An equity fund firm acquired a fast growing service-based company and initiated various re-engineering, process improvement and system change-over projects in a bid to realize its full commercial potential.
While the firm has a strong team of operations managers, project managers, information system consultants etc. to execute numerous process improvement initiatives that would contribute to the acquired company’s revenue growth and bottom line, there were certain areas that these competent professionals require assistance and in this case, they needed additional resources to assist them to deep dive, investigate and quantify status of thousands of account receivables. Many of them were balances about a decade old.
We managed to assemble a team comprising an experience accountant from similar industry and also supporting staff with audit background to scrutinize each customer’s account, trace billing and receipt records. Our team learnt the complicated billing and receipt rules concerning this niche industry and also works well with their existing staff, who were only too happy to be left to focus on their daily routine without having to work on the back log.
In fact, the client’s finance staff managed to learn quite a few things from our team leader who was familiar with this industry. Our project evolved from merely just verifying balances into assisting with revenue forecast, providing evidence that our initial contribution was relevant and appreciated, hence been given an additional and elevated role that we were only too happy to undertake to assist our valuable client further.