One of the biggest challenges businesses and investors face following the acquisition of another business is the transition and integration of the accounting functions. A smooth transition is key to not only maintain business continuity, but also to create the necessary infrastructure to support long-term growth.
Key elements of achieving a successful transition include the development and execution of a transition plan, integrating key software and systems, and evaluating the go-forward staffing requirements. With a team dedicated to the transition and with purposeful planning, a smooth transition for both businesses can be achieved without interrupting business operations.
Three key aspects of a successful transition and integration:
Develop and Execute a Transition Plan
A successful post-acquisition transition and accounting integration requires a well-developed plan. A firm such as CFOx that specializes in these integrations will develop a plan that includes defining roles and responsibilities, assigning tasks, establishing communication protocols, and tracking the transition progress.
Integration of Key Business Aspects, Accounting Software, and Systems
CFOx will identify the key aspects of both businesses, including the accounting software and systems utilized. We will integrate the aspects of the businesses including bank accounts, credit cards, and payroll functions. We will also work to integrate the accounting software and systems of both businesses including general ledger, payroll, invoicing, and billing systems.
Evaluate Staffing Requirements
Maintaining business continuity post-acquisition requires evaluating the go-forward staffing requirements. CFOx will evaluate the short-term and long-term staffing requirements and supplement the required needs on an interim basis.
If you are evaluating a new acquisition or recently made one, now is the time to explore how a firm such as CFOx can help integrate the accounting function into your ongoing operations. If you would like to learn more, please schedule a free consultation by emailing [email protected] or by scheduling a call directly on our CONTACT US page