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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 Challenge

A healthcare insurance company, rapidly growing and continuously marketing for additional investors, was faced with an outdated accounting system, incomplete financial statements, and tight reporting deadlines.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, our Accordion team was engaged to provide interim leadership, including an assessment of 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

  • Interim Leadership – With the rapid pace of organizational change, the Company had experienced significant attrition in the Finance Function. The remaining team was lacking a strong leader, so we stepped in as Interim Controller to lead the Finance Function, assess the existing team, and develop a future state view of the organizational structure – including key technical gaps and a hiring plan.
  • Financial Statement Preparation – The accounting department was incapable of developing an audit-ready set of financial statements. Additionally, the Company had never had a GAAP compliant Cashflow Statement. Leveraging current data, our team took a deep-dive into their accounting system to understand the integrity of data and create a new general ledger mapping. Using this new mapping, we were able 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. We helped ensure a smooth, timely launch of the new ERP by acting as the liaison between the Company and the Implementation Consultants. Additionally, we assisted in report building, Accounts Receivable and Fixed Asset add-on’s, 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. Following analysis, we were able to shorten the close to 15 days. By implementing a close checklist and close calendar, while simultaneously reorganizing the team responsibilities, we reduced idle time and shortened total close time. Finally, we assisted in procedures to officially document the process and controls of the close cycle.

The Results

Our team provided overall leadership, helping manage through system implementation. With our support, the Company is able to report more timely on a more capable system with GAAP compliant Financial Statements.