CFO – Business Services

Interim CFO - Finance

CFO – Business Services

<10%
reduced past due from 50%
Reduced
staff by one person
<5.5 days
for ME close from 7 days
Cerius Insights: Profit, and Peace best sums up the role of a CFO.
Company Profile
Business Services
Mid-market
Position/Timeframe
Interim CFO
5 days/week, 5 months
Situation
Prior CFO was removed under difficult circumstances
Inadequate cash flow for growth
Unreliable reporting
Weak financial management, unable to pay vendors
Department was not meeting financial deadlines
Lack of communication with rest of organization
Implementation
Established creditability with global finance organization
Collected receivables from past due customers
Created regular meetings with finance staff and global team
Developed standards that defined the finance processes
Improved closing cycle by more than 20%

Results

  • Fixed balance sheet issues and finished purchase accounting in first month
  • Reduced past due receivables from over 50% to less than 10% in two months
  • Reduced monthly close cycle from 7 days to less than 5.5 days
  • Reduced staff by one person
  • Improved reporting so only one submission to global finance was required