Finance – Non-Profit

Part-time CFO

Finance – Non-Profit

Reduced
month end close from average of 15 days to 9 days
Stopped
high turnover
Contracts
stayed within terms and met required budgets
"Cerius helped us find an interim for a non-profit within a week. We really enjoyed working with [the interim], and his services and expertise helped us out when we were in a pinch."
Company Profile
Non-profit
50+ employees
Position/Timeframe
Part-time CFO
2-3 days/week, 10 months
Situation
Department was undergoing a lot of transition with 80% turnover
Former Sr. finance executive departed and role vacant for one year, Sr. operations executive was back-filling the role
Reporting took longer than it should resulting in a perpetual close
Staff designed processes to be 100% accurate and auditable, resulting in lost time and resources, yet never achieved accuracy goal
Many accounting and reporting issues identified but never resolved or fixed
Implementation
Reviewed processes and recommended improvements
Removed unnecessary complexity in the accounting and finance operations
Simplified closing process
Staffed up mid-level accounting team
Designed monthly business review process with business segment owners to review what the numbers were telling them and what actions should be taken
Gave visibility to contract spending
Developed process to eliminate monthly reforecasting being done with partial information and move to more robust quarterly reforecasting
Created an annual operating plan
Created financial recommendations package including a longer-term plan for several software application changes
Implemented weekly cash forecast
Removed structural errors in days cash on hand calculation and designed new approach for improved accuracy
Worked with bank to increase services and generate investment income

Results

  • Reduced month end close from average of 15 days to 9 days
  • Stopped high turnover
  • Contracts stayed within terms and met required budgets