The Challenge
The existing controller of a manufacturing company gave a two weeks' notice of their departure. There were no back-up personnel trained and month-end closing had not been completed properly for at least 9 months.
The Solution
The company hired one of our partners as the interim CFO to learn the inner workings of the company and get them on track to carry on successfully after the controller’s exit.
The Implementation
Our partner quickly stepped in and worked closely with the outgoing controller to gain a general understanding of the company's systems and procedures. As interim CFO, our partner caught up all the accounting work through year-end and corrected balances. They also assisted in hiring a new controller and Accounting Clerk, and transitioned the work completed for continuation in the current year.
The Results
The CEO was able to:
- Gain comfort over financial records,
- Understand cash flow bottlenecks and communication weaknesses between departments,
- Gain insight to incorrect and/or aged receivables and payables,
- Properly staff Accounting & Finance Department,
- Implement plans for correction