Raising the Bar of a Finance Organization that had Lost Its Way 

2 Min. Read

For A Pe Portfolio Company Needing Fresh Perspective, An Expert Team Introduced New Skills and Processes at the Right Time. 

At A Glance 

Company Type: Midsize, private equity portfolio company 

Industry: Wellness equipment 

Solution Area: Interim Leadership, Audit Readiness, Process Improvement 

About The Client 

A wellness equipment company found itself on shaky ground after challenging audits and experiencing significant turnover among its senior ranks. 

Challenge 

A revolving door in finance leadership took a toll on the company’s finance operations, resulting in a stretched-thin, distracted accounting team, without clear direction. Providing timely and accurate financial reporting to their lender was a struggle, and both a bank audit and annual financial statement audit were looming. 

Far from ready for those audits, the company needed to catch up on its accounting. Balance sheet reconciliations were not done on a timely basis, the close process was broken, and management reporting was spotty at best. And without properly configured systems, the company was dealing with multiple sources of truth. 

Solution 

ZRG assembled an expert team led by an interim CFO who quickly prioritized a plan to get this company on a stronger financial foundation. 

• Assessed the root cause of operational issues and recommended fixes, including gaining a better understanding of business operations, implementing improved processes, and raising the finance team’s skill sets 
• Engaged with auditors to understand their expectations and developed a strategy for a smoother audit process 
• Dedicated fast-acting consultants to reconcile key balance sheet accounts 
• Researched and corrected legacy errors 
• Identified key staff at risk of leaving and recommended retention strategies 
• Recommended key roles for hire and assisted with the interviewing process 

Results 

• Timely, reliable, auditable financial reports 
• Reconciled balance sheet accounts 
• Updated information for the lender and a clear path to not fall behind again 
• A mentored, engaged accounting team with a clear direction, ready to take the company to the next level 

Bringing order and expertise during a transitional time, ZRG assisted in cleaning up legacy financial records and reinvigorated the finance organization with new skills and processes. Instead of dreading deadlines and audits, the team is engaged and ready for anything.