CASE STUDIES

Mission Driven – Services Focused

CASE STUDY #1: FINANCIAL CLEAN UP

Service Provided:  Cleanup Financials, Day-to-Day Accounting, and CFO Services

A large nonprofit organization chose to outsource their finance and accounting department to Execute Now! because they had gone through six CFOs and four Assistant Controllers in five years. As a result of the lack of stability, the organization was in financial disarray. In addition to providing stability to the organization, Execute Now! deployed an accounting team that corrected all payroll and tax payment recordings, reconciled 15 months of bank and credit card statements for eight accounts, corrected coding for federal programs, and implemented systems that all senior leaders were trained on how to follow. This “clean-up” work was completed simultaneous with keeping current on day-to-day accounting.

After the clean-up work was completed in less than three months, our finance department went to work in assessing the financial damage that had occurred over the past 12 months. We developed a financial report that not only outlined the problems, but communicated a list of comprehensive solutions. Through dedication, considerable time and discipline, whereas during the first month that Execute Now! was engaged the client was prepared to shut its doors, with only 2 weeks of cash on hand. After working with us for four months and implementing a customized financial restructuring plan, the client boasted over 3 months of cash-on-hand. In close collaboration with a CEO who provided strong leadership, we implemented an aggressive strategy that ultimately yielded an excellent result for both the organization on the verge of failing and the community of people that it serves.

CASE STUDY #2: FINANCIAL PLANNING & ANALYSIS

Services Provided:  Strategic Financial Planning, Analysis, and Leadership

After learning about our services and vetting us for over four months, the CEO of a prominent organization terminated his previous outsourced accounting firm and engaged Execute Now!. Not because the books were in disarray or he wasn’t receiving timely financial reports, but because there was no financial leadership. He knew after being CEO for five years that his organization was too complex to simply receive monthly financial reports without the perspective and insight he needed to effectively execute the organization’s strategy. He desired to work with a company that would help him develop financial strategies, projections, and analyze the monthly reports – not simply talk about variances.

Execute Now! has made him aware of financial pitfalls and potential financial challenges several quarters before they actually were projected to occur. This has allowed him to make decisions quicker and adjust without major disruptions. As a part of a long-term engagement with the client, Execute Now! also conducted a 4-5 hour strategic finance planning session with senior leaders and the board to map out short and long-term financial strategies. These plans laid out practical strategies to systematically double reserves within 6 months.

CASE STUDY #3: ACCOUNTING OVERSIGHT

Services Provided:  Accounting Oversight and CFO Services

Execute Now! was asked by a state Department of Education (DOE) to evaluate the financial condition and provide financial oversight of a particular school district and to also be an intermediary between the school district’s accounting staff and its school board. Before our engagement, the school board members were divided regarding the merits of implementing the recommendations of the Superintendent and school district’s accounting office, respectively. Prior to the engagement, the school district declared financial exigency and was projected to run out of money within four months if drastic measures were not taken immediately.

The DOE asked if we would provide a financial assessment and make recommendations. Within a month of the engagement, we developed a comprehensive financial strategy that positively impacted the school district’s cash position, converting a projected $4M deficit into a $1.3M surplus. Our extensive report outlined four short-term solutions necessary to avoid insolvency, and the board voted to implement three of the four recommendations. Afterwards, the DOE extended our contract and asked if we would provide accounting oversight and financial perspective on an ongoing basis at each finance committee meeting.

ASSESS YOUR FINANCE AND ACCOUNTING NEEDS

 

Strategic finance and accounting leadership are critical skills for any organization – regardless of the current growth stage. Most organizations begin with an accountant, but the caliber of their accounting staff often doesn’t grow with the complexity of the organization.

See if Execute Now! can help your organization thrive financially. Please complete our needs assessment form to see if there are gaps in your current finance and accounting team.