Early 2024, CFOx was engaged by a Michigan-based Private Equity firm to assist with one of their recently acquired portfolio companies, a multi-location Chiropractic & Wellness Center in Florida. Post-acquisition, the portfolio company needed an Interim CFO to improve its accounting processes and establish monthly financial reporting until a full-time hire was found.
Our CFO Services team joined the understaffed accounting group and gained an understanding of the business processes, KPIs, and financial accounting environment. The team set up new accounting software for each entity, made improvements to revenue recognition, and streamlined accounting processes all while ensuring there was no lag in financial reporting, which was crucial for new stakeholders.
The team made essential improvements to the portfolio company’s financials that included:
- Cash Basis to Accrual Basis conversions
- Consolidated and Entity Level Reporting of Each Financial Statement (P&L, BS, CFS)
- KPI Dashboards
- Consistent and Intuitive Chart of Accounts across all locations
- Timely and Accurate Reporting Each Month
The CFOx team implemented new processes and developed a financial reporting package to accomplish these items, making the reporting package dynamic, accurate, and quickly updateable.
CFOx continues to assist post-acquisition with recurring accounting services, maintaining the financials for each entity and updating the reporting package monthly.
This engagement not only highlights CFOx’s ability to swiftly integrate and enhance financial operations, but also underscores the importance of effective financials can play a pivotal role in stabilizing and growing a business during ownership transitions.
If you would like to learn more about our CFO Services and how our CFO services team can serve your company, please reach out via email ([email protected]) or schedule a call directly on our Contact Us page.
CFO Services Provided:
- Integrations & Transitions
- Interim CFO
- Processes & Procedures
- System Implementation
- FP&A Services
