Financial Process Creation and Implementation

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CLIENT BACKGROUND

An outsourced recruiting services company specializing in recruiting for information technology, human resources, and marketing positions for companies located in the Chicago-land area. The company had built a solid portfolio across its verticals but wanted to be poised to capture stronger growth going forward.

Overview

After using a more distant managed-service accounting vendor previously, the founder wanted a robust finance/accounting solution that would offer improved, streamlined services to the granular level. Also, there was no formal monthly financial review, which limited operational decision making significantly. Lastly, with underlying partner issues and misalignment of vision, the Sikich Managed Accounting team was positioned to help at both fundamental and strategic levels for the client

Our Approach and Results

The team’s tasks included the following:

  • Took on a comprehensive finance role including managed services, (invoicing, banking transactions) transactional close, and monthly financial statement preparation and analysis.
  • Set up of financial infrastructure for the finance/accounting function and worked directly with the CEO to ensure the structure of operations would go smoothly with the business model
  • Created a monthly financial package as well as reporting tools and processes, working with all departments of the organization to create data-driven dashboards that combined financial and operational metrics
  • Implemented new finance/accounting processes to better capture gross-margin by business line (HR, IT, Marketing) analysis
  • Assisted CEO with partner buy-out and navigating strategic refresh for firm go-forward
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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This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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