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Success Story - Reverse Merger Accounting

Implementing a reverse merger and accounting re-organization

Superior consulting services delivering successful accounting and finance outcomes

A national professional services firm had a complex legal and ownership structure. They decided to simplify and opted to execute a reverse merger to achieve the restructuring. They needed specialized accounting expertise to assure success and came to Aventine Hill Partners for assistance.

Our Solution

We provided an Accounting and Finance Practice Director with expertise in reverse mergers for multiple prior companies. After assessing the existing structure and planned changes, the Practice Director prepared and delivered training on reverse merger accounting for the existing accounting team. Then, oversaw the clean-up of accounting entries from some prior M&A activity and recording of the reverse merger accounting.

These activities occurred during a period when the company was upgrading their ERP system. Accounting and finance consultants from our team assisted the company in implementing major changes to their chart of accounts to better fit the new reporting requirements. Then, assisted in preparing financial statements during the initial busy periods.

This company also desired to reorganize its accounting function. Our Practice Director stepped back into a detail role to propose a new organization design for the Controllers, Credit, and Treasury functions. And, training existing employees on the requirements for their changed roles.

Additionally, through our Project and Interim Solutions services, we provided an Interim Controller to fill in during a key vacancy. Leadership from our consultant drove resolution of a number of scheduling and reporting issues related to property and sales/use taxes.

Results

The legal restructuring and all reporting requirements were completed on time. The simplified structure, accounting function improvements, and hands-on assistance resulted in tax reporting being completed faster than previous to the restructuring. The accounting function was significantly more efficient and avoided seeking a waiver that had been requested in prior years.

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