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Case Studies

Restaurant Chain

SITUATION:

A restaurant owner needed to fill a gap in the Controller position while looking to hire a new Controller. He needed to focus on running the business while controlling expenses and managing the recruiting process.

SOLUTION: 

The restaurant owner brought in CironeFriedberg to serve as Outsourced Controller. They assessed and established financial processes and controls to assure proper and timely financial recording and a streamlined monthly financial reporting process that improved workflow efficiency. This bridged the gap until a new Controller was hired and trained. 

BENEFIT: 

The restaurant owner received high quality financial expertise and was able to control expenses, improve efficiency, and focus on running the restaurant. He was able to maintain critical banking relationships and meet weekly and monthly reporting requirements. In addition, his staff’s knowledge and skills improved with mentoring on best practices for financial record keeping and reporting. Most importantly, he received support and assistance with recruiting, hiring, and training a new Controller to champion the new processes.

Medical Practice

SITUATION: 

A busy medical practice needed a cash flow analysis to determine how PPP funding would be used and establish a cash position in 12 months.  With significant declines in revenue and a corresponding increase in expenses to be compliant with new safety regulations, the practice needed to ensure they had a handle on future cash flows. They needed to be able to understand how various growth models would impact their decisions.

SOLUTION: 

CironeFriedberg provided an Outsourced Financial Director who created a cash projection template spanning 12 months. She developed the template to be driven by assumptions that can be changed allowing for impact of those changes to flow through the projections. The result was a template that the client can maintain and update with a few assumptions to see the overall impact on the projections of various possible decisions or events. 

BENEFIT: 

The ongoing critical data regarding cash flow position allow the owner to make sound, necessary decisions regarding the operation and growth of the medical practice. The flexibility of the projection model enables him to maintain optimum oversight of his business and anticipate how various scenarios might affect the business situation (e.g., COVID-19 disruptions).

Professional Services

SITUATION: 

A professional services business needed help to customize QuickBooks™ to produce meaningful financial reporting and processes, which they lacked.

SOLUTION: 

Through an Outsourced Finance Director, CironeFriedberg worked with management to understand their business and identify their key concerns. She created monthly financial reporting for management and structured their financial statements to enable reporting of key metrics. Training provided to the finance office staff enabled them to report transactions within the new structure efficiently. 

BENEFIT: 

The client’s management team now has a vastly improved process of financial reporting that provides a deeper understanding of the business in order to make key decisions. They created meaningful budgets and the ability to report on and track budget vs. actual results for the overall business as well as by department. 

The Department leaders now have reporting to guide them through their decision-making process and visibility of how past decisions have impacted the business. Overall, these processes also identify areas for cost savings and improved efficiencies.

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  • About
  • Team
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    • Supervisors
  • Services
    • Tax
    • Accounting  &  Assurance
    • Consulting
    • Forensic, Valuation, and Litigation Support
    • Outsourced CFO/Controller
  • Industries
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