CFOx recently provided Interim Controller services to a lower-middle market independent sponsor and their recently acquired corporate formation services portfolio company. The Wyoming-based company had unique accounting circumstances which CFOx was able to develop GAAP financial reporting for and establish historical financials, allowing investors to better understand trends in the business.

CFOx’s CFO Services team began by reviewing the historical financials and gaining an understanding of the business. They were able to convert QuickBooks Desktop instances to QuickBooks Online, allowing streamlined processing of transactions and reconciliations with the ability to link bank accounts. In addition, they reviewed the Company’s revenue recognition policy and made required changes to ensure compliance with revenue accounting principles under ASC 606. This allowed the Company to meet updated standards for audit compliance with the independent sponsor. The team then prepared the company for their first audit.

The CFOx team also developed a robust monthly financial reporting package, as investors reviewed three sets of financials (accrual, cash and pro-forma). This reporting package included consolidation of multiple entities, a budget-to-actual comparison, and bridge of the various financials.

With the successful hiring of a full-time Controller, the CFO Services team was able to provide training and structured deliverables for the Company, easing the training and onboarding experience and providing continued detailed financial analysis with the frameworks developed.

If you would like to learn more about our CFO Services, please reach out via email (info@cfoxadvisory.com) or schedule a call directly on our Contact Us page.

CFO Services Provided:

• Interim Staffing
• Historical Accounting Clean Up
• Robust Financial Reporting and Analysis
• Post-Close Integrations & Transitions