The Company
Industry: Manufacturing
Entity Type: Private Equity-Backed
Operating Region: East Coast
Size: $100M
The PROBLEM
The company was undergoing a turnaround and needed an interim Controller to close the books, coordinate with auditors, and provide day-to-day leadership and oversight of accounting and reporting. There was also a lack of documented policies and procedures, which created the need for an experienced leader to improve workflows and implement them.
The Solution
The interim Controller possessed a demonstrated record in turnaround environments and came equipped with a comprehensive set of strategic and tactical accounting skills.
The RESULT
The interim Controller led a comprehensive set of tasks beyond completing the audit and tax filings and managing the month-end close. They focused on cleaning up the organization’s financial records, implementing a better balance sheet reconciliation process, repairing discrepancies, and resolving all account reconciliations. Additionally, the consultant resolved all payment issues and developed a high-performing accounting department.
Completed Audit + Tax Filings
The consultant successfully completed the audit process and filed the organization’s tax returns, ensuring compliance with regulatory requirements.
Offset $10M-$15M of Pre-Paid Balances Against Liabilities
The consultant addressed discrepancies between customer prepaid accounts and open receiver accounts, offsetting approximately $10-$15 million of pre-paid balances against liabilities and bringing outstanding balances down to nearly zero.
Cut Month-End Close by 3 Weeks
The interim Controller reduced the month-end closing timeline from a month to just one week, improving efficiency and timeliness in the financial reporting.
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.