Results

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

Company Profile & Position

• Mid-market
• Interim CFO

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 the organization

Implementation

• Established credibility with global finance organization
• Collected receivables from past due customers
• Set regular meetings with finance staff and global team
• Developed standards that defined finance processes
• Improved closing cycle by more than 20%

Cerius Insights – Customer Quote