challenge
Our client, a private equity-owned manufacturer of aircraft parts with $40 million in annual revenue, was facing a crisis: They needed to find a replacement controller immediately, but they couldn’t afford to let key financial processes and management get off track in the interim. Adding to the challenge, preparations for the sale of the company were already well underway.
With so much at stake, the client turned to the executive leadership experts at Tatum for support.
solution
From the outset, our challenge was to tackle the client’s outdated ERP system, which relied heavily on Access queries and Excel links. That made an intensive discovery process a necessary first step. From there, we were able to quickly assume responsibility for key financial processes and management, enabling organizational leaders to focus on critical business outcomes, including the pending sale.
Elements of our robust solution included:
- evaluating financial operations to ensure continuity going forward
- constructing comprehensive monthly close schedules and infrastructure — documentation for which was close to nonexistent at the start of the engagement
- documenting core responsibilities of the controller’s desk
- building entirely new financial management processes while enhancing existing ones
During implementation, we also uncovered and documented key processes, leading to tighter financial management controls going forward.
outcome
The talent experts at Tatum effectively addressed the client’s pain points from end to end. Key outcomes of the engagement included:
- successfully managing the client’s year-end financial audit and seeing it through to completion, despite a radically fast-tracked timeline — the process only kicked off in the middle of the fourth quarter of that fiscal year
- determining the client’s tax obligations and ensuring continued tax compliance
- creating a controller’s desk manual that documented all processes and procedures required for month-end closing
Facing critical challenges at your organization right now? Find out for yourself how Tatum can mobilize resources and deliver talent solutions faster than the competition. Connect with us today.