Success story:
Fix system error
Accounting systems conversion consulting
Background
- Client recently implemented an Oracle ERP system.
- Project ledger did not reconcile to the General Ledger ($10M variance).
Challenge
- Investigate the cause and fix it.
Solution
- Over a period of nine months, we worked with the existing accounting, program finance, and IT teams to identify the processes (or lack thereof) that were causing the variances, implement controls to prevent them from occurring, as well as a review process to catch any new control deficiencies.
Outcome
- The project ledger and general ledger are in balance, primarily due to preventative controls that were implemented, along with detective reconciliation controls.
- Monthly variances are usually less than $100 (whole dollars) each month, enabling the accounting and finance teams more time to focus on operations and improving profitability.
Success story:
Interim, seamless, on-demand CFO
Interim CFO consulting
Background
- Sensor manufacturer was going through a sale process. (Pipaya provided sell-side support.)
- One of the owners was the CFO and was not continuing with the business post-transaction.
Challenge
- Step in as interim CFO to help the acquirer integrate and reorganize the accounting and program finance department.
Solution
- The partner on the sell-side project provided interim CFO services for six months. Accomplishments included completion of:
- Integration of financial reporting and operations with the acquirer (U.S. GAAP to IFRS, cash management, payroll, and insurance).
- Budget and strategic plan co-development.
- Acceleration of monthly reporting from 15 days to five.
- Reorganization of the accounting function into separate accounting and program finance divisions.
- Assisted in finding a full-time CFO.
Outcome
- Seamless financial and accounting integration.
- Division is now part of a $1B+ international entity.
