Company Size & Timeframe
- $25 million in revenue
- 5 days/week, 5 months
Results
- Prevented company from being in default of covenants
- Obtained unqualified audit report
- Brought financial reporting current
- Decreased time for future month-/year-end closes
- Increased financial accuracy
- Stabilized staff concerns through training and counseling
Company Profile & Position
- Private equity financed with some management ownership
- Team: Interim Controller & Interim Assistant Controller
Situation
- Termination of the controller and assistant controller; majority of staff was new
- Previous three months general ledger was not closed; financial statements not produced
- Sale agreement/bargain purchase not properly recorded
- Year-End Board of Directors financials and audit preparation not started
- Lack of internal controls, staff training, reporting
- Ledgers not reconciling or up-to-date
- No template to generate financial statements
Implementation
- Generated 8 months of financials
- Created, reconciled and posted bargain purchase agreement
- Generated needed trial balances on time
- Created appropriate audit schedules
- Guided company to satisfactory completion of the annual audit
- Updated sales and operating forecast
- Improved month-end reporting process
- Reviewed and recommended improved internal controls
- Created separate holding company general ledger to eliminate comingling of entries/balances
- Trained full-time replacement Controller
- Addressed sample order performance
Cerius Insights
“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.”
