Situation
- A high-growth, Private Equity (PE)-backed specialty healthcare group had leadership changes within the finance and accounting functions
- Due to previous lax controls, the sponsor and lenders expressed concern with the validity of the financial records and ongoing reporting functions
- The team suffered from low-morale and was considered a risk to execution should members of the team depart; processes were not documented to enable ongoing management should attrition occur
Bespoke Solutions
- SLKone performed a deep-dive assessment into all critical accounting functions and activities
- Processes were documented, including go-forward improvements to enable streamlined, compliant approaches
- Provided specialized, surge resources, enabling an interim team to step in and correct the books and records in place, including go-forward processes
- An interim controller leader was introduced to ensure ongoing compliance and ensure smooth transition to a full-time resource
Leading With Results
- Rightsized the accounting function. Through process improvement, the accounting function was rightsized by almost 50% to reduce redundancy and improve performance
- Enabled, documented processes. The concerted focus on process documentation and improvement allowed for a new team to be brought in and continue managing the records
- Updated accounting functions and systems. The deep-dive work enabled an aligned chart of accounts and clean up of financials to be performed to the satisfaction of the Sponsor and Lenders