Client Examples - Other
An early stage bio-technology firm
Service Provided: SEC FilingsSituation
The client was in transition with their CFO position and needed assistance to bridge the gap as the incumbent was leaving the company and a new CFO was coming on board. They were under some time pressure to file their SEC documents while their financial information was fresh.
Our Role
We were asked to assist in the preparation of the SEC documents as the client was closing their year end.
Result
We assisted in preparation of the S registration document for the SEC. Also we created a model to import financial information to both the S registration document and the 10K from a single source. We also prepared drafts of the narratives, MD&A, etc. as the financials were being finalized.
A small broker dealer
Service Provided: CFO ServicesSituation
The Compliance Officer required assistance in reviewing the client's current reporting format and in linking that information to their FOCUS report format.
Our Role
GFO was engaged to provide an analysis of the QuickBooks reporting format. We also generated an Excel report that linked the QuickBooks General Ledger to the client's FOCUS report format.
Result
Within less than two days GFO provided the analysis and template for the ongoing preparation of the monthly focus report required by the SEC
Large Philadelphia based non-profit
Service Provided: Controller ServicesSituation
Our client had an immediate need for an Accounting Controller.
Our Role
GFO immediately provided an individual with extensive non-profit experience who met the client's requirements.
Result
GFO was able to provide 7 months of quality service to our client while they restructured their finance operations. In January 2008 we completed the engagement when our client offered our consultant a permanent position.
Regional health care institution
Service Provided: GFO was engaged assess the viability of a regional health care institutionSituation
The health care facility was a turnaround situation with declining profitability.
Our Role
GFO was responsible for evaluating the financial status and viability of the client as a going concern. It was our responsibility to make recommendations to their board of directors and management.
Result
Based on the financial situation of the health care facility we advised them that in order to avoid bankruptcy they would need to sell to or merge with another such institution. Unable to find a suitable match, we then had the firm file for bankruptcy. The health care facility subsequently received authorization from the U.S Bankruptcy court to be sold to one of their competitors.
The Abramson Center for Jewish Life, 324 bed nursing home.
Service Provided: CFO ServicesSituation
Client had recently terminated the employment of their CFO and was in the midst of conducting a search for a replacement. They engaged GFO to act as their interim CFO.
Our Role
GFO served as an interim CFO and assisted the client with their search for a permanent replacement.
Result
We acted as the CFO for three months, during which time we assumed P&L responsibility for all finance operations as well as the client's 48 bed assisted living facility. We were able to carry out a number of strategic initiatives that involved the restructuring and streamlining of the client's operations and we also provided a seamless transition for the new CFO.
Public company, $5 million division of a $350 million life sciences firm
Service Provided: Controller ServicesSituation
Although owned by a parent corporation, the accounting functions were decentralized and each subsidiary bore the responsibility of maintaining their accounting department. The client had not had a controller in place for over a year. The financial records were not current, causing concern with the parent corporation regarding inventory loss due to shrinkage and possible fraud.
Our Role
GFO was hired to act as the client's accounting controller.
Result
As with most engagements of this nature, GFO's first priority was to interview the staff and review the existing accounting functions. Based upon our analysis (and parent company requirements) we then drafted an infrastructure implementation plan for the client's accounting operations. This included reconciling the balance sheet and income statements. This exercise resulted in the client having $10k more in cash than previously reported, a correction to inventory of $150k, and recognition of $300k in income that had not been properly recorded. With 80% of accounts receivable over 90 days old, GFO assembled an 'A/R team' that was responsible for collecting overdue balances. Within two months the accounts receivable turnover was reduced to 45 days and the over 90 day portion was less than 10% of the total accounts receivable. GFO also implemented a cash management strategy that allowed the client to entirely eliminate $1.5 million in intercompany debt over a six month period.
Private company, custom home builder
Service Provided: CFO ServicesSituation
The client had grown in recent years from $5 million to $40 million in revenues and was in need of an experienced finance executive to provide strategic vision.
Our Role
GFO's first priority was to interview the staff and review the existing accounting functions. Based upon our analysis we then drafted an infrastructure implementation plan for the client's accounting operations. This included replacing the client's existing financial software, coordinating staff training for said software, reconciling the old general ledger, creating a new general ledger, reconciling all project job cost accounts, implement a cost control process, implementing a subcontractor's purchase order program, implementing a customer change order program, along with reorganizing the client's accounting department. GFO also assisted in hiring a new IT consultant, purchasing a new server, standardizing the client's desktop PCs, and implementing corporate email. GFO also recommended and helped select a new CPA firm that specialized in construction accounting.
Result
The client ended up with a professional accounting operation that befitted a $40 million company. The client now has access to accurate real-time financial reporting that has enabled them to make more intelligent business decisions. Prior to GFO the client had no true measurement of profitability. After GFO they knew precisely what their profit margins and cash flow were on each custom home. Better cash flow projection led to better cash management. GFO's efforts significantly streamlined the client's accounting operations. Our efforts helped the client increase their net profit margin from 8% to 12% per custom home.