reporting became something the executive team could rely on to make decisions.”
“Because the financial foundation was already in place, we were able to present the business clearly and confidently.”
“Bill has become far more than a fractional CFO—he is a trusted advisor.”