Accomplishments
The following summarizes some of the projects completed at different types of companies:
Food Processing and Consumer Product Distributor:
- Corrected financial statements which erroneously reported results for nine months into the year.
- Identified numerous internal control issues affecting the reporting of production costs, inventory values and standard costing.
- Identified pricing errors and opportunities which allowed us to increase margins by 300 basis points within three months.
- Reduced AR and inventory levels approximately $3M providing much needed cash.
- Implemented weekly dashboard reporting to timely track results.
Project Management Consulting:
- Completed implementation of Micro Edge software system for six offices throughout the US and abroad. The software was used to track over 100 projects per year for approximately 70 project management professionals.
- Researched all foreign and domestic tax laws and assisted in the establishment of offices in Thailand, Costa Rica and Korea.
- Reduced AR by over $2M to provide additional cash to the business.
- Obtained and negotiated a sale agreement with a publicly traded strategic investor.
- Revised monthly reporting package to track operating metrics, key balance sheet items, employee productivity, efficiency and utilization.
Mortgage Broker:
- Increased borrowing capacity by $10M.
- Decreased borrowing costs by 75 basis points.
General Contractor #2:
- Accelerated the closing of financial statements for three companies (general contractor, solid surface fabricator and property management) which were over 9 months in arrears.
- Documented Controller’s daily activities and trained his replacement to assume all Controller responsibilities.
- Reconciled sub-ledgers (cash, AR, AP, WIP and payroll, suspense) of the Timberline software to the general ledger accounts. Worked directly with Timberline consultant to understand existing reports and develop custom reports to reconcile all accounts. Contractor utilized numerous contra accounts.
- Revised internal procedures to ensure efficient closing process and balancing of all accounts and subsidiary ledgers (with emphasis on the Job Costing module).
- Prepared all schedules for “review” by independent CPA firm for all three companies.
- Prepared financials for January and established routine procedures to simplify monthly closing process.
Non-profit Community Foundation:
- Implemented fully integrated software system (Financial Edge) for tracking of over 530 component funds with asset values of over $265M. This conversion resulted in shortening the closing cycle from what was delayed as far back as nine months to now current (within 30 days). The new system allowed us to produce donor statements and fund budgets within minutes versus the 3 hours it previously took per statement. With over 150 statements required per quarter, this was a significant time savings.
- Identified asset base which had not been assessed fees and implemented a fee sweep policy which added over $500,000 of fee income to the foundation per year.
- Identified other fee and yield opportunities which would increase the net earnings by approximately $1,000,000 per year. This would be accomplished by aggregating funds and laddering investment options to earn higher yields then the current money market rates.
- Participated on team to replace investment manager for $42M Tobacco fund and selected managers who produced yields which were 520 basis points better then the benchmark. This contributed more then $2M in surplus earnings for the 12 months to date ended 7/31/05.
- Designed and implemented the accounting infrastructure for approximately $7M increase in Federal (DOL, DOH & DOJ) spending. This included the compliance with federal policies, preparation of flowcharts, procedures, budgets, sub-grantee tracking, cash advances, form FS-269, and reconciliations to the general ledger.
- Participated on team to design the specification for a custom website for sub-grantee reporting of qualified expenditures. Assisted in design of procedures for reviewing reimbursement requests and automatic reporting in the form FS-269.
- Directed the independent annual audit and A-133 federal audit and preparation of related schedules. The audit resulted in unqualified opinion and no material non-compliance exceptions were noted.
- Created customized budget variance reports for operating and component funds, prepared $4M annual operating budget for 13 cost centers, activity-based budgets for various components of revenue.
General Contractor:
- Converted financial records from outside third party bookkeeping firm (who used Quick books) to internal accounting staff using American Contractor software. Conversion required coordination with outside firm in completing the recording of all transactions (which were routinely delayed 2 to3 months), reconciliation of accounts (which were not regularly reconciled), and transferring of ending balances. It also required establishment of new procedures, training of internal staff and establishment of internal controls.
- The new system included a revised chart of accounts which included the use of activity codes. The codes included the tracking of all expenses related to different phases of construction for over 20 different projects.
- The new system also included the integration of the payroll module and tracked payroll hours and expenses for unionized and administrative employees.
- Restructured reporting format to trended financials, created detailed budgets and cash flow projections.
- Worked closely with competing bankers to evaluate various lending packages. Restructured debt and converted from receivables based lending to three year term loan. Increased borrowing capacity by approximately $800,000.
Building Materials Retailer:
- Completed implementation of software system for inventory tracking, purchase orders and general ledger. The new system was being implemented for over 8 months and accounts were not being reconciled. Cleared over $3M in input discrepancies and posted adjusting entries within 2 months. Identified changes to accounting procedures and reconciliations to properly record transactions on a going forward basis.
- Completed independent CPA “Review” using the financial statements produced from the new system.
- Restructured debt to include an additional $1M in term loan funds and reduced over $3M in collateral securing the existing debt.
- Restructured staff to replace Controller and other support staff in the accounting department.
- Assisted with expansion of business services to include owner/builder financing options for niche market. Worked with attorneys, lenders, senior management and staff to develop service offering. This included creation of supporting documentation, selection and implementation of software and finalizing legal and reporting compliance.
- Assisted with negotiation with DHHL on long term lease agreement for 16 acre property. Worked with consultants to evaluate highest and best use and proposal for lease to DHHL.
- Assisted with the establishment of a separate subsidiary for the purpose of importing and distributing building materials from China to retailers in Hawaii and the Mainland. Worked with attorney to develop LLC operating agreements and distributor agreements.
Homecare service provider:
- Converted financial records from outside third party bookkeeping firm (who used tax preparer’s software) to internal accounting staff who had been using Quick Books Pro software for payroll and accounts payable. Conversion required coordination with outside firm in completing the recording of all transactions (which were recorded on a cash basis for tax purposes), reconciliation of accounts, and integration with un-reconciled balances already in Quick Books. It also required the establishment of new procedures, training of internal staff and establishment of internal controls.
- Converted financial statements from cash basis to accrual basis financial statements. Established various procedures to record other accrual entries and prepared trended financial statements showing gross profit by service line and net profitability.
- Prepared audit schedules for company’s first full independent CPA audit and A-133 audit. Completed the unqualified audit using the new system records and with no material audit adjustments.
- Evaluated economics of owning a care home owned and operated by the client. The home was to provide short and long term care services for patients but the final decision was to not pursue this new service offering.
Data Center and Technology outsourcing provider:
- Completed the conversion from Peachtree to MAS90 software, reconciled all balances and prepared financial schedules for independent CPA “Review” of financial statements and related footnotes.
- Prepared trended accrual based financial statements and prepared company for outside investment or acquisition. Assisted in preparation of investor package (term sheet, subscription agreement, registration agreements), met with venture capitalists from Hawaii, New York, and Japan, private investors and strategic investors.
- With significant loss of customers and revenue, implemented a strict cash management practice. Negotiated the forgiveness of over $1M in liabilities, restructured over $1M in debt and increased cash by over $1M.
- Developed a restructuring plan which entailed elimination of over 50% of staff, consolidation of departments, increase in billable hours and introduction of new service offerings.
