Case Study 2

The Challenge:

A long-existing social services agency faced difficulty in identifying the right candidate to manage its business office.

The Needs:

 

Bring the financial reporting to current state after having fallen behind for several months

Ensure financial statements and financial records become organized to allow independent auditors to conduct the annual audit which was about to become delinquent

Restructure various aspects of the business office such as:

Establishing policies and procedures for accounting operations, restructuring the financial reporting structure to ensure the generation of meaningful financial reports, design reports useful to the board of directors

Establish rolling cash flow analyses to reach optimal uses of cash

Establish budgeting process

The Solution:

Lopez & Co was identified as the firm with the resources and experience necessary to manage the business, accounting and financial reporting needs simultaneously.

The challenge was approached from various fronts to address the three most pressing needs which were ensuring the books and records were ready for getting audited, determining the organization’s cash position and cash needs and ensuring business operations were brought back to current state.

Employing a dynamic approach allowed for the performance of various tasks simultaneously that would have otherwise been performed by only one person. By streamlining business processes and accounting tasks, operations could be maintained with minimum continued involvement which also lead to tens of thousands of dollars of personnel costs.

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