MediaTech
Synopsis
The organization was facing typical growing pains, it had significantly grown in headcount and revenue, outpacing the in-house finance department. In a span of two months, the company lost its Revenue Accounting Manager and Assistant Controller. The cash position and changes in cash could not be explained to the Board of Directors. The company’s forecasts were consecutively missed for six months, and the company lost confidence in its Controller’s ability to lead financial operations. The VP of Finance and Business Operations reached out to Eventus to help remedy the situation.
Service(s) Utilized
“When Eventus got involved, the company lacked transparency in financial processes and, as a result, could not accurately forecast cash or revenues. The company needed to upgrade its finance and accounting talent.”
Strategy & Course of Action
The company originally brought Eventus on to help shore up their accounting processes and offer some outside advice as to how to improve them. After the first week, the company asked Eventus to take over their entire controllership function while management focused on critical company growth initiatives. Eventus corrected the firm’s accounting records and revamped the company’s monthly close process. Our experts also trained lower-level staff, supported the executive team, and gave them insight into their financials and confidence in the company’s processes and numbers going forward.
The Results
Eventus served as the interim-Controller while the company searched for a new controller. Eventus replaced a dysfunctional accounting team with a well-honed one that supported the organization’s success. The company eventually hired a full-time controller but kept Eventus on to help revamp the accounting and finance operation and assist the controller in day-to-day operations.
- Restructured month close, order to cash processes, A/R Collection, AP processing, and financial reporting
- Cleaned up books and records
- Served as interim controller
- Replaced a dysfunctional accounting team with well-honed one
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