CFO Consulting Partners Helps Leading Bank Fill Accounting and Reporting Gaps and Strengthen Financial Reporting Client Overview

CFO Consulting Partners Helps Leading Bank Fill Accounting and Reporting Gaps and Strengthen Financial Reporting Client Overview

A well-established and growing publicly held banking company with approximately $4 billion in assets was struggling with the sudden departure of key accounting personnel and outdated financial systems. CFO Consulting Partners (CFOCP) stepped in to provide critical support and expertise, enabling the company to stabilize and enhance internal and external financial reporting and minimize compliance risk.  

Challenge  

The client hired a new Chief Financial Officer to help manage growth and update financial systems, processes, and practices. Shortly after his arrival, many key accounting team members resigned or retired, leaving gaps in accounting and financial reporting. Institutional knowledge was lost, and legacy systems lacked proper documentation, making it difficult to transfer and report critical financial information. As a result, the client needed to:

• • Recover and transfer essential information from the outgoing controller
• •  Provide the CFO with strategic and technical support.
• • Gather the necessary resources and information to close the books and prepare internal reports for the monthly close and upcoming periods.
• • Develop and execute a structured plan to finalize the quarter-end close and complete both internal and public reporting. 

 

Taking Action 

CFOCP worked with the client to develop and lead an organized approach to address these challenges. Specifically, they: 

• • Transferred as much information as possible from the outgoing controller in the limited time available. 
• • Worked with remaining officers and staff at all levels to ascertain information sources and reporting needs. 
• •  Provided hands-on support to the new CFO across a range of critical tasks. 
• • Helped manage existing internal and external resources and brought in additional resources to meet strict timelines for deliverables. 

While this was going on, an additional challenge emerged: an  outsourcing project for a large  subsidiary  required input from senior accounting staff—which was limited due to ongoing resource constraints. CFOCP brought in a resource with expertise in IT project management and accounting to provide the necessary input and help manage the project. They also brought in additional resources to ensure the project was executed effectively. 

Results 

CFOCP’s interventions helped the bank stabilize and enhance financial reporting across key areas: 

• • Improved internal reporting, which was tailored to current needs, allowing for the discontinuation of outdated reports and improvements to others.
• • Ensured timely public reporting, meeting all investor relations, regulatory, and SEC requirements, with notable enhancements in reporting and analyses.
• • Optimized project management for the leasing outsourcing project, resulting in better resource allocation, fewer issues, and timely completion 

 

To hear more about how CFOCP can be of use to your firm, contact:

Paul Karr, CPA/MAS, Director

Email: pkarr@cfoconsultingpartners.com

Phone: 854.500.8464×733