Healing what ails a healthcare co.’s monthly close process

Key results:

Reduced monthly close by more than 50%

Value levers pulled:

Operational accounting
Technical accounting
Audit support

Picture this...

You’re a healthcare company experiencing significant delays in monthly close. It’s taking you between 15-20 days to close with an additional 10-15 days to provide financial statements to management and investors. You’re dealing with a number of mitigating factors: your company is divided into 4 regions—each having their own systems and processes, you are on a modified cash accounting basis, you don’t have a standard monthly close process, you have skill gaps with controllers and accountants, and you lack documented processes and policies. This has all resulted in inaccurate financial information, a lack of accountability for team members, and delays in close.

You turn to Accordion.

We help accelerate your monthly close process, establish accounting policies and procedures in accordance with GAAP and industry standards, and transform your accounting function to meet best-in-class industry practices, by:

Implementing a monthly close checklist/calendar, establishing daily close status calls, and reducing repetitive tasks, resulting in improved timing, accountability, and accuracy.
Providing audit support and creating auditor approved reconciliation templates to be used by accounting team.
Implementing revenue recognition model in accordance with ASC 606 and industry standards, including preparation of a lookback and waterfall cash collection rate worksheet that will continue to be used for audit purposes.
Implementing GAAP accounting processes, such as recording payroll expense and liabilities on an accrual basis rather than a modified cash basis.
Assisting in hiring a senior accountant and onboarding a new CFO, senior accountant, and controller.

Your value is enhanced.

Your new monthly close process reduces close time to 10 days, in line with best-in-class industry practices. Your accounting team has more communication, provides timely and accurate financial information, and has additional bandwidth to focus on more strategic business goals.

Enhanced value:

You reap multiple benefits, including:

Reduced monthly close by more than 50%