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Case Study

Providing Leadership to Support a Transitioning Team

Team Size
2 Senior Directors, 2 Managers
Project Duration
12 weeks

The Situation

A healthcare insurance company, rapidly growing and continuously marketing for additional investors, was faced with an outdated accounting system, incomplete financial statements, and tight reporting deadlines. On the brink of a transition, Accordion was engaged to provide thought leadership to assess the current state of the finance function, prepare financial statements, assist in ERP system implementation, and accelerate the financial close timeline.


Accounting Policies & Procedures

Financial Statement Preparation & Analysis

Finance/Accounting Assessment & Design

The Execution

Functional Leadership: With the rapid pace of organizational change, the Company had experienced significant attrition in the finance function:

  • Stepped into the controller role to lead the finance function, assessed the existing team, and developed a future state view of the organizational structure – including key technical gaps and a hiring plan.

Financial Statement Preparation: The accounting department was not able to develop an audit-ready set of financial statements and the Company had never had a GAAP compliant cashflow statement:

  • Took a deep-dive into the Company’s accounting system to understand the integrity of data and create a new general ledger mapping.
  • Used this new mapping to accurately develop the financial statements and improve process efficiency.

Accounting System Implementation: With increases in complexity and volume of the business, the Company needed to implement a more versatile accounting system:

  • Helped ensure a smooth, timely launch of the new ERP by acting as the liaison between the Company and the implementation consultants.
  • Assisted in report building, accounts receivable and fixed asset add-ons, and the testing phase.

Financial Close Acceleration: The Company had an inefficient close cycle that lasted between 45-60 days, with minimal process documentation and controls:

  • Shortened the close to 15 days from an inefficient close cycle that lasted between 45-60 days, with minimal process documentation and controls.
  • Implemented a close checklist and calendar while reorganizing team responsibilities to reduce idle time & shorten close time and assisted in procedures to officially document the process & controls of the close cycle.

The Results

Our team provided overall leadership, helping the Company manage through system implementation. As a result of our support, the Company is now able to report on a more capable system with GAAP compliant financial statements in a timelier manner.