CFOx was recently engaged by an Illinois-based investment bank to assist with one of their clients, a multi-location Dermatology practice located in North Carolina and South Carolina. The company was entering a sale process and needed a team to clean up their books and provide monthly accounting services.
The CFOx Accounting Services team successfully migrated the company from QuickBooks Desktop to QuickBooks Online, assessed and improved the Company’s current accounting processes, and put together a robust monthly financial reporting package, all while ensuring there was no lag in normal business operations.
The team made essential improvements to the company’s financials that included:
- Established a formal month-end close process
- Streamlined the Company’s Chart of Accounts
- Integrated the Company’s various banking accounts into QuickBooks Online
- Produced monthly historical financial statement reporting including BS, IS and CF
- Prepared monthly reconciliations for all balance sheet accounts
- Timely and accurate reporting each month
CFOx continues to assist with recurring accounting services and prepares a monthly financial reporting package. Additionally, the team has assisted in the due diligence process by being the bridge between the investment bank, the company, and the potential new investors.
This engagement not only highlights CFOx’s ability to swiftly improve accounting operations but also underscores the importance of accurate financials during a sale process.
