For more than 20 years, this company has been the leading provider of residential real estate photography in the U.S. and an innovator within the industry introducing new technology and editing techniques.
The company was reliant on an accounting department run entirely by one person with the support of an A/R clerk. This person could only provide bare minimum reporting on often delayed time schedules. Processes in place were extremely manual, outdated, and lacked a single page of documentation. The Finance Transformation team was brought in to help with the transition of this person, who was preparing for retirement, while simultaneously revamping the core processes, infrastructure, and deploying sophisticated reporting and modeling solutions.
Our Approach and Results
The team’s tasks included the following:
- Reviewed all processes, workflow, roles and responsibilities as it relates to daily and monthly tasks, planned and implemented new processes to optimize performance
- Learned, executed, and documented complex and voluminous transactional accounting tasks despite an early exit from the department head
- Implemented new reporting and automation for bi-weekly payment for over 200 subcontractors, 30 hourly employees and 20 salespeople including commission payment visibility and modeling
- Worked closely with the senior leadership team and department heads to produce an accurate budget to actual reporting and aid in budgeting review in the face of missed revenue targets
- Provided C-suite support related to board meeting preparation and deck review