Virtas Partners was engaged by a private equity firm to perform interim CFO duties for a fiber-optic network infrastructure company.
Client Need
Our Private Equity client needed an interim CFO to manage “business and usual” activities, onboard new staff, and support the CEO and Board until the organization could identify and hire a full-time replacement. The company was experiencing financial reporting and revenue recognition deficiencies driven by poor communication amongst the Operations and Finance teams, imperfect data coming from multiple sources, and breakdowns in processes from systems that were not integrated properly. Cash management was hindered by inefficiencies within a deficient billing process. The Finance function was split across locations in two states, and the overall experience and capabilities within Finance were deficient.
Tailored Solutions
- Fostered greater engagement and communication between project accounting, field service, and operations support teams to ensure financial performance was in-line with expected outcomes
- Ensured accuracy and quality of financial reporting information through establishment of multiple reviews throughout the close process
- Documented billing process and provided oversight of training for Billing Specialists
- Co-developed new collection processes and procedures and established specific targets and KPI’s for Collections team
- Developed 13-week cash flow model to better understand and align organizations inflows to outflows
- On-boarded and trained new Finance resource
Value to client
- Continuity of Finance Function and CFO duties while full-time replacement was identified and hired
- Root cause analysis and identification of solutions to remediate throughout our engagement
- Increase insight by Investor and Board into challenges and opportunities within Finance and across enterprise
- Enhanced communication and alignment between various departments to ensure rigor and discipline for project execution and management
- Focused effort on understanding and identifying collection targets encompassing large and small customers based on set criteria
Capabilities
- Interim CFO resource
- Industry, business model, functional process, people organization experience
- Budget and planning
- Financial analysis
- Finance system implementations
- Forecasting and Modeling
- Investor, Board and management reporting