The Company
Industry: Real Estate
Entity Type: Wholly Owned Subsidiary
Operating Region: Western U.S.
Size: $150M
The PROBLEM
In the midst of a rapid expansion, the leading real estate organization faced a critical challenge when its Chief Accounting Officer and two key accounting team members unexpectedly departed. With an impending year-end audit and crucial public reporting deadlines, the company required immediate intervention to maintain and uphold its financial accounting and reporting obligations.
The Solution
To bridge this sudden gap, McDermott + Bull Interim Leaders deployed a seasoned Controller with extensive experience in accounting for complex real estate operations. The Interim Controller seamlessly integrated with the team and immediately lifted core accounting activities while looking for opportunities to shore up controls, streamline workflows, and upskill the existing team.
The RESULT
The interim Controller skillfully managed the accounting department, fostering open and transparent communication around financial reporting. This change cultivated trust and confidence among company leadership with the accounting team. The interim leader ensured that financial tasks were continued without interruption while also enhancing efficiency and accuracy.
Identified + Rectified Errors in Receivables
The Controller identified and corrected the oversight in setting up receivables for rent collection, enhancing visibility into outstanding receivables and ensuring accurate financial tracking.
Refined Reporting Processes
They refined reporting processes and positioned the organization to accurately report financial results to the parent company and critical stakeholders on time.
Proactively Developed the Team
They noticed a need for a Staff Accountant and proactively initiated the hiring process, ensuring functions were adequately supported and preventing future disruptions to operations.
Mark McConnell
Senior Managing Director, McDermott + Bull Interim Leaders
mcconnell@mbexec.com
Mark McConnell serves as Senior Managing Director for McDermott + Bull Interim Leaders, where he forges relationships with companies addressing transition, change, and transformation. He partners closely with clients who require on-demand consulting resources to bridge leadership gaps and propel their business forward. He has experience working with emerging and enterprise-level companies across numerous industries and has depth in functional areas such as finance, accounting, human resources, and operations.