INDUSTRY: SaaS, Technology & Media
Lack of transparency and inability to forecast created weaknesses in the financial operations of the business. Eventus provided capable strategic accounting talent.
The organization was facing typical growing pains. The company had significantly grown in size and revenue, which ended up outpacing the in-house finance department. In a span of two months, the company lost its Revenue Accounting Manager and Assistant Controller. The cash position or changes in cash could not be explained to the Board of Directors. The company’s forecasts were consecutively off for six months, and the company lost confidence in their Controller’s ability to lead financial operations.
“When Eventus got involved the company was in distress due to lack of transparency in financial processes and inability to budget/forecast as a result. The company was in dire need of more capable and strategic accounting and financial talent.”
STRATEGY & COURSE OF ACTION
The company originally brought Eventus on to help shore up their accounting processes and offer some outside advice as to how to improve their processes. After the first week working with Eventus, they asked us to take over their entire accounting and controllership function while they focused on growing their company. Eventus corrected and trued up the company’s books and records and revamped the company’s monthly close. Our experts also trained lower-level staff, supported the executive team and gave the company both insight on their books and records and confidence in the company’s processes and numbers.
Eventus served as the interim-Controller while the Company searched for the new Controller. Eventus replaced a dysfunctional accounting team with a well-honed one that supported the success of the organization. The Company eventually hired a full-time Controller and kept Eventus on to help revamp the accounting and finance operation and assist the Controller in day-to-day operations.