Virtas Partners was engaged by a travel agent consolidator to perform CFO duties for international operations following the promotion of the previous CFO to President.
Client Need
Our travel agent consolidator client needed an interim CFO to manage “business and usual” activities and support the CEO and Board until the organization could identify and hire a full-time replacement following the previous CFO’s promotion to President. The company had international operations that were operating autonomously with minimal oversight. Virtas was brought in to conform these entities to global policies, meet audit requirements (on a timely basis), implement internal controls, migrate to a new ERP platform, improve communications and financial analysis, close open tax years, and adopt standard HR policies.
Tailored Solutions
- Consistent reporting practices and financial close schedule
- Adjusted underlying records from cash to accrual basis
- Weekly communications with the top executives to discuss issues and develop a plan of action
- Migrated international operations to the existing (domestic) ERP System
- Implemented new collection processes and procedures and established specific targets and KPI’s
- Developed 13-week cash flow model to better understand and align organizations inflows to outflows
Value to client
- Comfort in the accuracy of financial information
- Our expertise allowed senior management to have increased time to focus on other areas of the business
- International business and finance complexities identified, addressed, and dealt with on a timely basis to minimize significant changes
- Brought best practices to issue resolution process
- Improved communication between corporate office and international operations
Capabilities
- Interim CFO resource
- Financial close and reporting schedules
- Industry, business model, functional process, people organization experience
- Budget and planning
- International familiarity
- Financial analysis
- Finance system implementations
- Forecasting and modeling
- Board and management reporting