Virtas Partners was engaged by a PE-owned Bathroom furnishings company to provide CFO stand up functions along with purchase accounting and audit support.
Client Need
Our client, a private equity–owned bathroom furnishings company, was acquired toward the end of the year and, under its loan financing agreement, was required to produce GAAP-compliant financial statements. With the first reporting deadline rapidly approaching, the company, lacking a formal close process and not fully operating on a GAAP basis, engaged us at a critical juncture.
Virtas stepped in to act as the company’s accounting and finance team, building the necessary schedules, converting the books to GAAP, and successfully meeting all lender reporting deadlines.
Tailored Solutions
- Provided interim CFO support, built key schedules, prepared GAAP financials statements and met monthly and quarterly lender deadlines
- Provided technical accounting guidance: documented ASC 606 revenue recognition policies for the Company’s contracts and developed methodologies for returns, chargebacks and discounts; implemented ASC 842: Leases for existing leases
- Hands on approach to audit – acting as the client’s point of contact and project manager for the valuation and financial audit process
Value to client
- Consistently meet lender reporting deadlines and ensuring compliant submission of lender reports
- Navigating complex ERP systems to extract, organize, and manage critical data for informed decision-making
- Hands on audit support including preparing narratives, memos and schedules; and managing all communication and data requests from external auditors and valuation team
Capabilities
- CFO stand up function
- Accounting Cleanup
- Identify non-GAAP areas and transition to GAAP
- Purchase Accounting entries/ Finalize Opening Balance Sheet
- Hands on audit support including preparing narratives, memos, schedules; and managing all communication and data requests with Auditors and Valuation team