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Accounting Process Improvement

Accounting Process ImprovementIf you don’t have the right accounting processes in place, you are, most likely, operating your business based upon incomplete and faulty information. Some symptoms of flawed accounting processes include:

  • Your financial department typically takes action reactively, not proactively
  • Your financial statements are frequently late and/or incorrect
  • Your billings take too long or often need correction
  • Your inventory numbers seem ‘off’
  • You’re not sure how your business is doing at any given moment

We can help you improve your accounting department by developing new and streamlining existing procedures as well as instilling a highly-disciplined approach to task management. We’ll ensure that your department functions smoothly, that you receive timely, accurate financial information, and that you’re positioned to put it to best use.

Case Study: A Revolving Door Leads to an Interim, then a Permanent Solution to Company’s Financial Management

$100 Million General Contractor

Overview

A $100 Million multi-entity Construction Company found themselves yet again in need of a Controller. Their current Controller, in the role for only four months, quit. This was their fourth head change in the seat in just two years. The financial statements were in disarray, complicated by a general ledger system upgrade that was in progress.

Solution

Referred in by a friendly competitor of the Company, Sutker Advisors took over the CFO/Controller role providing full-coverage CFO/Controller services at significantly less cost than a W2 employee. Sutker simultaneously reconciled every balance sheet account while developing and implementing a formal monthly close process. Sutker then focused on the Company’s convoluted WIP projection process. Sutker Advisors, first, gained a thorough understanding of the existing process. Then, teamed with the Senior Management Team to reimagine a new formal process tailor-made for the Company’s operations. Armed with meaningful information, Sutker Advisors, as the Company’s CFO/Controller, challenges project managers with cost issues and helps identify operational under-performance.


Case Study: Without Accurate Financial Information, Losses Accumulated

$30 Million Self-Performing Construction Company

Overview

A $30 million self-performing construction company has always lacked the necessary financial information to run their business profitability, especially the status of jobs-in-progress. Without accurate financial information, project managers had difficulty managing their jobs. The Company kept on running through various ineffective Controllers.

Solution

The cost-conscious owner hired Sutker Advisors as their permanent CFO/Controller as Sutker could provide full-coverage, high level CFO/Controller acumen for significantly less cost than W2 employees. Sutker, immediately, focused on the monthly WIP report leveraging their experience to create an accurate, meaningful, but simple report that the project managers could understand and use to manage their projects. Most importantly, Sutker developed processes and painstakingly implemented procedures surrounding the accounting/managing of the projects as well as other operational areas, resulting in a positive cultural change within the organization.


Case Study: One Giant Black Hole

$18 million Global Marketing Service Organization

Overview

A marketing services firm had a vast organization of talented individuals who priced potential opportunities based upon their own experiences, causing disparity amongst the quotes. Furthermore, these estimates were never compared to the actual cost incurred, resulting in uncertainty regarding job profitability and the validity of the estimates, themselves.

Solution

Through extensive interviews and analysis, Sutker developed a consensual, standard pricing template that was used for all estimates. With the estimates’ standardized, Sutker, working with the Company’s IT Department, developed a labor tracking system that mirrored the estimating template, allowing for relevant actual vs. estimate analysis. Proving its value, Sutker became the Company's outsourced CFO.

Want to learn how Sutker Advisors can help improve your profitability?