The Company
Industry: Consumer
Entity Type: PE-Backed
Operating Region: U.S.
Size: $50M
The PROBLEM
Following a period of significant growth and the appointment of a new CEO, the company faced challenges within its finance and accounting function. Legacy processes, inconsistent accounting practices, and a team that had operated in silos for years created inefficiencies and limited visibility into financial performance. Leadership needed an interim CFO to stabilize the accounting function, strengthen reporting, improve processes, and create greater alignment across the team while positioning the organization for continued expansion.
The Solution
McDermott + Bull Interim Leaders placed an interim CFO with extensive strategic and operational finance experience. Partnering closely with the CEO, the interim leader developed a consolidated close and reporting schedule, reviewed accounting policies and procedures, addressed inconsistencies across financial reporting, and implemented process improvements to increase accuracy and efficiency. Throughout the engagement, the focus remained on strengthening the accounting function, improving visibility into financial performance, and creating a more collaborative and aligned finance team.
The RESULT
Despite inheriting years of siloed operations and inconsistent accounting practices, the interim leader successfully strengthened the finance function during a critical period of growth. The engagement improved reporting processes, addressed variances between operational reporting and the general ledger, strengthened GAAP compliance, and created greater alignment across the accounting team. By establishing clearer processes and fostering greater collaboration, the organization emerged with a stronger financial foundation and improved readiness for permanent financial leadership.
Unified 8 Years of Siloed Operations
Brought the accounting team together to improve collaboration, visibility, and alignment across the finance function.
Improved Financial Reporting
Established a consolidated close and reporting schedule to improve the speed, accuracy, and visibility of financial reporting.
Strengthened GAAP Compliance
Addressed reporting variances and updated accounting policies and procedures to improve consistency and GAAP compliance.
James Hickey
Managing Partner and President, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as Managing Partner and President for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.