Providing on-demand expertise for a higher-quality, more cost effective accounting capability
Interim and project professionals you can rely on to get the job done
A $300+ million revenue oilfield services and parts supplier achieved rapid growth as the Eagle Ford shale play took off. They experienced "growing pains" and desired periodic assistance to expand their accounting and finance capabilities without increasing permanent headcount. They came to Aventine Hill Partners for assistance.
Utilizing our Project and Interim Solutions services, we provide diverse expertise on-demand to address busy periods and occasional challenges that are a consequence of fast growth.
- As transaction volumes increased, their bank and account reconciliations became more intensive and were not being kept up to date. One of our accounting and finance consultants stepped in to bring the reconciliations current and recommend improvements. As an ongoing solution, our consultant assists with the reconciliations a few days each month to assure that the company's cash and balance sheet reporting is always current and accurate.
- Because this company sells a diverse number of parts and their customers' needs change frequently, their inventory accounting was becoming more complex. We provided an inventory accounting consultant to analyze the current procedures and recommend improvements. New procedures were implemented that optimized the process going forward and a clean-up project was performed to resolve past inconsistencies. Once the accounting was improved, additional work was undertaken to clean-up the master data for all parts to eliminate unnecessary records that made work more difficult for purchasing and warehouse personnel.
- The company was assessing whether to outsource payroll. One of our consultants who had experience with multiple payroll providers and their capabilities assessed the company's unique needs and reviewed the vendor proposals. Critical gaps were identified between the company's requirements and the proposed services. The company decided to continue running payroll internally and avoided a risky and costly project that would not have met all their needs.
- With the increasing accounting complexity and banking requirements, the company determined that an audit by a CPA firm was necessary. An Aventine Hill accounting and finance consultant with expertise in supporting external audits was provided. Our consultant helped the accounting team ready for the audit and then served as the liaison with the CPA firm.