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Finance Function Revamp – Process, Data & Analytics

Sikich

Nov 30 2022

2 min read

CLIENT BACKGROUND

Our client experienced significant growth over the last few years and was fortunate enough to be able to operate on the balance of their bank account. The “run through walls” strategy worked with their initial stage of rapid growth, but as growth started leveling out our client required a more sophisticated approach to data and analytics, which ultimately started through building their finance function.

Overview

As our client grew so quickly and didn’t require it, the finance team was never developed. Financial reporting was done once a year for tax purposes only and had not been used for nearly two years. Additionally, any analysis currently being performed was highly labor-intensive as processes were inefficient.

Our Approach and Results

The team’s tasks included the following:

Performed an exhaustive clean-up of the previous year’s financial reporting to ensure a large foundation of data to draw from
Developed consistent, recurring processes used to generate financial reports regularly
Constructed automated Excel analyses that in some cases reduced man-hours from one day per month to one hour per month, and produced reliable conclusions
Developed strategies for pricing of products, reducing freight costs, improving commission structures, and extending credit to customers through extensive analysis
Developed an automated analysis used to purchase large amounts of inventory regularly, and maintain optimal levels
Trained internal team members to take ownership and operate the automated analyses

The experience described in this case study was performed by Accelerated Growth, a company acquired by Sikich LLP on 11.30.2022. Please click here for more information about our Outsourced Accounting Services.

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About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 