Validating Opening Balance Sheet & Migrating Data
A leading subscription magazine and online destination, newly purchased as a carve-out, was facing challenges establishing the opening balance sheet, separating the transactions from the former parent, closing their first quarter as a new Company and implementing a new ERP. As a result, they were unable to provide accurate financials for the new Management Team. The CFO engaged Accordion to finalize the separation and establish a foundation for the company going forward.
Project Management Oversight
Financial Statement Preparation & Analysis
Working closely with the Company’s CFO, Accounting Team and other relevant stakeholders, our Accordion Team executed the following:
- Supported the finalization of the purchase valuation, including proposing and overseeing recording of entries into the new ERP, to establish Opening Balance Sheet
- Conducted a deep-dive review of the TSA period transactions to ensure integrity of data migration into the new ERP
- Validated month-end balances for each reporting period
- Developed reconciliation and rollforward templates
- Performed in-depth assessment of the new ERP related documentation and workflows, identified gaps in the COA and financial statement presentation
- Created a detailed work plan to facilitate the completion of in-process initiatives
Accordion validated the Opening Balance Sheet and Q1 Financials, with appropriate audit support, to the CFO and Management Team. Our deep-dive review of the separation transactions provided the Company with enhanced visibility into to the TSA period and the team was able to utilize our reconciliation templates in upcoming month end closes. In addition, our team provided key findings and industry best practices to assist in the completion of the new ERP related system enhancements and integrations.