While working with an interior design firm as their interim Controller/CFO, PKSCPAMN provided services that resulted in an accounting department restructure, implementation of a more effective accounting software, and clearing of the accounting backlog.
Who Are They?
Based in Minneapolis, Minnesota this firm uses technology to enhance workspaces that brings convenience which fosters a more efficient and more enabled workplace design. Through workplace furniture design, technology, and audio-visual integration, they are the innovators that help adapt to the changing terrain of work environments.
• Get topline and bottom line aligned by new interim CFO
• Streamline accounting process and accounting team
• New software implementation oversight
• Clear Accounting backlog from previous team
• Enable sales team to work with accounting team
• Provide management with metrics to enable and effect change
With the CFO leaving and the accounting department understaffed, the goals above were too lofty for the company’s existing team. The software being used was not an accounting only product, and therefore made it much more difficult to keep track of important items such as Accounts Receivable and Accounts Payable. There was a significant backlog in accounts receivable collections, and it was clear new systems and processes needed to be implemented.
Bring in PKSCPAMN who had experience in Program Management, CFO work, Software Implementation and Accounting to quickly address their issues so they could resume business.
PKSCPAMN worked closely with the CEO, sales personnel, and project coordinators.
Together with the client, the following were identified as the top priorities:
• Clearing the back log of Accounts Receivable
• Transition to a new software
• Vendor invoice entry and payment
• Sales Tax
• Accounting Department restructure and processes
Priya Srinivasan stepped in as the interim CFO/Controller and identified the top projects to work on, starting with Accounts Receivable billing and collections.
Niki Carlson helped with Accounts Receivable by keeping current with billing and following up with customers that were past due. Then, a temporary employee was hired to step into the Accounts Receivable role while looking for a permanent replacement.
PKSCPAMN then moved onto the next objective: software issues. After careful comparison, technology was selected by PKSCPAMN, and implemented in partnership with the software company and various departments internally to correct issues and create process improvements.
PKSCPAMN was able to stabilize cashflow and operations while improving processes and cleaning up the back log in the accounting department.
PKSCPAMN was able to step in at a time when the company needed help and to in the gaps. This significantly improved the company’s systems, processes, and employees moving forward.