Interim Executive Controller and Assistant Controller at a $25 Million Company – Interim Management Chronicles
How an interim executive solved challenges at a manufacturing company
This article examines the impact an interim controller had while working in a $25 million manufacturing company when they brought in an Interim Controller and Assistant Controller for five months to help address some of their challenges.
The company had terminated their Controller and Assistant Controller, and a majority of the staff was new. The previous three month’s general ledger was not closed or financial statements produced. The sale agreement was not properly recorded, the year-end Board of Directors financials and audit preparation had not been started. There was a lack of internal controls, staff training, and reporting. Ledgers were not reconciled or up to date, and there was no template to generate financial statements.
Implementation by the interim executive
To help address these concerns the interim controller generated eight months of financials. They created, reconciled and posted the bargain purchase agreement; generated needed trial balances on time, and created appropriate audit schedules; They guided the company to satisfactory completion of an annual audit; they updated sales and operating forecast and improved month end reporting processes; they reviewed and recommended improved internal controls; created separate holding company general ledger to eliminate commingling of entries and balances; and they trained full-time replacement Controller.
Through all this work the interim executives were able to help the company achieve some impactful results. They prevented the company from being in default of covenants. They obtained unqualified audit reports and brought financial reporting current. They decreased the time needed for future month-end & year-end closes. They increased the accuracy of financials and stabilized staff concerns and issues through training and counseling.
The client commented, “The Cerius Interims were professional, diligent and hard-working. They were helpful in getting us through a difficult transition phase, and I would happily recommend them without reservation to any company in need of accounting help.”
For more information on how a Cerius executive can impact your company, call us at 888-565-5289 or contact us at ceriusexecutives.com.