Case Studies - Part-time CFO
Retail Chain Falls Behind on Accounting Processes
A family owned chain of car-wash and quick oil change facilities was operating without timely financial information.
- Accounting staff departures and illnesses left remaining staff unable to keep up with daily responsibilities and month-end reporting requirements.
- Declining morale due to high workloads and inability to catch-up negatively impacted productivity causing increasing delays.
- Operating without current financial information caused concerns about profitability and complicated internal decision making.
- A Part-time LauberCFO was engaged to provide an additional accounting resource with management ability to lead the effort to reduce the backlog of uncompleted work.
- The Part-time LauberCFO assisted in recruiting candidates for the open accounting positions and was able to fill the vacancies with highly qualified individuals.
- The leadership and guidance provided by the Part-time LauberCFO greatly improved the confidence of the accounting team and restored morale.
- The added management skill on the accounting team was utilized to assist decision makers.
What this Meant to the Company:
- The accounting department was fully staffed, the work backlog eliminated and bills were paid on time.
- Management once again was provided timely and accurate financial information.
- Detailed analysis of individual locations confirmed the volume levels required to break even.
- Bench-marking against industry norms highlighted areas for cost improvement and assisted in pricing decisions, which in turn improved profitability.
- New processes were developed that increased accounting department productivity and shortened cycle time.
The value of a Part-time LauberCFO:
- Extensive domain expertise in senior financial positions brings immediate value.
- A trusted adviser to owner / CEO on many matters.
- Looks at business through perspective of maximizing competitiveness and long term enterprise value.
- Extended tenure with clients helps develop stronger financial and business acumen for client’s leadership team.